Section 172 (1) Statement

The Attock Oil Company Limited

Section 172 (1) Statement

In accordance with the requirements of Section 172 of the Companies Act 2006 (‘the Act’), the directors consider that, during the financial year ended 30 June 2022, they have acted in a way that they consider, in good faith, would most likely to promote the success of the company for the benefit of its member as a whole, having regard to:

  • a) Likely consequences of any decisions in the long-term: The Board members of Group Companies keeps a careful watch on various domestic and international developments and continue to guide the management during performance reviews so that the Group is steered towards the right direction.

  • b) Interests of the company’s employees: The Company & its Subsidiary Undertakings have adopted well-structured policies for career growth of employees, succession planning, retention and conducive working condition. Emphasis is placed on employees welfare and due compensation in order to promote as willing workforce.

  • c) Need to foster the company’s business relationships with suppliers, customers and others: The Group is determined to satisfy expectancies of its key stakeholders including employees, customers, suppliers, shareholders, and the local communities in which it operates. The views of and the impact of the Group’s activities on those stakeholders are an important consideration for Directors when making relevant decisions.
    Group’s Strategy is always inclined towards its firm commitment for doing fair business following its core values and involving its stakeholders at all forums. This approach helps in creating & promoting synergies relationships with our valued stakeholders and to meet their expectations proficiently.

  • d) Impact of the company’s operations on the community and environment: Management of Group Companies dedication towards protecting the environment and community is evident from its safe operations. Focus is to conserve energy, optimize resources and mitigate waste generations. It is ensured that business activities are in line with the occupational health safety and environmental legislations.

    We strive to offer products and services that are clean, safe and of high quality. The Group is also focused to exhibit occupational health and safety care in all operational activities and encourages promotion of a culture of safe practices among employees.

  • e) Desirability of the company maintaining a reputation for high standards of business conduct: : The Group’s Management is committed to conduct business in an honest, ethical, transparent and legal manner. Our actions are governed by the values and principles that we share. The Group wants to be seen as a role model in the corporate community by its conduct and business practices. All this depends on our personnel, as they are the ones who are at the forefront of the Group’s affairs with the outside world. All directors and employees have to be familiar with their obligations in this regard and have to conduct accordingly.

  • f) Need to act fairly as between members of the company: The confidence put in the Group by the investors is honored and acknowledged by providing them with steady rate of return on their investments. General meeting of Group’s listed companies, in particular, provide the shareholders a platform to voice their concerns and raise their queries which are addressed appropriately. Shareholders are also engaged through issuance of annual/quarterly financial reports and notices/updates.