Mohsin Annual Report-Final 1-91:Layout 1.qxd - Siemens Pakistan

16Directors’ ReportPattern of ShareholdingShares of the Company are listed on Karachi, Lahore and Islamabad stock exchanges. There were 810shareholders of the Company as of September 30, 2007.As mentioned earlier, the Company, under the scheme of amalgamation, has issued its 477,440 fullypaid ordinary shares to Siemens AG in consideration of their 47.49% shareholding in CTI. After allotmentof these additional shares, the total paid up capital of the Company has increased to 8,247,037 ordinaryshares and shareholding of Siemens AG and National Investment Trust, the two major shareholders ofthe Company, has become 66.10% and 24.04% respectively. The detailed pattern and categories ofshareholding of the Company as of September 30, 2007 are annexed to this annual report on page 24and 25.Board of directorsThe Board was actively involved during the year in performing their duties including those imposed on itby the Regulators and the Memorandum and Articles of Association of the Company, with the ultimateobjective of safeguarding the interests of shareholders, increasing profitability of the Company and promotingmarket confidence. In order to strengthen the corporate decision making process, the Board considersall significant issues including but not limited to annual and long-term business plans, cashflowprojections, budgets alongwith variance analyses, internal audit reports, management letter issued bythe external auditors, major contracts and agreements, promulgation or amendment of a law, rule orregulation, disposal of fixed assets and investments and such other matters considered to be significantenough for the Board's attention by the Audit Committee or the management.The Chief Financial Officer, who is also a member of the Board, and the Company Secretary attendall the Board meetings and business heads are also invited for their expert opinion on significant businessissues.During the last business year six meetings of the Board of Directors were held. Attendance of eachdirector in these meetings is as follows:Name of directorNo. of meetings attendedSyed Babar Ali, Esq. 4Mr. Sohail Wajahat H. Siddiqui 6Mr. Javaid Anwar 6Mr. Joachim Moeller 1Mr. Gerhard Wilcke 6Mr. Tajammal H. Bokharee 4Ms. Monika Valtwies 4Mr. Stephan Schneider 5The participation of two foreign Directors in three different meetings was facilitated through videoconferencing. The record of the video conferences is available with the Company. The minutes of thosemeetings in which the Directors participated through video conferencing are signed by all the Directorspresent.The election of the Board took place on December 1, 2006 in which all of the retiring Directors werere-elected for a further term of three years. Further, Mr. Sohail Wajahat H. Siddiqui, was also re-appointedas Chief Executive Officer of the Company for a further period of three years after successful completionof his earlier term.