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Karachi, In a notable development, Nishat Power Limited has issued a formal notice to its members regarding the forthcoming election of directors. Pursuant to the provisions outlined in Section 159(4) of the Companies Act, 2017, the company’s management has shared that seven members have submitted notices expressing their intent to stand for election as directors of the company. The election process is set to take place during the upcoming Extraordinary General Meeting (EOGM), which is scheduled to convene on August 22, 2023, in Lahore.
To facilitate transparency and informed decision-making, the profiles of the aforementioned individuals have been made accessible on the company’s official website, www.nishatpower.com. The selection of independent directors was carried out in accordance with the requirements outlined in Section 166 of the Companies Act, 2017, as well as the relevant regulations, with a focus on assessing their experience, competencies, diversity, skills, and industry knowledge.
Interestingly, the number of members who have formally submitted valid notices for directorship candidacy aligns with the predetermined threshold set by the Board of Directors in accordance with Section 159(3) of the Companies Act, 2017. This threshold stipulates a limit of seven members. Consequently, in line with the provisions, all individuals who have filed valid notices shall be deemed to have been successfully elected as directors of Nishat Power Limited for the upcoming term, which spans three years and is set to commence on August 23, 2023.
This announcement underscores Nishat Power Limited’s commitment to adhering to regulatory guidelines and promoting good governance practices. By facilitating a transparent election process and ensuring the representation of individuals with the requisite expertise, the company aims to fortify its leadership team and contribute to its future growth and sustainability.
The selection and forthcoming election of directors hold significance not only for the company but also for its stakeholders and the broader business community. As these directors assume their roles, their collective experience, diversity, and skills are poised to shape the company’s strategic decisions and contribute to its long-term success.
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