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The Board of Directors North Sindh Urban Services Corporation Sukkur (NSUSC) in its meeting held on May 07, elected 06 independent Directors. Pursuant to Section 178(4) of the Companies Ordinance 1984, 06 independent directors offered themselves for election as independent Directors of the company at Sindh Cities Improvement Programme (SCIP) at Karachi.
As the number of independent Directors who have offered themselves for election is not more than the number of independent Directors fixed in the Memorandum, former Justice Abdul Rehman Faruq Pirzada, Charmine Hidayatullah, Dr Zeenat Essani, Rafiq A. Munshey, Engr. Memon. A. Jabbar and Usman Ghani Khatri have been elected as director.
The Directors elected have pledged to serve the company on the Board as Independent Directors along-with Executive Directors by investing their skills, competence, knowledge, experience and approach so that Board of NSUSC as a group includes core competencies and diversity considered relevant in the context of companies operations.
The Board has desired to increase the number of Independent Directors as per notification SRO 180(I)/2013 dated 08th March, 2013 issued by Securities and Exchange Commission of Pakistan.
Newly elected independent directors of NSUSC have also appreciated the timely issuance of corporate governance rules 2013 by Securities and Exchange Commission of Pakistan (SECP). The Board has expressed pleasure at the notification issued by SECP which has placed responsibilities on Board of Directors and has defined role of Chairman and Chief Executive with separation of two positions.
The responsibilities powers and functions of the Board, meetings of the Board, quarterly and monthly financial statements, placement thereof, related party transactions and formation of different committees together are giving insight of the depth for assuring the code of corporate governance to take place in its required course. It may be mentioned here that NSUSC is constituted as a company under the companies' ordinance chartered by the agreement between Government of Sindh and Asian Development Bank (ADB). Its functions are to provide sustainable basis water supply, provide management for handling sewerage and solid waste in the Northern Urban Cities of Sindh. The deliveries of quality customer services in a safe and effective manner are also objectives of the company.-PR

Copyright Business Recorder, 2013

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