"Unlike government inspired legislation, which
has the chance of being implemented without being currently understood
by the enforcing executive authority, the PERA experiment seeks to
motivate the business community to assess its production processes,
factor inputs, the impact of ecology and surroundings" said Yawar
Irfan Khan during his speech.
"I commend this initiative taken by ACCA and
WWF Pakistan to raise the profile of environmental reporting among
companies in Pakistan by introducing ACCA/WWF Pakistan Environmental
Reporting Awards (PERA). We hope that the initiative will encourage
more voluntary environmental reporting from all type of businesses,
thus proving that we can integrate the environmental concerns in
Arif Masud Mirza, ACCA's Head of Pakistan Affairs
said, "The aim of the Awards is to identify and reward innovative
attempts to communicate corporate performance, although ACCA/WWF do
not comment on performance itself. We want to reward organisations
which report and disclose environmental information, raise awareness
in corporate transparency issues and encourage the uptake of
The inaugural ACCA/WWF Pakistan Environmental
Reporting Awards was launched in April 2002. When entries closed on 30
September 2002, 9 entries were received.
NEW CHAIRMAN OF ALLIANZ BOARD OF MANAGEMENT
At the end of the Annual General Meeting, the
Allianz Supervisory Board has appointed Michael Diekmann (47) as new
Chairman of the Board of Management. Mr. Diekmann currently is member
Board of Management, in charge of the insurance activities in North
and South America and holds group-wide responsibility for Human
Resources. The appointment of Mr Diekmann as Chairman of the Allianz
Board of Management is of particular significance to Pakistan since he
was personally involved in the joint venture between Allianz AG and
the EFU Group here in Pakistan in 2000. More recently, Mr. Diekmann
visited this country for the official launching ceremony of Allianz
EFU Health Insurance Limited, which was also attended by the then
Governor of Sindh, Mr. Mohammadmian Soomro. Dr. Henning Schulte-Noelle
(60) has decided to resign from his position as Chairman of the Board
of Management of Allianz AG at the end of the Annual General Meeting
on April 29, 2003.
AGA KHAN RURAL SUPPORT PROGRAMME
Mr Iqbal Sadru-Dean Walji, the Chainnan of AKRSP
announced the beginning of a new era in AKRSP's history with the
launch of its new five-year strategy 2003-2007. He further said that
with this phase, AKRSP begins a new journey towards addressing the
future challenges of poverty reduction in the Northern Areas and
Chitral and in doing so one should never lose sight of the fact that
what really matters is the empowerment of the people of northern
Pakistan. "Between them and AKRSP, we have twenty years of shared
history and a series of unprecedented milestones where communities
have made major strides to address the development challenges of
northern Pakistan. It is again time to start strengthening the
understanding and trust we so urgently need to usher into the new era.
Organisations like AKRSP not only survive leadership and personnel
changes; they grow and thrive in the process."
NOW OFFERS KERBSIDE CHECK-IN AT JINNAH INTERNATIONAL AIRPORT, KARACHI
"Our newest Kerbside check-in at Jinnah
International Airport, Karachi — another special service to our
premium passengers, starts from 1st of April 2003", said Mr.
Hanspeter Wegmueller, General Manager for Pakistan.
SWISS (Swiss International Air Lines Ltd),
Switzerland's national airline prides itself on Swiss values such as
quality, reliability, friendliness, safety, efficiency and exceptional
service — in other words exemplary 'Swissness'. Since its launch,
SWISS has created an efficient network that connects business and
cultural centres globally. SWISS was recently awarded, the German
travel magazine "Business Traveller Award" as the best
airline serving North and South America, and ranked No. 3 "Best
European Airline serving the Middle East" in a recent survey by
Business Traveller Middle East magazine.
ERADICATION OF POLIO FROM PAKISTAN
Preston University organized a lecture at its
Islamabad campus on "Eradication of Polio from Pakistan and World
over". Mr. Shakil Ansari, Member Polio Eradication and
Fundraising Campaign of Rotary International and Member Rotary Club
Islamabad Cosmopolitan (RCIS), was the Guest Speaker on the occasion.
