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PSO forms two bodies for good corporate covernance

RECORDER REPORT

KARACHI: The Pakistan State Oil (PSO) has constituted two committees to facilitate good corporate governance in the company.

According to the press release of the PSO, a first meeting of the newly constituted board of management of company was held in Karachi on Thursday under the chairmanship of M. Salim. The board comprises 10 members, two each from government and financial institutions and six from private sector.

In order to facilitate good corporate governance, the board constituted two committees.

The Human Resource Committee will review a organisation plan of the company, effective employees development programme, sound compensation and benefit plans, policies and practices designed to attract and retain the high quality of personnel.

The Audit Committee will review the management policies and practices to ensure adequacy of the company's internal controls. It will also review deviations from existing system of management controls and changes in accounting policies, which might have material effect on company's financial position and operating results.