Islamabad: Saudi Pak Consultancy Company Limited (SPCC) convened its 182nd board meeting on Thursday, August 7, 2025, via Zoom from its camp office in Islamabad, to deliberate on several strategic decisions critical to the company's future operations.
The board meeting commenced with the confirmation of the minutes from the previous meeting held on May 26, 2025. A significant item on the agenda was the consideration of a casual vacancy in the board following the resignation of Sheikh Aftab Ahmed, effective June 20, 2025. This vacancy necessitates immediate attention to maintain the board's operational efficiency.
Additionally, the board reviewed and approved the terms of references (ToRs) for its Human Resources and Audit Committees, ensuring alignment with the company's strategic objectives. The board also considered the minutes and resolutions passed by the HRR Committee in its meeting on July 21, 2025.
In a move to strengthen governance, the board approved the HRR Policy and Manual Service Book for 2025. Compliance issues previously identified by external auditors from annual accounts spanning 2016 to 2023 were also discussed and ratified, marking a step towards enhanced regulatory adherence.
Attention was directed towards the planning of the Annual General Meeting (AGM) for 2025, as the board deliberated on the date, time, and venue for the event and its associated agenda.
A critical decision made during the meeting involved the authorization of Mr. Muhammad Naeem, Vice Chairman, to execute a Power of Attorney in favor of Mr. Niaz Ahmed Khan, Director and CEO/MD, allowing him to manage the company's affairs in the absence of the chairman, who is currently abroad.
The board also ratified a resolution concerning the opening of a bank account under the company's new name, "Saudi Pak Consultancy Company Limited," with MCB Sidco Center, Karachi, or any other commercial bank licensed by the State Bank of Pakistan.
In addition, the board considered the commencement of business activities as envisaged in the license granted by the Securities and Exchange Commission of Pakistan (SECP) dated December 11, 2024. This involves providing consultancy services related to the purchase of selective shares through the Pakistan Stock Exchange (PSX). According to information available from the Pakistan Stock Exchange (PSX), this strategic step aligns with the company's long-term objectives.
The meeting concluded by addressing any additional items with the chair's permission, emphasizing the company's commitment to strategic growth and regulatory compliance. Members who could not attend were facilitated to participate via Zoom, ensuring comprehensive engagement in the decision-making process.