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Karachi, Siemens (Pakistan) Engineering Co. Ltd. conducted its 71st Annual General Meeting (AGM) on January 16, 2024, where several key resolutions were passed by the members. The company secretary, Khurram Muhammad Siddique, certified the outcomes of the meeting.
One of the first resolutions approved was the confirmation and approval of the minutes from the Extraordinary General Meeting held on July 25, 2023. This acknowledgment ensures that the proceedings and decisions taken in the previous meeting are officially recorded and recognized.
Additionally, the members approved the Annual Audited Financial Statements for the year ended September 30, 2023. This includes the Directors’, Auditors’, and the Chairman’s Review Reports, along with the Statement of Compliance with Listed Companies (Code of Corporate Governance) Regulations, 2019, and the Auditors’ Review Report on the Compliance Statement.
A significant change announced was the appointment of Messrs. A. F. Ferguson & Co., Chartered Accountants, Karachi as the new statutory auditors. They replace the retiring auditors, Messrs. EY Ford Rhodes, Chartered Accountants, and will hold the position until the conclusion of the 72nd Annual General Meeting.
Lastly, a resolution was passed authorizing the company to circulate its annual audited financial statements to the members through a QR-enabled code and weblink. This modern method of dissemination is in accordance with the Securities and Exchange Commission of Pakistan (SECP) Notification SRO 389(1)/2023 dated March 21, 2023, and marks a shift from the traditional distribution methods like CD/DVD/USB.
The AGM’s decisions reflect Siemens (Pakistan) Engineering Co. Ltd.’s commitment to corporate governance, regulatory compliance, and modernization in communication with its shareholders.