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Corporate Governance

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Submitted To:

Prof. Yaseen Jamal

Submitted By:

Group 1

1- Sidra Saleem ( 11 )2- oor-ul-ain (!" )#- Bano S$a$ ( )

Pro%ram: &B' (semester )

ate: 11-*eb-1+

,/0STY * /T0'3 P,J'B

Table of 4ontents:

Preface ----------------------------------------------- 7

Acknowledgment -------------------------------------- 8

Project objectives-------------------------------------- 9

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Introduction to banking in Pakistan----------------------- 10 Overview of

Bank of Punjab----------------------------- 1

!ision " #ission statement----------------------------- 1$

%ore values------------------------------------------ 1&

Awards --------------------------------------------- 1'

Organi(ational )ierarc)* c)art-------------------------- 19

Business volume ------------------------------------- 0

Product line ----------------------------------------- -$

+e,osit Products---------------------------------

Prot " .oss s)aring term account------------------

%onsumer nance--------------------------------

/lectronic banking--------------------------------

ervices---------------------------------------- 2

Agriculture credit-------------------------------- $

3rade nance----------------------------------- $

%om,etitors ----------------------------------------- &

Introduction to all de,artments------------------------- &

4etail Banking division---------------------------- 8

ocial asset management division------------------ 8

%redit administration division---------------------- 8

5uman resource division--------------------------8

6inance division----------------------------------- 8

Information tec)nolog* division--------------------- 9

O,erations division------------------------------- 9

3raining7 researc)7 communication and ,ublic division-- 9 Audit and ins,ection division----------------------- 9

.aw division------------------------------------- 9

6unctional )ierarc)* of Bank of Punjab-------------------- 0

%omment on organi(ational structure of BOP-------------- 0

+ivision of labor--------------------------------- 0

,an of control---------------------------------- 0

%ommunication--------------------------------- 1

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#anagement information s*stem of BOP----------------- 1

Introduction to information tec)nolog* I3 --------------

#aster organogram of I3 de,artment-------------------

6unctions of I3 division------------------------------- 2

u,,ort function-------------------------------- 2

A3# function----------------------------------- $

Information securit* function---------------------- &

:etwork functions------------------------------- 8

#I;

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4eferences ---------------------------------------- '

T5/ '&/ * '33'5 T5/ &ST B/*/T '

&/0*,3

/'T

+edicated to our venerable teac)ers beloved ,arents7

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Prefa4e

In t)is era of tec)nolog* we cannot name even a single business

w)ic) can o,erate wit)out information tec)nolog*> In fact now a

da*?s success of an* business is de,endent on ,ro,er utili(ation

and u,grading of its management information s*stem>

3)e term is not new to t)e banking sector> ince t)e earl* 80s7

banks )ave been using t)is terminolog* to refer to t)e ,rocess of

generating various re,orts and anal*ses at t)e %or,orate;5ead

o=ces for decision making for own use as well as for convenience

to aut)orities in c)arge of regulation>

#I in t)e ,resent conte@t of )ig) availabilit* of voluminous data

on electronic media at diverse locations and on diverse ,latforms

)as become more ,ertinent to banks? decision-making ,rocess7t)anks to t)e availabilit* of new tools of tec)nolog* suc) as data

ware)ousing7 data mining> #anagement Information *stem would

t)us be t)e end ,roduct of bot) t)e ,rocesses - data ware)ousing

and data mining>

6or our ,roject we selected Ban6 of Pun7ab to anal*(e its

#anagement Information *stem ,attern7 see t)e good as,ects

and nd out an* aws if ,resent> 3)is ,roject contains a detailed

stud* of #anagement Information *stem and anal*sis of various

#I com,onents at Bank of Punjab along wit) recommendations

and suggestions>

'46no8led%ments

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One of t)e great ,leasures of writing t)e re,ort is acknowledging

t)e eorts of man* ,eo,le w)ose names ma* not a,,ear on t)e

cover but w)ose )ard work7 coo,eration7 friends)i, and

understanding were crucial to t)e ,roduction of t)is re,ort>

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3o evaluate w)et)er #I a,,lications ,rovide users wit)

timel*7 accurate7 consistent7 com,lete7 and relevant

information>

3o assess t)e t*,es and level of risk associated wit) #I and

t)e Fualit* of controls over t)ose risks>

3o determine w)et)er #I a,,lications and en)ancements

to e@isting s*stems adeFuatel* su,,ort cor,orate goals>

3o determine if #I is being develo,ed in com,liance wit)

an a,,roved cor,orate #I ,olic* or ,ractice statement>

3o anal*(e various com,onents of #I being a,,lied at t)e

Bank>

3o know about t)e networking and database management

of t)e organi(ation>

Introduction of Banking in Pakistan

Banking plays a major role in a countrys economy. Ater partition o

!n"ia an" #akistan Britis$ governments commission "istri%ute t$e

reserves %et&een #akistan an" !n"ia.

!n August '(47) various Banks transerre" t$eir $ea"*uarters an"un"s to !n"ia. Beore partition o #ak+o+,in") some Banks &ere

operate" &$ic$ &ere C$artere" Bank) Grin"+lays Bank) !mperial

Bank o !n"ia) Australasia Bank an" ,a%i% Bank. Ater t$e

in"epen"ence o #akistan) -uslim Commercial Bank imite") Bank o

Ba$a&alpur imite") #unja% /ational Bank an" /ational Bank o

#akistan &ere provi"ing %anking acilities to general pu%lic.

0$e 1tate Bank o #akistan &as inaugurate" %y our great lea"er

-u$amma" Ali inna$. n 'stuly '(4. Australasia Bank an" ,a%i%

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Bank &ere provi"ing acilities to t$e #akistans nation. Ater some

perio") Australasia Bank imite" &as converte" into Allie" Bank o

#akistan.

1tate Bank o #akistan is a Central Bank o #akistan. t$er Banks areCommercial Banks) 1pecialie" Bank an" !nvestment Banks.

