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Karachi, Pakgen Power Limited, a prominent entity in the energy sector, has issued a notice to its members in accordance with Section 159(4) of the Companies Act, 2017. The notice informs that seven members have officially expressed their intention to contest the upcoming election of directors of the company. This election is scheduled to take place at an Extraordinary General Meeting (EOGM) set for September 01, 2023, in Lahore.
The selection of independent directors has been carried out in accordance with the provisions of Section 166 of the Companies Act, 2017, and the related regulations. The chosen independent directors have been assessed based on their extensive experience, diverse competencies, skills, and knowledge.
Notably, the number of members who have submitted notices of their intention to contest the election is equal to the number established by the Board of Directors, as per Section 159(3) of the Companies Act, 2017. Consequently, all members who have expressed their intention to contest the election shall be deemed to have been elected as Directors of the Company for the upcoming term of three (3) years. This term will commence from September 02, 2023.
The uncontested nature of this election underscores the trust and confidence that members have placed in the capabilities and leadership qualities of the individuals seeking directorship. Such uncontested elections can often be an indication of the harmonious relationship between the company’s management and its members.
As Pakgen Power Limited prepares for this Extraordinary General Meeting, the seamless election of directors reaffirms the stability and strong governance practices within the company. This announcement resonates with the larger investment community, highlighting the company’s commitment to maintaining a well-rounded and skilled board of directors to steer the company’s growth and strategic direction in the competitive energy sector.
The post Pakgen Power Limited Announces Uncontested Election of Directors for Next Term appeared first on Pakistan Company News.