Download - Siemens Pakistan

32 Directors’ Report
Corporate Governance
The Board gives utmost importance to the international and local best practices of good governance and
ensures that its principles remain to be the integral part of its operating, decision-making and
monitoring processes. The Company respects the rights of its shareholders and encourages their active
participation in all general meetings of the company. The company also recognizes its legal obligations
towards all of its legitimate stakeholders and business partners. A code of conduct exists for directors,
executives and other employees of the company which binds them to demonstrate ethical, honest and
responsible attitude.
We strictly adhere to the principles of Corporate Governance mandated by the Stock Exchanges of
Pakistan and have implemented all the prescribed stipulations.
At Siemens the corporate governance framework involve the board in the strategic planning process,
defines clear board and management power sharing arrangements, establishes processes for the timely
reporting and review of information, not forgetting to allow effective and responsive actions to be made
thereon. This has resulted in improved understanding of the respective roles of the board and
management and the board is able to introduce appropriate governance processes and procedures,
under which management is free to manage, while the board is free to monitor, enquire and counsel.