Islamabad: Zahidjee Textile Mills Limited has successfully concluded its annual self-evaluation of the Board of Directors for the fiscal year ending June 30, 2024, confirming satisfactory performance aligned with established corporate governance standards.
In the annual report and audited financial statements presented to shareholders, the Chairman of Zahidjee Textile Mills highlighted the company's steady performance throughout the financial year 2023-24. The company, buoyed by its strategic vision, is poised for continued success under the guidance of its Board, which is composed of a balanced mix of executive and non-executive directors, including independents.
According to information available from the Pakistan Stock Exchange (PSX), Zahidjee Textile Mills has shown resilience and agility in its operational strategies, which are crafted to bolster long-term growth. This includes the annual evaluation of the Board, mandated by the Listed Companies (Code of Corporate Governance) Regulations, 2019, aimed at enhancing internal governance and efficacy.
The evaluation process, carried out through internal mechanisms, assessed the Board’s effectiveness based on predefined benchmarks. The results from the year 2024's self-assessment indicate that the Board met the objectives set forth, with an overall performance deemed satisfactory. This review was instrumental in reinforcing best practices in corporate governance within the company.
Furthermore, the Board’s strategic decision-making has been pivotal in outlining the company’s objectives for the coming year, with plans extending over the next five years. These include comprehensive modernization and expansion of production facilities, designed to foster growth and improve financial outcomes.
Board meetings throughout the year were structured to ensure rigorous scrutiny of the company’s financial statements, adherence to accounting policies, and transparency in disclosures. The Board's commitment to high standards of ethics and professionalism, as outlined in the company's Vision and Mission Statements, remains a cornerstone of their operational ethos.