Karachi: Hascol Petroleum Limited has announced the convening of an Extraordinary General Meeting (EOGM) on September 8, 2026, at 12:30 p.m. at Avari Towers, Fatima Jinnah Road, Karachi, with an option for virtual attendance via video-link. This meeting aims to address key business matters, including the election of directors for the Company, as per the notice issued on August 18, 2026.
The primary agenda of the EOGM is to confirm the minutes from the 24th Annual General Meeting held on April 27, 2026, and to elect seven directors as determined by the Board of Directors, in accordance with Section 159(1) of the Companies Act, 2017. The current board members whose terms are expiring include Mr. James Carter Alan Duncan, Mr. Farid Arshad Masood, Mr. Aernout Willem Boot, Mr. Mustafa Ashraf, Ms. Naheed Memon, Mr. Aamir Amin, and Mr. Rasul Bux Phulpoto.
The election of directors will follow the guidelines outlined by the Companies Act, 2017, and the Listed Companies (Code of Corporate Governance) Regulations, 2019. The Company is mandated to have a minimum of two or one-third of its Board members as independent directors. These directors will be chosen for their skills, knowledge, and experience, and must fulfill the independence criteria as per the Companies (Manner and Selection of Independent Directors) Regulation, 2018. Additionally, their names must be included in the independent directors' databank maintained by the Pakistan Institute of Corporate Governance, as authorized by the Securities and Exchange Commission of Pakistan.
According to information available from the Pakistan Stock Exchange (PSX), Hascol Petroleum Limited is expected to adhere to statutory regulations during the EOGM, including the prohibition of gift distribution to shareholders, as directed by the Securities and Exchange Commission of Pakistan under S.R.O.452(1)/2025.
Members interested in participating via electronic means must register by September 4, 2026. Shareholders have the option to vote by proxy, with the necessary documentation to be submitted no later than 48 hours before the meeting. The process will be overseen by M/s. Baker Tilly Mehmood Idrees Qamar Chartered Accountants, appointed as the Scrutinizer to ensure compliance with the legal requirements for the election of directors.
The meeting will also comply with the statutory code of conduct as outlined in Section 215 of the Companies Act, 2017, ensuring that shareholders limit their discussions to the agenda items and refrain from influencing management decisions directly.