Page 65 - InterloopAnnualReport2020

to fix Independent Directors’ remuneration. No Director is
Name(s) of Committee Members
involved in deciding his/her own remuneration.
Musadaq Zulqarnain
(Chairman) The significant features and key elements of Directors’
Navid Fazil Remuneration are as follows:
Muhammad Maqsood
• Independent Directors are only entitled to receive fixed
Election of Directors and fees in lieu of remuneration for attending the Board and
Committee Meetings
Composition of the Board and • Independent Directors are only entitled to meeting fees
Committees together with travelling and lodging costs borne by the
Company

Election of Directors is scheduled to be held on Oct 15, For information on remuneration of Directors and CEO
2020, in the Annual General Meeting (AGM), after which, in 2019-20, please refer to the Notes to the Financial
latest composition of the Board and its committees and Statements.
the role of the Chairman/Chief Executive Officer, will be
disclosed in subsequent annual report.
Review of CEO’s Performance
Directors’ Training Program The performance of the CEO is formally appraised through

the evaluation system which is based on quantitative
The Board is kept up-to-date on legal, regulatory and
governance matters through regular papers and briefings and qualitative values. It includes the performance of the
from the Company Secretary and presentations by business, the accomplishment of objectives with reference
internal and external advisors. Directors are responsible to profits, organization building, succession planning and
for upholding the Corporate Governance and giving the corporate success.
Company a strategic direction. To optimize the effectiveness
of the Board, it is pertinent for new members to learn Chairman’s Review
about the dynamics and operations of the Company. Your
Company conducts various training programmes to make The Chairman’s review included in the Annual Report deals
sure that the entire Board is aligned with the Organization’s inter alia with the economic outlook, performance of the
Mission and Corporate Governance. Company, role of the Board of Directors & future prospects
and uncertainties.
All Directors are fully conversant with their duties and
responsibilities as Directors of corporate bodies. By Review of Related Parties
June 30, 2020, all Directors had acquired the prescribed
certification under Directors Training Program or are exempt Transactions
from the Directors’ Training Programme by virtue of
experience as per the requirements of the Companies The Company has executed all transactions with its
Listed (Code of Corporate Governance) Regulations, 2019 related parties at an arm’s length price except where
that meet the criteria specified by the Commission and it has been disclosed in the financial statements. In
approved by it. compliance with the Code of Corporate Governance and
applicable laws and regulations, details of all related party
Directors’ Remuneration transactions are placed before the Audit Committee and
upon recommendation of the Audit Committee, the same
are placed before the Board for review and approval. For
The Company’s Remuneration Policy for Independent
Directors has been approved by the members of the information on transaction with the related party in 2019-20,
Company. Keeping in view the Company’s objectives, please refer to the Notes to the Financial Statements.
Interloop operates an independent and transparent method

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