/o& a "ay in #akistan) ty our %anks are operate" &it$ t$ousan"s

o %ranc$es. Banks are provi"ing Banking acilities to t$eir

customers an" clients %y oering "ierent services an" packages.

#akistans %anking sector consisting o !slamic Banks) #rivate Banks)

#u%lic 1ector Banks) an" -icro 8inance Banks. 0$ese Banks are"oing Corporate Banking) 0ra"e 8inancing) ease 8inancing an"

some Banks are provi"ing online %anking acilities) A0- acility an"

money transer acilities also.

Banking sector is a %ack %one o our economy. ! t$is sector is

making progress t$an &$ole economy is also gro&ing a lot. ur

Agricultural sector) !n"ustrial sector) -ining sector) 9:port sector all

"epen" on t$e %anking in"ustry %ecause Banks provi"e long term

un"s as &ell as s$ort term un"s to all t$ese sectors to meet outt$eir s$ort term as &ell as long term re*uirement. ,ence) %anking

progress is necessary in"ee".

(

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Overview of the Organization

History

0$e Bank o #unja% starte" unctioning &it$ t$e inauguration o its

rst %ranc$ o 7+9gerton ;oa") a$ore on /ovem%er '5) '((. 0$eoun"er o t$e %ank -r. /a&a 1$ari perorme" t$e inauguration.

0$e Bank o #unja% is &orking as a sc$e"ule" %ank &it$ its 273

%ranc$es in all major cities o t$e country. 0$e %ank provi"es all

types o %anking services suc$ as

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0ype #u%lic

!n"ustry Banking) insurance

8oun"e" '((

a$ore) #akistan

,ea"*uarters a$ore) #akistan

?ey people /aeemu""in ?$an)

#resi"ent

?$ali" 0imiey)

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Vision and Mission statement

ision Statement

G3o be a customer focused bank wit) service

/@cellenceH

&ission Statement

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G3o e@ceed t)e e@,ectation of our

stake)olders b*

.everaging our relations)i, wit) t)e

government of

Punjab and delivering a com,lete range of

,rofessional

olutions wit) a focus on ,rogram driven

,roducts

And services in t)e agriculture and middlemarkets

3)roug) a motivated team

Our Core Values

0$ese are t$e values &e cele%rateE

ur ustomers:

As our rst priority

Pro

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8or t$e talente" an" $ig$ perorming employees

/=4ellen4e:

!n everyt$ing &e "o

nte%rity:

!n all our "ealings

0espe4t:

8or our customers an" eac$ ot$er

'8ards:

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/=4ellen4e '8ard by t$e entral Board of 0e9enue

0$e Central Boar" o ;evenuepresente" F9:cellence A&ar"F tot$e Bank o #unja% in recognition o t$e contri%ution ma"e %yt$e %ank to&ar"s Government e:c$e*uer.

#rd >issan Time '8ards

!n recognition o Banks contri%ution in "evelopment an"gro&t$ o agricultural sector) t$e Bank$onoure" &it$ F0opBank or AgricultureoansF an" FBest Bank Crop!nsuranceFun"er 3r" ?issan 0ime A&ar"s year 2>>6.

Best orporate 0eport '8ard

Annual ;eport o t$e Bank or t$e year 2>>5 &on 5t$ position

or F0$e Best Corporate ;eport A&ar"F or t$e 8inancial sector)a"ju"icate" jointly %y t$e !nstitute o C$artere" Accountants o#akistanan" t$e!nstitute o Cost an" -anagementAccountants o #akistan.

1t$ Bolan /=4ellen4e '8ard

0$e Bank &as a&ar"e" Best Bank A&ar" un"er '5t$ Bolan9:cellence A&ar"s "istri%ute" in 2>>6.

'4$ie9ement '8ard0$e a$ore C$am%er o Commerce H !n"ustry CC! a&ar"e"

t$e Bank FCC! Ac$ievement A&ar"F 2>>6.

G'3S:

0o ac$ieve its o%jective t$e %ank aims toI

9nsure t$at its perormance in all acts o its operations moret$an matc$es t$at o its competitors.

-aintains a compre$ensive range o "omestic an"international activities.

-a:imie contri%utions rom its key sources o personalmac$ines %ran"s representation an" capital.

Be innovative progressive an" t$e nee" o its customers &it$in t$e rame &ork o operational an" pru"ent risk taker.

Act as a reputa%le e@cient an" responsi%le organiation.

#ursue personal policies &$ic$ recognie t$e aspirations an"perormance o in"ivi"ual an" &$ic$ are suite" to t$e "evise

levels o skills.

'5

http://en.wikipedia.org/wiki/Central_Board_of_Revenuehttp://en.wikipedia.org/wiki/Bankhttp://en.wikipedia.org/wiki/Agriculturehttp://en.wikipedia.org/wiki/Loanhttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Institute_of_Chartered_Accountants_of_Pakistanhttp://en.wikipedia.org/wiki/Institute_of_Chartered_Accountants_of_Pakistanhttp://en.wikipedia.org/wiki/Institute_of_Cost_and_Management_Accountants_of_Pakistanhttp://en.wikipedia.org/wiki/Institute_of_Cost_and_Management_Accountants_of_Pakistanhttp://en.wikipedia.org/wiki/Central_Board_of_Revenuehttp://en.wikipedia.org/wiki/Bankhttp://en.wikipedia.org/wiki/Agriculturehttp://en.wikipedia.org/wiki/Loanhttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Institute_of_Chartered_Accountants_of_Pakistanhttp://en.wikipedia.org/wiki/Institute_of_Chartered_Accountants_of_Pakistanhttp://en.wikipedia.org/wiki/Institute_of_Cost_and_Management_Accountants_of_Pakistanhttp://en.wikipedia.org/wiki/Institute_of_Cost_and_Management_Accountants_of_Pakistan

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orporate Go9ernan4e

IN!O"#CION

Corporate governance is t$e set o processes) customs) policies)

la&s) an" institutions aecting t$e &ay a corporation or company

is "irecte") a"ministere" or controlle". Corporate governance also

inclu"es t$e relations$ips among t$e many stake$ol"ers involve"

an" t$e goals or &$ic$ t$e corporation is governe". !n simpler

terms it means t$e e:tent to &$ic$ companies are run in an open H

$onest manner.

