Karachi, In a decisive and unanimous gathering, Panther Tyres Limited successfully passed several key resolutions during its 40th Annual General Meeting (AGM) held on September 26, 2023. Shareholders and stakeholders convened to discuss and decide upon crucial matters that will shape the future of the company.
Agenda Item No. 01: Minutes Confirmation
The AGM commenced with the confirmation of the minutes of the last Extraordinary General Meeting (EOGM) held on December 28, 2022. Shareholders resolved that the minutes from the EOGM were unanimously approved, setting the stage for the meeting's subsequent discussions.
Agenda Item No. 02: Financial Statements Approval
Panther Tyres Limited presented its audited financial statements for the fiscal year ending June 30, 2023, along with the auditor's report, director's report, and chairman's review reports. Shareholders unanimously approved and adopted these financial documents, reflecting the company's commitment to transparency and accountability.
Agenda Item No. 03: Cash Dividend Approval
The third agenda item concerned the approval of a cash dividend for the fiscal year ending June 30, 2023. Shareholders endorsed the proposed dividend of Rupees 2.0 per share, aggregating to Rupees 336 million, as recommended by the Board of Directors. This decision reflects the company's strong financial performance and commitment to value for its shareholders.
Agenda Item No. 04: Auditor Appointment
Panther Tyres Limited moved to appoint auditors for the upcoming fiscal year ending June 30, 2024. Following the Board of Directors' recommendation, shareholders unanimously approved the appointment of M/s KPMG Taseer Hadi & Co., Chartered Accountants, as the company's statutory auditors. This move ensures continued financial oversight and adherence to best practices.
Agenda Item No. 05: Modernizing Annual Report Distribution
In a forward-looking decision, shareholders approved the circulation of the annual report, including audited financial statements, auditor's report, director's report, and chairman's review report, through Quick Response (QR) enabled codes and weblinks. This modern approach aligns with current trends and regulations while ensuring efficient and accessible information distribution to members and shareholders.
Panther Tyres Limited's 401st AGM demonstrated the company's commitment to sound corporate governance, financial transparency, and embracing technological advancements in communication. The unanimous approval of these resolutions reflects the confidence and trust of shareholders in the company's leadership and strategic direction.