The Board of Directors in compliance to the Code of Corporate Governance has established an HR & R Committee.

Sr.          Name of Member                         Status

1             Mr. FarhanIlyas                            Chairman / Non-Executive Director

2             Mr. Jamal Ahmed                        Member / Non-Executive Director

3             Mr. Ghias-ul-Hasan                     Member / Executive Director

 

Terms of Reference for HR&R Committee

The Main term of reference of the HR&R Committee of the Company includes the following:

The Committee shall be responsible to:

  1. Recommending human resource management policies to the board;
  2. Recommending to the board the selection, evaluation, compensation (including retirement benefits) and succession planning of the CEO;
  3. Recommending to the board the selection, evaluation, compensation (including retirement benefits) of COO, CFO, Company Secretary and Head of Internal Audit;
  4. Consideration and approval on recommendations of CEO on such matters for key management positions who report directly to CEO or COO.

a. The remuneration of the executive and non-executive Director shall not fall within the preview of the HR & R Committee.

b. Recommendations in respect of compensation including performance incentive will ensure that:

  • The Company is able to recruit, motivate and retain persons of high ability, caliber and integrity.
  • The packages are consistent with what is normal in the industry and / or specific job wise, as determined through surveys conducted.
  • Incentives are where applicable are based on criteria which have been carefully examined, discussed and authorized.

c. Selection recommendation should ensure that the Company has formal selection procedure which provides for;

  • A description of the position that requires to be filled with a profile of ideal candidate.
  • Selection Boards for various levels of recruitment.

d. Performance evaluation should:

  • Be based on procedures formally specified and which override individual likes and dislikes;
  • Provide for discussion of the Annual Performance Report with each manager concerned.

e. The Committee will also:

  • Review and approve compensation payable to senior management for any loss or on termination of services to ensure that it is consistent with contractual terms and is otherwise fair.
  • Review and advice on the training, development and succession planning for the senior management with reference to the Board’s corporate goals and objectives.
  • Devise a procedure for the approval of HR related policies of the Company.
  • Review for time to time as appropriate these Terms of Reference and the effectiveness of the Committee and recommend to the Board any necessary changes.