Addressing a large gathering of students, faculty,
staff and some senior officials of Preston University, Islamabad
Rotarian, Shakil Ansari stated that eradication of Polio from Pakistan
and world over was a gigantic but not unattainable task. He said the
Government of Pakistan has taken significant strides in this
direction, and with the assistance of the international donor agencies
it has been able to not only effectively address this phenomenal
humanitarian issue but also have appreciable control over it.
He said Rotary International too has significantly
contributed towards eradication of this devastating menace from the
surface of this earth. He said Rotary International has already
contributed millions of dollars towards the endeavors of countries
world over to deal with this crippling disease and save teaming
millions of this world from being affected by it. He said his
organization is gearing itself up to meet the target set forth by the
world community to completely eradicate Polio from world over by the
year 2005. However, in its endeavors to do so it anxiously looks
forward to generous contributions from the privileged, to further
strengthen its efforts in this direction. He urged the students,
faculty and staff of Preston University to participate in this
humanitarian endeavor of Rotary International enthusiastically.
PACRA ASSIGNS CREDIT RATINGS TO FIRST HABIB MODARABA
The Pakistan Credit Rating Agency (PACRA) has
assigned the entity ratings at 'AA-' (Double A minus) and 'A1+'
(Single A plus) for long-term and short-term respectively to First
Habib Modaraba (FHM). 'A1+' is the highest level in PACRA's rating
scale for short-term rating. Theses ratings indicate a low expectation
of credit risk and very strong capacity for timely payment of
The ratings of FHM reflect its consistent
performance and effective risk management policy. FHM continues to
maintain an infection-free lease portfolio, which demonstrates good
credit evaluation and effective post disbursement monitoring systems.
Going forward, the FHM has maintained its steady
growth momentum and continues to benefit by the highly professional
and experienced senior management team. The rating also reflects
continued strong support arising out of the affiliation with the Habib
As agreed with the Modaraba Association of
Pakistan, PACRA has assigned the ratings according to the standard
rating scale as against the Modaraba Financial Strength Rating Scale
previously followed. The adoption of the standard ratings scale is
primarily to make modarabas comparable with other entities.
RAFI ELECTED CHAIRMAN ICAP AND ICMAP JOINT COMMITTEE
At a Joint Committee Meeting of the Institute of
Cost and Management Accountants of Pakistan (ICMAP) and the Institute
of Chartered Accountants of Pakistan (ICAP) Muhammad Rafi, FCMA, Vice
President of ICMAP, unanimously elected as Chairman of the ICMAP/ ICAP
Muhammad Rafi, has 26 years of diversified
experience in financial and service sectors. Rafi, is on the National
Council of ICMAP since 1997 and has been a member of various
committees. He has also represented Pakistan at IFAC Public Sector
MCB 55TH ANNUAL GENERAL MEETING
The 55th Annual General Meeting of the shareholders
of Muslim Commercial Bank Limited was held under the Chairmanship of
Mian Muhammad Mansha.
Addressing the large number of shareholders
gathered at MCB Registered Office at Jinnah Avenue, Islamabad. Mian
Muhammad Mansha stated that year 2002 was the first year in the
history of MCB, and for that matter in the banking sector of the
country, that the Bank made two Interim Dividend announcements besides
the Final Dividend. These included 10% Bonus shares, 25% Cash Dividend
and 15% Final Dividend against in the form of Bonus Shares. These
payments were later approved by the shareholders.
He added that it was matter of satisfaction that
PACRA a leading Rating Agency of Pakistan has given the MCB a
long-term rating of 'AA' which is one of the best for any bank in
Chairman MCB, emphasized that year 2001 and 2002
had witnessed a noticeable improvement in the economy of Pakistan. The
upsurge in inward remittances, proactive policy on debt reduction,
implementation of IMF progamme and negligible trade gap had led to
progressive strengthening of external account which has led to healthy
building up of reserves and had gone a long way in improving the
investment outlook of Pakistan.
