18th AGM of LOTTE Chemical Pakistan Limited
LOTTE Chemical Pakistan Limited (LCPL) held its 18th Annual General Meeting (AGM) which was chaired by the Company’s Chief Executive Mr. Humair Ijaz on 21st of April 2016 at Karachi. The AGM is a mandatory yearly activity for listed companies where the CEO and directors presents the Company’s annual financial statements for shareholders approval, talk about its performance and strategy, and take approvals on normal business transactions. Shareholders who do not attend the meeting in person are asked to vote by proxy. Recently SECP (Securities and Exchange Commission of Pakistan) has introduced Companies E-Voting Resolution 2016 requiring all listed companies to provide voting rights to the members via electronic means as an alternative means of voting.
Only those persons, whose names appeared in the Register of Members of the Company as at 12th April, 2016 were entitled to attend, participate and vote at the AGM. LCPL has 17,752 shareholders as of 12th April, 2016 and the meeting was attended by 276 shareholders out of which 272 were present and 4 were represented by proxy.
The meeting started with Chairman of the Meeting comprehensively presenting the overall performance of the Company while explaining the dynamics of PTA business, relating it to raw material and finished goods prices trend in the international market during the year. The floor was then opened for questions and shareholders raised their concerns about future outlook of the industry and asked questions on management’s views expressed in the Director’s report. There was a mix of sentiments about the performance with few shareholders appreciating the reduction of per share loss by almost 33% while others sharing their grievances on not making profits. There were also questions on expected import tariff in the federal budget 2016-17 to which the Chairman of the Meeting explained the on-going negotiation and active persuasion of the matter with relevant authorities. After addressing all the queries in detail, the meeting was declared closed.
Last Updated on September 13, 2019