Corporate governance $as t$ree key constituents namelyI t$e

1$are$ol"ers) t$e Boar" o

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environment &$ere%y "ecisions H actions o t$e corporate are ma"e

visi%le) accessi%le H un"erstan"a%le.

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!n t$e 2>t$ century) in t$e imme"iate atermat$ o t$e =all 1treet

Cras$ o '(2() legal sc$olars suc$ as A"ol Augustus Berle) 9"&in

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!n t$e rst $al o t$e '((>s) t$e issue o corporate governance in

t$e M.1. receive" consi"era%le press attention "ue to t$e &ave o

C9 "ismissals e.g.I !B-) ?o"ak) ,oney&ell %y t$eir %oar"s. 0$e

Caliornia #u%lic 9mployees ;etirement 1ystem Cal#9;1 le" a

&ave o institutional s$are$ol"er activism somet$ing only veryrarely seen %eore) as a &ay o ensuring t$at corporate value &oul"

not %e "estroye" %y t$e no& tra"itionally coy relations$ips %et&een

t$e C9 an" t$e %oar" o "irectors e.g.) %y t$e unrestraine"

issuance o stock options) not inre*uently %ack "ate".

'((,

!n '((7) t$e 9ast Asian 8inancial Crisis sa& t$e economies o

0$ailan") !n"onesia) 1out$ ?orea) -alaysia an" 0$e #$ilippines

severely aecte" %y t$e e:it o oreign capital ater property assets

collapse". 0$e lack o corporate governance mec$anisms in t$ese

countries $ig$lig$te" t$e &eaknesses o t$e institutions in t$eir

economies.

)***-s

!n t$e early 2>>>s) t$e massive %ankruptcies an" criminal

maleasance o 9nron an" =orl"com) as &ell as lesser corporate

"e%acles) suc$ as A"elp$ia Communications) A) O&est) Art$ur

An"ersen) Glo%al Crossing) 0yco) etc. le" to increase" s$are$ol"er

an" governmental interest in corporate governance. Because t$ese

triggere" some o t$e largest insolvencies) t$e pu%lic con"ence in

t$e corporate sector &as sappe". 0$e popular perception &as t$at

corporate lea"ers$ip &as raug$t &it$ gree" H e:cess. !na"e*uacies

H ailure o t$e e:isting systems) %roug$t to t$e ore) t$e nee" ornorms H co"es to reme"y t$em. 0$is resulte" in t$e passage o t$e

1ar%anes+:ley Act o 2>>2) popularly kno&n as 1o: %y t$e Mnite"

1tates.

"./INIION0 O/ CO!PO!$.

&OV.!N$NC.

'(

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FCorporate governance is a el" in economics t$at investigates$o& to securePmotivate e@cient management o corporations%y t$e use o incentive mec$anisms) suc$ as contracts)organiational "esigns an" legislation. 0$is is oten limite" to

t$e *uestion o improving nancial perormance) or e:ample)$o& t$e corporate o&ners can securePmotivate t$at t$ecorporate managers &ill "eliver a competitive rate o returnF

+ &&&.encycogov.com) -at$iesen 2>>2D.

JCorporate governance "eals &it$ t$e &ays in &$ic$ supplierso nance to corporations assure t$emselves o getting areturn on t$eir investmentK.+0$e ournal o 8inance) 1$leier an" Qis$ny '((7D.

FCorporate governance is t$e system %y &$ic$ %usinesscorporations are "irecte" an" controlle". 0$e corporategovernance structure species t$e "istri%ution o rig$ts an"responsi%ilities among "ierent participants in t$e corporation)suc$ as) t$e %oar") managers) s$are$ol"ers an" ot$erstake$ol"ers) an" spells out t$e rules an" proce"ures ormaking "ecisions on corporate aairs. By "oing t$is) it alsoprovi"es t$e structure t$roug$ &$ic$ t$e company o%jectives

are set) an" t$e means o attaining t$ose o%jectives an"monitoring perormanceF.9C< April '(((. 9C

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J1ome commentators take too narro& a vie&) an" say itcorporate governance is t$e ancy term or t$e &ay in &$ic$"irectors an" au"itors $an"le t$eir responsi%ilities to&ar"ss$are$ol"ers. t$ers use t$e e:pression as i it &ere

synonymous &it$ s$are$ol"er "emocracy. Corporategovernance is a topic recently conceive") as yet ill+"ene")an" conse*uently %lurre" at t$e e"gesRcorporate governanceas a su%ject) as an o%jective) or as a regime to %e ollo&e" ort$e goo" o s$are$ol"ers) employees) customers) %ankers an"in"ee" or t$e reputation an" stan"ing o our nation an" itseconomyK-a& et al. '((4D.

1ir A"rian Ca"%ury in $is preace to t$e =orl" Bank pu%licationSLCorporate GovernanceI A rame&ork or implementation)sai") JCorporate governance is $ol"ing t$e %alance %et&eeneconomic H social goals an" %et&een in"ivi"ual H communitygoals. 0$e aim is to align as nearly as possi%le) t$e interests oin"ivi"uals) corporations H societyK.

0$e Ca"%ury Committee M.?) "ene" corporate governance asollo&sIJ!t is a system %y &$ic$ companies are "irecte" H controlle"K.

0COP. 1 IMPO!$NC. O/ CO!PO!$.

&OV.!N$NC.

Corporate governance is all a%out et$ics in %usiness. !t is a%out

transparency) openness H air play in all aspects o %usiness

operations. 0$e key aspects to corporate governance inclu"eI

Accounta%ility o Boar" o

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0ransparency) i.e. rig$t to inormation) timeliness H integrity ot$e inormation pro"uce".

