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Karachi:Macter International Limited has demonstrated a robust performance in board oversight and strategic planning for the fiscal year ended June 30, 2024, as revealed in the latest Chairman’s review shared on behalf of the board of directors. The review highlights the board’s critical role in steering the company through its strategic directives and overseeing significant financial and management operations.
According to information available from the Pakistan Stock Exchange (PSX), Macter International Limited adhered to the stipulations of the Companies Act, 2017, and the Listed Companies (Code of Corporate Governance) Regulations, 2019. The board successfully reviewed quarterly, half-yearly, and annual financial results, providing pivotal guidance to the management team.
The board members convened quarterly throughout the year, maintaining high attendance and active participation in all major business decisions. They also undertook the review and approval of the company’s annual financial budget for the fiscal year 2024-25, assessed capital expenditure requirements, and evaluated significant investments, ensuring robust financial stewardship.
In line with corporate governance requirements, Macter International Limited has instituted a formal and effective process for the annual evaluation of the board’s performance. This process includes comprehensive Self-Evaluation Questionnaires filled out by each director, culminating in a consolidated average performance rating that indicated satisfactory and effective oversight and strategic management.
The Chairman also expressed gratitude towards shareholders, customers, bankers, and employees for their continued support during challenging times, highlighting the collective efforts of the board members, CEO, and his team in driving the company forward.