Mian Muhammad Mansha pointed out that MCB
Management has focussed on three main elements as its Operational
Emphasis on technology infrastructure and electronic based value added
Introduction of consumer financing, leasing and cash management to add
new revenue sources and (3)
To rationalize headcount and organization structure to reduce
MCB Chairman briefed the shareholders on the
financial results for the year 2002 mainly: After Tax Profit of
Rs.1.738 billion, up by 57% over 2001. Earnings per share in 2002 of
Rs.6.52 compared to Rs.4.16 in the preceding year.
Mian Muhammad Mansha thanked MCB customers for
their confidence in MCB operations, as the Deposits increased by 18%
i.e. from Rs.154.4 billion in 2001 to Rs.182.7 billion in 2002. The
informed that MCB now had nearly 1000 branches and 120 ATMs installed
all over the country which was the largest number for any bank in
Total appropriations during the year amounting to
Rs.1.65 billion for Dividends Bonus and Statutary Reserve, while
Rs.0.62 billion was carried forward as "unappropriated"
profit. He also pointed out that recovery of non-performing loans had
always been management's top priority. During the year 2002 a cash
recovery of Rs.2.50 billion was made as compared to Rs.2.19 billion in
A number of question were raised by the shareholder
during the Annual General Meeting which were promptly responded to by
the Chairman, Mian Muhammad Mansha, Chief Executive and President Mr.
Mohammad Aftab Manzoor, Financial Control Head, Mr. Ali Munir, to the
satisfaction of the audience.
Nine Directors namely Mian Muhammad Mansha, S.M.
Muneer, Tariq Rafi, Sheikh Mukhtar Ahmed, Mohammad Arshad, Shehzad
Saleem, Mian Umer Mansha, Samad Amin and Aftab Ahmed Khan were elected
by shareholders for a period of three years.
M/s. A.F. Ferguson & Co. Chartered Accountants
and M. Yousuf Adil Saleem & Co. Chartered Accountants were
re-appointed as Auditors for the next term.
The Chairman thanked the MCB Management and staff
for their untiring efforts during the year 2002.
PSO'S TURNAROUND HIGHLIGHTED AT NIPA COURSE
Pakistan State Oil's radical corporate
transformation has been widely appreciated at various international
forums, by world's leading consulting and financial advisory firms and
by leading educational institutions, Mr. Amjad Parvez Janjua, General
Manager, Corporate Planning, PSO, informed senior public sector
officers attending a course at the National Institute of Public
Administration (NIPA) in Karachi.
Mr. Janjua was delivering a talk on the "Organisational
Environment and Effectiveness" the other day as Resource Person
for the "Course in Strategic Management".
Twenty-five senior officers from various public
sector organizations participated in the course.
Mr. Janjua outlined the subject in context of
classical and neoclassical organisation theories, with special
references to Schools of Scientific Management (Taylor), Bureaucracy
School (Weber), Administrative Management School (Fayol), Human
Relations (Hawthorne Studies) and Human Resources (Maslow, Herzberg,
He presented a comprehensive analysis of various
organisational effectiveness criteria and competing management
He highlighted PSO's successful turnaround,
detailing the company's comprehensive corporate renewal program,
strategic shifts and its transition from drops to rises. This includes
streamlining the investment planning process, developing a model for
business-wise and product-wise profitability analysis and developing a
comprehensive corporate plan. Further steps in this direction include
developing information systems for obtaining and sharing up-to-date
information on sales and operations on real time basis, lessening the
magnitude of information distortion, streamlining inventory
information and establishing common data warehouse across the supply
He said PSO's corporate structure has evolved into
a matrix, which has divided the company's major operations into
independent activities supported by the financial, legal, information
and other services. These activities operate in an autonomous and
collegial manner in the form of Strategic Business Units based on the
clear and transparent allocation of responsibility and accountability.
This structural change has been reinforced and
related checks and balances have been established by putting in place
several corporate monitoring and control systems, Mr Janjua pointed
He said effective implementation of corporate
reform and business development strategies in line with best
international practices enabled PSO to increase its market leadership
position in a highly competitive business environment.