Clarity in responsi%ilities to en$ance accounta%ility.

Ouality H competence o

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Corporate governance emp$asies t$e a"option o transparentproce"ures H practices %y t$e Boar") t$ere%y ensuringintegrity in nancial reports.

!t limits t$e lia%ility o top management H "irectors) %ycareully articulating t$e "ecision making process.

!t inspires H strengt$ens investors con"ence %y ensuring t$att$ere are a"e*uate num%er o non+e:ecutive H in"epen"ent"irectors on t$e Boar") to look ater t$e interests H &ell+%eingo all t$e stake$ol"ers.

Corporate governance $elps provi"e a "egree o con"encet$at is necessary or t$e proper unctioning o a marketeconomy) as it contemplates a"$erence to et$ical %usinessstan"ar"s.

8inally) glo%aliation o t$e market place $as us$ere" in an era&$erein t$e *uality o corporate governance $as %ecome acrucial "eterminant o survival o corporates. Compati%ility ocorporate governance practices &it$ glo%al stan"ar"s $as also%ecome an important constituent o corporate success. 0$us)goo" corporate governance is a necessary pre+re*uisite or t$esuccess o !n"ian corporates.

H. 0$!B$N.02O34.5 $C

0$e 1ar%anes+:ley Act oten reerre" to as 1o: is a legislation

enacte" in response to t$e $ig$+prole nancial scan"als like 9nron)

=orl"Com) 0yco) A) etc. so as to protect t$e s$are$ol"ers H

general pu%lic rom accounting errors H rau"ulent practices in t$e

enterprise. 0$e Act is a"ministere" %y t$e 1ecurities H 9:c$ange

Commission 19C) &$ic$ sets "ea"lines or compliance H pu%lis$es

rules on re*uirements. 0$e Act is not a set o %usiness practices H

"oes not speciy $o& a %usiness s$oul" store recor"sE rat$er it

"enes &$ic$ recor"s are to %e store" H or $o& long. 0$elegislation not only aects t$e nancial si"e o corporations %ut also

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t$e !0

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1ec >2 a 2 states t$at) J0$e 1ecurities H 9:c$ange Commission

s$all promulgate &it$in '> "ays ) suc$ as rules H regulations) as

are reasona%ly necessary relating to t$e retention o relevant

recor"s suc$ as &ork papers) "ocuments t$at orm t$e %asis o an

au"it or revie&) memoran"a) correspon"ence) ot$er "ocuments Hrecor"s inclu"ing electronic recor"s) &$ic$ are create") sent or

receive" in connection &it$ an au"it or revie& H contain

conclusions) opinions) analyses or nancial "ata relating to suc$ an

au"it or revie&K.

1ar%anesS:ley Act contains '' titles t$at "escri%e specic

man"ates an" re*uirements or nancial reporting. 9ac$ title

consists o several sections) summarie" %elo&.

'6 Pu7lic Com8any $ccounting Oversight Board

9PC$OB:

0itle ! consists o nine sections an" esta%lis$es t$e #u%lic Company

Accounting versig$t Boar") to provi"e in"epen"ent oversig$t o

pu%lic accounting rms provi"ing au"it services Fau"itorsF. !t also

creates a central oversig$t %oar" taske" &it$ registering au"itors)

"ening t$e specic processes an" proce"ures or complianceau"its) inspecting an" policing con"uct an" *uality control) an"

enorcing compliance &it$ t$e specic man"ates o 1U.

)6 $uditor Inde8endence

0itle !! consists o nine sections an" esta%lis$es stan"ar"s or

e:ternal au"itor in"epen"ence) to limit conNicts o interest. !t also

a""resses ne& au"itor approval re*uirements) au"it partner

rotation) an" au"itor reporting re*uirements. !t restricts au"iting

companies rom provi"ing non+au"it services e.g.) consulting or

t$e same clients.

;6 Cor8orate !es8onsi7ility

0itle !!! consists o eig$t sections an" man"ates t$at seniore:ecutives take in"ivi"ual responsi%ility or t$e accuracy an"

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completeness o corporate nancial reports. !t "enes t$e

interaction o e:ternal au"itors an" corporate au"it committees) an"

species t$e responsi%ility o corporate o@cers or t$e accuracy an"

vali"ity o corporate nancial reports. !t enumerates specic limits

on t$e %e$aviors o corporate o@cers an" "escri%es specicoreitures o %enets an" civil penalties or non+compliance. 8or

e:ample) 1ection 3>2 re*uires t$at t$e companys Fprincipal

o@cersF typically t$e C$ie 9:ecutive @cer an" C$ie 8inancial

@cer certiy an" approve t$e integrity o t$eir company nancial

reports *uarterly.

icts of Interest

0itle Q consists o only one section) &$ic$ inclu"es measures

"esigne" to $elp restore investor con"ence in t$e reporting o

securities analysts. !t "enes t$e co"es o con"uct or securities

analysts an" re*uires "isclosure o kno&a%le conNicts o interest.

?6 Commission !esources and $uthority

0itle Q! consists o our sections an" "enes practices to restore

investor con"ence in securities analysts. !t also "enes t$e 19Cs

aut$ority to censure or %ar securities proessionals rom practice an"

"enes con"itions un"er &$ic$ a person can %e %arre" rompracticing as a %roker) a"visor) or "ealer.

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,6 0tudies and !e8orts

0itle Q!! consists o ve sections an" re*uires t$e Comptroller

General an" t$e 19C to perorm various stu"ies an" report t$eirn"ings. 1tu"ies an" reports inclu"e t$e eects o consoli"ation o

pu%lic accounting rms) t$e role o cre"it rating agencies in t$e

operation o securities markets) securities violations an"

enorcement actions) an" &$et$er investment %anks assiste" 9nron)

Glo%al Crossing an" ot$ers to manipulate earnings an" o%uscate

true nancial con"itions.

