Page 59 - InterloopAnnualReport2020

Furthermore, throughout the year, all significant issues were
presented to the Board or its committees, particularly, all
related party transactions of the Company were approved by
the Board on the recommendation of the Audit Committee.
The Audit Committee and Human Resource & Remuneration
Committee met regularly to strengthen the functions of the
Board. The Board carried out its self-evaluation and identified
potential areas for further improvement, in line with the global
best practices.

As Chairman, I will continue to be responsible for leading the
Board, fostering a culture of openness and constructive debate
during which all views are heard, and ensuring that the Board
also hears from appropriate range of Senior Management. I
will remain firmly committed to ensuring that your Company
complies with all relevant codes and regulations, and ensuring
that our Management team continues to take decision that will
create value for you in the short, medium and long term.

The Company has an independent Internal Audit department
and follows a risk based audit methodology. Internal Audit
reports are presented to Audit Committee and areas for
improvement are highlighted.

In the approaching October 2020, the
Board will be re-elected as it will complete
its term of three years. I will like to thank
all the members of the Board for their
outstanding and invaluable contribution to
the Company and for providing support in
giving directions to the management of the
Company.
On behalf of the Board, I will also like to
express gratitude to our stakeholders
for their continued support and
encouragement and acknowledge
with thanks the contributions made by
the employees of the Company. I also
acknowledge the commitment and
diligence of my fellow Directors during
the year under review and thank our Chief
Executive Officer and his team for their
concerted efforts.

Musadaq Zulqarnain
Chairman

Faisalabad
September 16, 2020