Download - Siemens Pakistan

Statement of Compliance
121
16. All material information as required under the relevant rules has been provided to the stock exchanges
and to the Securities & Exchange Commission of Pakistan within the prescribed time limit.
17. All quarterly, half yearly and annual financial statements presented to the Board for approval were
duly endorsed by the CEO and the CFO.
18. The directors, CEO, CFO and other executives do not hold any interest in the shares of the Company
other than that disclosed in the pattern of shareholding.
19. All statements have been included in the Directors’ report, which are required by the Code and Section
236 of the Companies Ordinance, 1984.
20. We confirm that the Company has complied with all material principles and the corporate and financial
reporting requirements of the Code as mentioned in this Statement of Compliance with the best
practices of Corporate Governance.
21. The Board has formed an audit committee. It comprises of four members including the Chairman of
Committee, all of whom are non-executive directors.
22. The meetings of the audit committee were held at least once every quarter prior to approval of interim
and final results of the Company and as required by the Code. The terms of reference of the committee
have been formed and advised to the Committee for compliance.
23. The Company has an internal audit function in place. The function is managed by suitably qualified
and experienced staff. The internal audit activities are further supplemented by financial audit carried
out by regional audit team.
24. The external auditors of the Company have confirmed that they have been given a satisfactory rating
under the quality control review program of the Institute of Chartered Accountants of Pakistan, that
they or any of the partners of the firm, their spouses and minor children do not hold shares of the
Company and that the firm and all its partners are in compliance with International Federation of
Accountants (IFAC) guidelines on code of ethics as adopted by the Institute of Chartered Accountants
of Pakistan.
25. The external auditors or the persons associated with them have not been appointed to provide other
services except in accordance with the listing regulations and the auditors have confirmed that they
have observed IFAC guidelines in this regard.
26. The Directors’ report has been prepared in compliance with the requirements of the Code and fully
describes the salient matters required to be disclosed.
For and on behalf of the Board of Directors
Syed Babar Ali
Chairman
Sohail Wajahat H. Siddiqui
Chief Executive Officer
Karachi, October 31, 2008