@6 Cor8orate and Criminal /raud $ccounta7ility

0itle Q!!! consists o seven sections an" is also reerre" to as t$e

JCorporate an" Criminal 8rau" Act o 2>>2K. !t "escri%es specic

criminal penalties or manipulation) "estruction or alteration o

nancial recor"s or ot$er intererence &it$ investigations) &$ile

provi"ing certain protections or &$istle+%lo&ers.

(6 +hite Collar Crime Penalty .nhancement

0itle !U consists o si: sections. 0$is section is also calle" t$e J=$ite

Collar Crime #enalty 9n$ancement Act o 2>>2.K 0$is section

increases t$e criminal penalties associate" &it$ &$ite+collar crimes

an" conspiracies. !t recommen"s stronger sentencing gui"elines an"

specically a""s ailure to certiy corporate nancial reports as a

criminal oense.

'*6 Cor8orate aA !eturns

0itle U consists o one section. 1ection '>>' states t$at t$e C$ie

9:ecutive @cer s$oul" sign t$e company ta: return.

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''6 Cor8orate /raud $ccounta7ility

0itle U! consists o seven sections. 1ection ''>' recommen"s a

name or t$is title as JCorporate 8rau" Accounta%ility Act o 2>>2K. !t

i"enties corporate rau" an" recor"s tampering as criminaloenses an" joins t$ose oenses to specic penalties. !t also revises

sentencing gui"elines an" strengt$ens t$eir penalties. 0$is ena%les

t$e 19C t$e resort to temporarily reee transactions or payments

t$at $ave %een "eeme" FlargeF or FunusualF.

orporate Go9ernan4e 't Ban6 f Pun7ab

Bank o #unja% comply &it$ t$e Co"e o Corporate Governance t$eCo"e containe" in t$e ;egulation /o. 5.'( o t$e ;ule Book o

#akistan 1tock 9:c$ange #1Uor t$e purpose o esta%lis$ing a

rame&ork o goo" governance) &$ere%y a liste" company is

manage" in compliance &it$ t$e %est practices o corporate

governance.

0$e Bank $as applie" t$e principles containe" in t$e co"e in t$e

ollo&ing mannerI

'. 0$e Bank encourages representation o in"epen"ent non+e:ecutive "irectors an" "irectors representing minorityinterests on its %oar" o "irectors. At present t$e %oar"inclu"es t$ree in"epen"ent an" ve non+e:ecutive "irectors.

0$e in"epen"ent "irectors meet t$e criteria o in"epen"ence un"er

clause 5.'(.'.% o #1U ;ule Book.

2. 0$e "irectors $ave conrme" t$at none o t$em is serving as a"irector on more t$an seven liste" companies) inclu"ing t$is Bank)

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e:clu"ing t$e liste" su%si"iaries o liste" $ol"ing companies &$ere

applica%le.

3. All t$e "irectors o t$e Bank are registere" as ta:payers an" none

o t$em $as "eaulte" in payment o any loan to a %ankingcompany) a

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'>. 0$e o@cers $aving positions o C8 an" Company 1ecretary

&ere appointe" prior to t$e implementation o Co"e o Corporate

Governance. 0$e appointment o Acting ,ea" o Au"it &as approve"

%y t$e Boar" on 27.>.2>'5 as per re*uirement o Co"e o

Corporate Governance.

''. 0$e "irectors report or t$is year $as %een prepare" in

compliance &it$ t$e re*uirements o t$e co"e an" ully "escri%es

t$e salient matters re*uire" to %e "isclose".

'2. 0$e nancial statements o t$e Bank &ere "uly en"orse" %y C9

an" C8 %eore approval o t$e %oar".

'3. 0$e "irectors) C9 an" e:ecutives "o not $ol" any interest in t$e

s$ares o t$e Bank ot$er t$an t$at "isclose" in t$e pattern os$are$ol"ing.

'4. 0$e Bank $as complie" &it$ all t$e corporate an" nancial

reporting re*uirements o t$e CCG.

'5. 0$e %oar" $as orme" an Au"it Committee. !t comprises o t$ree

mem%ers) C$airman an" mem%ers o t$e Committee are all

in"epen"ent "irectors.

'6. 0$e meetings o t$e au"it committee &ere $el" at least once

every *uarter prior to approval o interim an" nal results o t$e

Bank an" as re*uire" %y t$e CCG. 0$e C$arter o t$e Au"it

Committee $as alrea"y %een orme" an" approve" %y t$e Boar".

'7. 0$e %oar" $as orme" a ,uman ;esource H ;emuneration

Committee. !t comprises o our mem%ers) o &$om one is

!n"epen"ent "irector an" t$e C$airman H one ot$er mem%er o t$e

Committee are non+e:ecutive

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Bank an" t$at t$e rm an" all its partners are in compliance &it$

!nternational 8e"eration o Accountants !8AC gui"elines on co"e o

et$ics as a"opte" %y t$e !CA#.

2>. 0$e statutory au"itors or t$e persons associate" &it$ t$em $avenot %een appointe" to provi"e ot$er services e:cept in accor"ance

&it$ t$e ;ule Book o #akistan 1tock 9:c$ange #1U an" t$e

au"itors $ave conrme" t$at t$ey $ave o%serve" !8AC gui"elines in

t$is regar".

2'. 0$e Lclose" perio") prior to t$e announcement o interimPnal

results) an" %usiness "ecisions) &$ic$ may materially aect t$e

market price o Banks securities) &as "etermine" an" intimate" to

"irectors) employees an" stock e:c$ange.22. -aterialPprice sensitive inormation $as %een "isseminate"

among all market participants at once t$roug$ stock e:c$ange.

23. =e conrm t$at all ot$er material principles ens$rine" in t$e

CCG $ave %een complie" &it$ e:cept or t$e ollo&ing) &$ere t$e

correspon"ing provisions o 0$e Bank o #unja% Act) '(( $ave

%een complie".

S$are$olders and Sta6e$oldersAny Company is a corporate %o"y. ,o&ever) in a %roa"er sense only

pu%lic limite" companies are taken to %e t$e su%ject matter o CG.

