ISLAMABAD: Pakistan Petroleum Limited (PPL) is a public listed company, regulated under the Companies Act, 2017 and governed by the Securities and Exchange Commission of Pakistan.
PPL operates strictly in accordance with the provisions of the Companies Act, 2017, the Public Listed Companies Corporate Governance Rules, 2013, and the Listed Companies (Code of Corporate Governance) Regulations, 2019.
As mandated by these laws, the Board of Directors (BoD) serves as the governing body of the company, and the Federal Government is duly represented on the Board through its nominated directors.
AGP accuses MD PPL of giving undue favour in appointment case
In response to the news report published in Business Recorder on September 5, 2024, concerning the appointment of the Head of Legal and Commercial at PPL, we feel it is necessary to clarify the facts and address the incorrect information presented.
The selection process for the appointment of the Head of Legal and Commercial was conducted in full compliance with the company’s established policies, as approved by the Board. To ensure fairness and transparency, the process involved a multi-tier evaluation by relevant experts, with the final selection made after due diligence by the competent authority.
The claim that this decision was unilaterally made by the Managing Director of PPL is both factually incorrect and misleading. The entire recruitment process adhered strictly to the Board-approved recruitment policy and followed all relevant regulatory guidelines.
PPL is committed to maintaining the highest standards of transparency, fairness, and corporate governance.
We remain steadfast in our dedication to best business practices, in full alignment with public sector regulations and ethical standards.
The company’s unwavering commitment to fair, lawful, and transparent business practices continues to ensure public trust and accountability at all levels.—PR
BR Staff Reporter adds: The story carried by this newspaper was based on the Audit Report on the Accounts of Petroleum Division and Oil and Gas Regulatory Authority 2023-24.
Copyright Business Recorder, 2024
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