Karachi: The shareholders of Oil and Gas Development Company Limited (OGDCL) have approved several significant resolutions during the 27th Annual General Meeting held on October 25, 2024. The resolutions, which have now become effective, cover various aspects of the company's operations and financial management.

Among the resolutions passed, the shareholders approved the minutes from the Extraordinary General Meeting dated November 30, 2022, as well as the minutes from the previous Annual General Meeting held on October 30, 2023. These approvals mark important steps in the company's compliance and governance processes.

The meeting also saw the approval and adoption of the Directors' and Auditors' Reports, alongside the company's accounts for the fiscal year ending June 30, 2024. This endorses the financial performance and transparency of OGDCL for the stated period.

Further, a resolution was passed to approve a final cash dividend of Rs 4 per ordinary share, equating to a 40% dividend as recommended by the Board of Directors. This is in addition to the three interim dividends that had already been distributed over the year, demonstrating a commitment to shareholder returns.

The shareholders also approved the appointment of M/s A.F. Ferguson, Chartered Accountants, as the Statutory Auditor for the fiscal year 2024-25, at a fee recommended by the Board of Directors. This ensures the continuation of external auditing services critical for maintaining financial integrity.

According to information available from the Pakistan Stock Exchange (PSX), these resolutions are aligned with the requirements set forth in the exchange's rule book, ensuring adherence to regulatory standards.