Reliance Weaving Mills Chairman's Message
ON THE OVERALL PERFORMANCE AND EFFECTIVENESS OF THE ROLE PLAYED BY THE BOARD IN ACHIEVING THE OBJECTIVES OF THE COMPANY PURSUANT TO SECTION 192(4) OF THE COMPANIES ACT, 2017.
The Company complies with all the requirements set out in the Companies Act, 2017 (“the Act”) and the Listed Companies (Code of Corporate Governance) Regulations, 2017 (“the CCG”) with respect to the composition, procedures and meetings of the Board of Directors and its Committees. As required under CCG, an annual evaluation of the Board is carried out on the basis of a self-assessment questionnaire to ensure that the Board’s overall performance and effectiveness is measured and benchmarked against expectations in the context of objectives set by the Company.
The evaluation provides the Board with an opportunity to review the balance skills, experience, diversity and perspectives. The size and composition of the Board is adequate to govern the Board procedures.
The Board members effectively bring diversity to the Board and constitute a mix of Independent and Non-Executive Directors. The Non-Executive and Independent Directors were equally involved in important Board decisions. The Board has effectively set the tone at the top, by putting in place a transparent and robust system of governance. This is reflected by setting up an effective control environment, compliance with best practices of CCG and by promoting ethical and fair behavior across the Company.
The Board is well assisted by two committees namely the Board Audit Committee and the Human Resource & Remuneration Committee to support its decision-making in their respective domains. The Board Audit Committee provides an oversight of the financial reporting process, the audit process, the system of internal controls and compliance with laws & regulations. The Human Resource & Remuneration Committee assists the Board in establishing sound & effective employee’s development program, recognizing & creating future leaders, developing workforce and improving their skills through training to increase the productivity and quality of work. We believe that our strength lies in our employees who are the most precious assets of the Company.
The Board members diligently performed their duties and thoroughly review, discuss and approve business strategies, corporate objectives, budget plans, financial statements and other reports.
Lastly, I would like to recognize the contribution made by fellow Directors and would like to thank our shareholders, business associates, government authorities and regulators for their prudent support and guidance to the Company.
Mr. Fawad Ahmed Mukhtar
Reliance Weaving Mills Limited
Page Last Updated: Wednesday, January 15, 2020