National Foods Announces Director Nominations for Upcoming Election

Karachi: In compliance with the Companies Act of 2017, National Foods Limited has released the details for the upcoming election of its board of directors, scheduled to take place during the Annual General Meeting on October 21, 2024, at Karachi. The notice highlights the nominations for directors under various categories, aiming to bolster its governance with diverse expertise.

As detailed in the notifications issued, pursuant to section 159(4) of the Companies Act, seven candidates have been put forth for election across three distinct categories. These include one candidate in the Female category, Mrs. Noreen Hasan, two candidates in the Independent category, Mr. Ali H. Shirazi and Mr. Zouhair Abdul Khaliq, and four candidates in the Others category, Mr. Zahid Majeed, Mr. Abrar Hasan, Mrs. Saadia Naveed, and Mr. Adam Fahy Majeed.

The candidates were selected based on their diverse professional backgrounds and expertise in various sectors. According to information available from the Pakistan Stock Exchange (PSX), the election is part of National Foods’ compliance with regulatory standards under the Listed Companies (Code of Corporate Governance) Regulations, 2019.

Each nominee has expressed their intention to stand for election, which, if uncontested, would see them automatically elected. The Board of Directors has fixed the number of directors at one for the Female Director category, two for the Independent Directors category, and three for the Others category for the term extending until the next Annual General Meeting in 2027.

This strategic move underscores National Foods’ commitment to enhancing its governance framework, ensuring that the board composition reflects a balance of experience and fresh perspectives, vital for steering the company toward sustained growth.