1o ar t$e t$rust o CG is only on liste" companies. Greatest

emp$asis is on t$ose t$at are controlle" %y close" groups. !n

"eveloping) companies are even run %y minority s$are$ol"ers.

,ence) t$ey re*uire even greater "egree o CG.

0takeholders in a Com8any

V -anagement an" 9mployees

V en"ers

V 1uppliers an" Clients

V 1$are$ol"ers

V 1ociety at large t$is inclu"es government

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Individual Vs Collective Interest

!nterests o various stake$ol"ers "ier an" t$is is a common t$ing

an" very &ell justie". 1o t$e *uestion $ere arises $o& to %alancet$e interests o all t$e stake$ol"ers o a %usiness. 0$e various

interests o "ierent stake$ol"ers areI

0hareholders

1$are Qalue H #rot

Management

1urvival H o% 1ecurity

4enders

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0H$!.HO4".!0 !I&H0

0$e s$are$ol"ers enjoy t$e rig$ts an" %enets provi"e" or in t$e

Commercial Companies a& &$ic$ inclu"e %ut not limite" to

;eceiving "ivi"en"s ;eceiving s$are o total company assets on li*ui"ation

;eceiving annual report o t$e company %alance s$eet

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Minority 0hareholders

0$e term J-inority 1$are$ol"ersK means t$ose &$o "ont control t$e

management o t$e company or select its "irectors.

0$e "ecision making process or running t$e %usiness o t$e Bank issu%ject to t$e majority vote o t$e s$are$ol"ers or "irectors as t$e

case may %eE majority "ecision is e:pecte" to consi"er t$e rig$ts o

t$e minority s$are$ol"ers.

0$e ollo&ing rules $ave %een "evelope" in compliance &it$ t$e CBB

re*uirements in or"er to protect all s$are$ol"ers in general an"

minority s$are$ol"ers in particularI

'+ 0$e Controllers s$all make consi"ere" use o t$eir position an"s$all ully respect t$e rig$ts o minority s$are$ol"ers. 0$e C$airman

an" t$e

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7+ 0$e restriction in point 6 a%ove "oes not apply to transactions or

contracts entere" into on arms lengt$ %asis %et&een suc$ t$ -ay) 2>'6 at (I3>

a.m. to transact t$e ollo&ing %usinessI

Ordinary Business

'. 0o conrm t$e minutes o 9:tra r"inary General -eeting $el" onune '5) 2>'5.

2. 0o receive) consi"er an" a"opt t$e Annual Au"ite" 8inancial

1tatements o 0$e Bank o #unja% or t$e year en"e"

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'. 0$e ;egister o -em%ers an" t$e 1$are 0ranser Books o t$e

Bank s$all remain close" or transer rom 24+>5+2>'6 to 3>+>5+2>'6

%ot$ "ays inclusive.

2. All mem%ers are entitle" to atten" t$e meetingE $o&ever) t$erig$t o vote is restricte" to t$ose &$o are registere" as suc$ or a

perio" o not less t$an t$ree mont$s prior to t$e "ate o t$e meeting

as per section '7' o 0$e Bank o #unja% Act) '((.

3. #ro:ies in or"er to %e eective must %e "eposite" at t$e

Corporate Aairs

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nominee s$all $ave to %e pro"uce" unless it $as %een

provi"e" earlier at t$e time o t$e meeting.

B6 /O! $PPOININ& P!O3I.0

i !n case o in"ivi"ual) t$e account $ol"er or su%+account$ol"er s$all su%mit t$e pro:y orm as per t$e a%ove

re*uirement.

ii 0$e pro:y orm s$all %e &itnesse" %y t&o persons &$ose

names) a""resses an" C/!C num%ers s$all %e mentione" on

t$e orm.

iii Atteste" copies o C/!C or t$e #assport o t$e %enecial

o&ners an" t$e pro:y s$all %e urnis$e" &it$ t$e pro:y orm.

iv 0$e pro:y s$all pro"uce $isP$er original C/!C or original

#assport at t$e time o t$e meeting.

v !n case o corporate entity) t$e Boar" o '4 "ate" t$ 1eptem%er) 2>'4 $as

allo&e" companies to circulate Annual Au"ite" 8inancial 1tatements

along &it$ notice o Annual General -eeting to its mem%ers t$roug$

e.mail. 1$are$ol"ers &$o "esire to receive t$e Banks Annual

Au"ite" 8inancial 1tatements an" notice o Annual General -eeting

t$roug$ e.mail) in uture) are re*ueste" to ll t$e re*uisite orm

availa%le on Banks =e%site i.e. &&&.%op.com.pk.

!n case any mem%er &$o $as provi"e" consent to receive Annual

Au"ite" 8inancial 1tatements an" notice o Annual General -eeting

t$roug$ e.mail su%se*uently re*uests or a $ar" copy) t$e same

s$all %e provi"e" ree o cost &it$in 7 "ays o t$e receipt o suc$

re*uest.

'>. #ursuant to 19C# Circular /o.'> o 2>'4 "ate" -ay 2') 2>'4) i

Bank receives consent orm rom t$e mem%ers $ol"ing aggregate'>W or more s$are$ol"ing resi"ing at geograp$ical location to

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participate in t$e meeting t$roug$ vi"eo conerence at least '> "ays

prior to t$e "ate o meeting) t$e Bank &ill arrange vi"eo conerence

acility in t$at city su%ject to availa%ility o suc$ acility in t$at city.

0o avail t$is acility please provi"e ollo&ing inormation an" su%mit

to t$e Corporate Aairs

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ollo&e". 0$e proce"ure is comple:) an" legal a"vice &ill al&ays %e

re*uire".

!oles of the 7oard of directors

0$e roles o t$e %oar" o "irectors inclu"eI

.sta7lish visionD mission and values

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9nsure t$at communications %ot$ to an" rom s$are$ol"ersan" relevant stake$ol"ers are eective.

