Lahore: Millat Tractors Limited has announced an Extraordinary General Meeting (EGM) to be held on October 30, 2024, which will include both an in-person gathering in Lahore and a video conferencing option for shareholders.

The primary agenda for this meeting is to confirm the minutes of the 61st Annual General Meeting held on October 18, 2024, and to elect twelve directors for a three-year term. The EGM will address the turnover of several board members, with eight retiring directors up for re-election or replacement.

According to information available from the Pakistan Stock Exchange (PSX), the list of retiring directors includes notable figures such as Mr. Sikandar Mustafa Khan, Mr. Sohail Bashir Rana, Mr. Laeeq Uddin Ansari, and Mrs. Ambreen Waheed, among others. The board, in its September 2, 2024 meeting, resolved to maintain the number of directors at twelve, aligning with Regulation 7A of the Listed Companies (Code of Corporate Governance) Regulations, 2019.

The elections will categorically be divided with four seats designated for Independent Directors, including female director(s), and the remaining eight for Other Directors. This configuration ensures compliance with corporate governance standards and aims to bolster the board’s effectiveness with a blend of experienced and new members.

The upcoming EGM is crucial for Millat Tractors Limited as it shapes the leadership that will steer the company through the next phase of its corporate strategy.