ISLAMABAD: The federal government has approved 10 new members for Board of Directors (BoDs) of Saindak Metals Limited to be headed by Dr Rehanul Haq Siddiqui, official sources told Business Recorder.
Saindak Metals Limited (SML) is a 100 percent Government of Pakistan (GoP) owned enterprise working under the administrative control of the Petroleum Division. It deals in the exploration, exploitation and development of non-ferrous minerals and extraction of base metals. It was incorporated under the Companies Act, 2017, which provides that the Federal Government may constitute a BoDs to control, manage and direct the affairs of the company.
As per the Company’s Articles of Association, the number of Directors on the Board of SML shall not be less than seven or more than 15. According to Rule 3(1) of the Public Sector Companies (Corporate Governance) Rules 2013, the Board shall consist of executive and non-executive Directors, including independent Directors and those representing minority interests with the requisite range of skills, competence, knowledge, experience and approach so that the Board as a group includes core competencies and diversity considered relevant in the context of the Public Sector Company’s operations. Furthermore, as per Rule 3(2) of the Rules, the Board shall have at least one-third of its total members as independent Directors.
Keeping in view the rules and regulations of the company, Petroleum Division proposed the following composition of the BoDs of SML for a period of three years, under the prescribed guidelines, rules and regulations and Corporate Governance criteria: (i) Dr Rehanul Haq Siddiqui (Chairman from Balochistan); (ii) Mir Balkh Sher Mazari (independent director); (iii) Jahanzaib Durrani (independent director); (iv) MD PMDC, Lt Col Khalid Rafique Shah (Retd) (independent directors Punjab); (v) Joint Secretary (I&JV), Petroleum Division (ex-officio director; (vi) Director General (Minerals), Petroleum Division (ex-officio director); (vii) Director General, ‘Geological Survey’ of Pakistan, Petroleum Division (ex-officio director); (viii) Secretary, Mines and Minerals Department, Balochistan (ex-officio director); (ix) Representative of Finance Ministry (ex-officio director) and; (x) Additional Chief Secretary, Balochistan (ex-officio director).
The Cabinet in its meeting held on November 10, 2020 approved the new Board, to be notified by the Petroleum Division, after minutes of the Cabinet are received next week.
Copyright Business Recorder, 2020
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