Mn"erstan" an" take into account t$e interests o s$are$ol"ersan" relevant stake$ol"ers.

-onitor relations &it$ s$are$ol"ers an" relevant stake$ol"ers%y gat$ering an" evaluation o appropriate inormation.

#romote t$e goo"&ill an" support o s$are$ol"ers an" relevantstake$ol"ers.

!es8onsi7ilities of directors

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Y 9:+o@cio

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$udit Committee

JAn au"it committee is a selecte" num%er o mem%ers o a

companys %oar" o "irectors &$ose responsi%ilities inclu"e $elping

au"itors remain in"epen"ent o managementK.

P#!PO0.

0o assist t$e %oar" o "irectors in ullling its oversig$t

responsi%ilities or

' 0$e integrity o t$e companys nancial statements)

2 0$e companys compliance &it$ legal an" regulatory

re*uirements.

3 0$e in"epen"ent au"itors *ualications an" in"epen"ence

4 0$e perormance o t$e companys internal au"it unction an"

in"epen"ent au"itors.

0$e au"it committee &ill also prepare t$e report t$at regulatory

rules re*uire %e inclu"e" in t$e companys annual pro:y statement.

$#HO!I5

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0$e au"it committee $as aut$ority to con"uct or aut$orie

investigations into any matters &it$in its scope o responsi%ility. !t is

empo&ere" toI

Appoint) compensate) an" oversee t$e &ork o t$e pu%licaccounting rm employe" %y t$e organiation to con"uct t$eannual au"it. 0$is rm &ill report "irectly to t$e au"itcommittee.

;esolve any "isagreements %et&een management an" t$eau"itor regar"ing nancial reporting.

#re+approve all au"iting an" permitte" non+au"it servicesperorme" %y t$e companys e:ternal au"it rm.

;etain in"epen"ent counsel) accountants) or ot$ers to a"viset$e committee or assist in t$e con"uct o an investigation.

1eek any inormation it re*uires rom employees S all o &$omare "irecte" to cooperate &it$ t$e committees re*uests S ore:ternal parties.

-eet &it$ company o@cers) e:ternal au"itors) or outsi"ecounsel) as necessary.

0$e committee may "elegate aut$ority to su%committees)inclu"ing t$e aut$ority to pre+approve all au"iting an"permitte" non+au"it services) provi"ing t$at suc$ "ecisions arepresente" to t$e ull committee at its ne:t sc$e"ule" meeting.

COMPO0IION0$e au"it committee &ill consist o at least t$ree an" no more t$an

si: mem%ers o t$e %oar" o "irectors. 0$e %oar" nominatingcommittee &ill appoint committee mem%ers an" t$e committeec$air.

9ac$ committee mem%er &ill %e %ot$ in"epen"ent an" nanciallyliterate. At least one mem%er s$all %e "esignate" as t$e Jnanciale:pert)K as "ene" %y applica%le legislation an" regulation. /o

committee mem%er s$all simultaneously serve on t$e au"itcommittees o more t$an t&o ot$er pu%lic companies.

M..IN&00$e committee &ill meet at least our times a year) &it$ aut$ority to

convene a""itional meetings) as circumstances re*uire. Allcommittee mem%ers are e:pecte" to atten" eac$ meeting) inperson or via tele+ or vi"eo+conerence. 0$e committee &ill invitemem%ers o management) au"itors or ot$ers to atten" meetings

an" provi"e pertinent inormation) as necessary. !t &ill meetseparately) perio"ically) &it$ management) &it$ internal au"itors

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an" &it$ e:ternal au"itors. !t &ill also meet perio"ically in e:ecutivesession. -eeting agen"as &ill %e prepare" an" provi"e" in a"vanceto mem%ers) along &it$ appropriate %rieng materials. -inutes &ill%e prepare".

!.0PON0IBI4II.00$e committee &ill carry out t$e ollo&ing responsi%ilitiesI

/inancial 0tatements

;evie& signicant accounting an" reporting issues an"un"erstan" t$eir impact on t$e nancial statements. 0$eseissues inclu"eI

Comple: or unusual transactions an" $ig$ly ju"gmentalareas

-ajor issues regar"ing accounting principles an" nancialstatement presentations) inclu"ing any signicantc$anges in t$e companys selection or application oaccounting principles

0$e eect o regulatory an" accounting initiatives) as &ellas o+%alance s$eet structures) on t$e nancialstatements o t$e company.

;evie& analyses prepare" %y management an"Por t$ein"epen"ent au"itor setting ort$ signicant nancialreporting issues an" ju"gments ma"e in connection &it$t$e preparation o t$e nancial statements) inclu"inganalyses o t$e eects o alternative GAA# met$o"s ont$e nancial statements.

;evie& &it$ management an" t$e e:ternal au"itors t$eresults o t$e au"it) inclu"ing any "i@cultiesencountere". 0$is revie& &ill inclu"e any restrictions ont$e scope o t$e in"epen"ent au"itors activities or onaccess to re*ueste" inormation) an" any signicant"isagreements &it$ management.

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material issues raise" %y t$e most recentinternal *uality+control revie&) or peer revie&)o t$e rm) or %y any in*uiry or investigation%y governmental or proessional aut$orities)&it$in t$e prece"ing ve years) respecting oneor more in"epen"ent au"its carrie" out %y t$erm) an" any steps taken to "eal &it$ anysuc$ issuesE an" to assess t$e au"itorsin"epen"ence all relations$ips %et&een t$ein"epen"ent au"itor an" t$e company.

0ake into account t$e opinions o managementan" internal au"iting.

;evie& an" evaluate t$e lea" partner o t$ein"epen"ent au"itor.

#resent its conclusions &it$ respect to t$ee:ternal au"itor to t$e %oar".

o 9nsure t$e rotation o t$e lea" au"it partner everyve years an" ot$er au"it partners every sevenyears) an" consi"er &$et$er t$ere s$oul" %e regularrotation o t$e au"it rm itsel.

o #resent its conclusions &it$ respect to t$ein"epen"ent au"itor to t$e ull %oar".

o 1et clear $iring policies or employees or ormeremployees o t$e in"epen"ent au"itors.

o n a regular %asis) meet separately &it$ t$ee:ternal au"itors to "iscuss any matters t$at t$ecommittee or au"itors %elieve s$oul" %e "iscusse"privately.

