Karachi, Hascol Petroleum Limited, a prominent player in the energy sector, has declared that seven individuals have been elected unopposed as directors of the company for the upcoming three-year term. The decision was made in accordance with Section 159(5) of the Companies Act, 2017, following the submission of notices under Section 159(4) by the candidates.
The shareholders of Hascol Petroleum Limited were formally notified about the forthcoming election of directors, which is scheduled to take place at the Extraordinary General Meeting on September 8, 2023. This crucial event will be hosted both in person at the Marriott Hotel on Abdullah Haroon Road, Civil Lines, Karachi, and through a video link facility to ensure broad participation.
The list of candidates who offered themselves for election as directors includes prominent names from various professional backgrounds:
1. Mr. Alan James Carter Duncan
2. Mr. Abdul Aziz Khalid
3. Mr. Farid Arshad Masood
4. Mr. Mustafa Ashraf (Independent Director)
5. Ms. Naheed Memon (Female Independent Director)
6. Mr. Syed Muhammad Mujtaba Jafarey (Independent Director)
7. Mr. Aarnir Amin (Independent Director)
Profiles of the candidates are available on the official website of the company, www.hascol.com, providing shareholders and stakeholders with insights into their experience, competencies, and skills.
The independent directors among the candidates were carefully selected based on a rigorous assessment of their expertise, diversity, and knowledge in compliance with the requirements outlined in Section 166 of the Companies Act, 2017, along with the corresponding regulations. This meticulous process aimed to ensure that the selected directors possess the necessary qualifications to effectively contribute to the company's growth and governance.
As per Section 159(1) of the Companies Act, the number of candidates who offered themselves for election was not greater than the number of directors established by the company's Board. Consequently, all seven candidates have been deemed elected unopposed for the forthcoming term of three years. This term will commence from September 8, 2023, allowing the newly elected directors to bring their expertise to bear on the strategic direction and leadership of Hascol Petroleum Limited.
This unopposed election reflects both the shareholders' confidence in the capabilities of the chosen directors and the company's commitment to maintaining a competent and diverse leadership team. The elected directors are expected to play a crucial role in shaping the company's future endeavors and upholding its reputation as a leading player in the petroleum industry.