Macpac Films Limited Prepares for Director Elections and Introduces E-Voting

Karachi: Macpac Films Limited has announced its upcoming Annual General Meeting (AGM) scheduled for October 24, 2024, at Karachi and via Zoom, where elections for new directors will take place as outlined under Section 159(4) of the Companies Act, 2017.

The company has notified its members that several candidates have expressed their intention to serve as directors. The list of nominees includes Ms. Hafsa Abbasy and Mr. Shabbir Hamza Khandwala as Independent Directors, and Mr. Naeem Ali Muhammad Munshi, Mr. Najmul Hassan, Mr. Ehtesham Maqbool Elahi, Mr. Shariq Maqbool Elahi, and Mr. Fahad Munshi in other categories.

According to information available from the Pakistan Stock Exchange (PSX), since the number of candidates does not exceed the number of directorial positions available as per the board’s decision under Section 159(1) of the Companies Act, these individuals will be deemed elected at the AGM.

Ms. Hafsa Abbasy, being the sole candidate for the female director seat, will automatically fill this role in compliance with the Corporate Governance Regulations. Both independent director candidates meet the necessary requirements of Section 166 of the Companies Act, including experience, diversity, and expertise, and no events requiring disclosure under the corporate governance code have been reported.

Additionally, in line with the Securities and Exchange Commission of Pakistan’s (SECP) directive and the Companies (Postal Ballot) Regulations, amended in 2022, Macpac Films Limited will also facilitate electronic and postal voting for special business items during the AGM. The company will provide electronic voting details via email to members registered by October 16, 2024. E-voting will be available from October 18 until October 23, 2024, enhancing accessibility and ensuring broader participation in the decision-making process.

Members will not be able to alter their votes once cast, securing the integrity of the voting process.

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