Lahore: Nishat Power Limited has reported a significant performance increase for the fiscal year ending June 30, 2024, with earnings per share rising to Rs 15.22 from Rs 11.55 in the previous year. The Chairman's annual review, addressed to shareholders, highlighted the proactive measures taken by the Board across various operational spectrums despite facing numerous challenges.

According to information available from the Pakistan Stock Exchange (PSX), the company's strategic direction, provided by its Board, has been pivotal in navigating through the fiscal challenges of 2023-24. The Board's active role included forming key committees such as the Audit Committee and the Human Resource Committee, which have played crucial roles in enhancing internal controls and overseeing the financial integrity of the company.

The Audit Committee was instrumental in reviewing financial statements and ensuring they accurately represented the company’s financial position. Similarly, the Human Resource Committee took charge of overseeing the HR policy framework, focusing on the selection and compensation strategies for senior management.

The Board also engaged in an annual self-evaluation to assess its performance, with results indicating satisfactory achievement of set criteria. Moreover, the current composition of the Board shows a balanced mix of executive and non-executive directors, including independent directors who bring necessary skills and industry knowledge crucial for the company's leadership.

Additionally, the Board's efforts in maintaining high standards of corporate governance were emphasized. This includes the establishment of a robust Code of Conduct and the implementation of adequate controls and systems to ensure compliance with the best policies of corporate governance.

Nishat Power Limited's commitment to transparency and ethical standards in its operational and financial reporting continues to be a cornerstone of its business philosophy, ensuring sustained growth and stakeholder confidence.