Com8liance

o ;evie& t$e eectiveness o t$e system or monitoring

compliance &it$ la&s an" regulations an" t$e results omanagements investigation an" ollo&+up inclu"ing"isciplinary action o any instances o noncompliance.

o 9sta%lis$ proce"ures orI0$e receipt) retention) an" treatment o complaints receive" %y

t$e liste" issuer regar"ing accounting) internal accountingcontrols) or au"iting matters.

0$e con"ential) anonymous su%mission %y employees o t$eliste" issuer o concerns regar"ing *uestiona%le accounting or

au"iting matters.

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o ;evie& t$e n"ings o any e:aminations %y regulatoryagencies) an" any au"itor o%servations.

o ;evie& t$e process or communicating t$e co"e ocon"uct to company personnel) an" or monitoring

compliance t$ere&it$.o %tain regular up"ates rom management an" companylegal counsel regar"ing compliance matters.

!e8orting !es8onsi7ilities

;egularly report to t$e %oar" o "irectors a%outcommittee activities an" issues t$at arise &it$ respect tot$e *uality or integrity o t$e companys nancialstatements) t$e companys compliance &it$ legal orregulatory re*uirements) t$e perormance an"

in"epen"ence o t$e companys in"epen"ent au"itors)an" t$e perormance o t$e internal au"it unction.

#rovi"e an open avenue o communication %et&eeninternal au"it) t$e e:ternal au"itors) an" t$e %oar" o"irectors.

;eport annually to t$e s$are$ol"ers) "escri%ing t$ecommittees composition) responsi%ilities an" $o& t$ey&ere "isc$arge") an" any ot$er inormation re*uire" %yrule) inclu"ing approval o non+au"it services.

;evie& any ot$er reports t$e company issues t$at relateto committee responsi%ilities.

+hat are the 7eneGts of an audit committee

Goo" management involves matc$ing key tasks &it$ t$e appropriate

people to ac$ieve %etter results. Zour company can "erive t$e most

%enet rom an au"it committee %y ollo&ing t$ese ve stepsI

'. everage your time. 8inancial reporting is %ecoming moreimportant an" complicate" every year. An au"it committee s$oul"

%e le" %y a "esignate" Jnancial e:pertK an" stae" &it$ a select

group o people kno&le"gea%le a%out nancial matters.

2. !mprove your internal control. !nternal control may not %e at t$e

top o your list o important o%jectives) %ut it s$oul" %e. !nternal

control is more t$an "ual signatures on c$ecks an" segregation o

"uties. #roperly "esigne") it &ill support every aspect o your

company.

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#roper internal controls &ill lea" to $ig$er e@ciencies in all

processes) less &aste o resources) more o%jective evaluation

met$o"s an" more timely an" accurate management

measurements. 0$ink $o& valua%le suc$ improvements &oul" %e oryour organiation an" $o& muc$ you &oul" %e &illing to pay a

consultant to gui"e you in t$e rig$t "irection. 0$is is anot$er role an

eective au"it committee can ll.

3. !mprove your nancial management. 0$e au"it committee

ocuses on t$e nancial management an" reporting o t$e company.

0$is group provi"es a $ig$ level o specic e:pertise in t$is critical

area o your company.

8inancial management an" reporting "etermine your

cre"it&ort$iness to outsi"ers an" gro&t$ targets an" successes to

insi"ers. 0$ey are t$e key "eterminants in esta%lis$ing t$e market

value o your company S t$e ultimate score%oar" or managements

results.

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makes t$e p$ysician %etter an" more eective. ,i""en pro%lems can

%e "iscovere" early an" "ealt &it$ %eore t$ey gro& into somet$ing

"angerous.

$udit Committee of BOPAu"itors

0$e retiring au"itors '6.

Board !isk Management Committee

Pur8ose and authority

0$e risk committee is esta%lis$e" %y an" among t$e %oar" toproperly align &it$ management as it em%arks a risk management

program. 0$e primary responsi%ility o t$e risk committee is to

oversee an" approve t$e company+&i"e risk management practices

to assist t$e %oar" inI

verseeing t$at t$e e:ecutive team $as i"entie" an"assesse" all t$e risks t$at t$e organiation aces an" $asesta%lis$e" a risk management inrastructure capa%le oa""ressing t$ose risks

verseeing) in conjunction &it$ ot$er %oar"+levelcommittees or t$e ull %oar") i applica%le) risks) suc$ as

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strategic) nancial) cre"it) market) li*ui"ity) security)property) !0) legal) regulatory) reputational) an" ot$errisks

verseeing t$e "ivision o risk+relate" responsi%ilities to

eac$ %oar" committee as clearly as possi%le an"perorming a gap analysis to "etermine t$at t$e oversig$to any risks is not misse"

!n conjunction &it$ t$e ull %oar") approving t$ecompanys enterprise &i"e risk management rame&ork.

0$e risk committee may $ave t$e aut$ority to con"uct

investigations into any matters &it$in its scope o responsi%ility an"

o%tain a"vice an" assistance rom outsi"e legal) accounting) or

ot$er a"visors) as necessary) to perorm its "uties an"

responsi%ilities.

!n carrying out its "uties an" responsi%ilities) t$e risk committee

s$all also $ave t$e aut$ority to meet &it$ an" seek any inormation

it re*uires rom employees) o@cers) "irectors) or e:ternal parties. !n

a""ition) t$e risk committee coul" make sure to meet &it$ ot$er

%oar" committees to avoi" overlap as &ell as potential gaps in

overseeing t$e companies risks.

Com8osition and meetings

0$e risk committee &ill comprise t$ree or more "irectors as

"etermine" %y t$e %oar". 0$e mem%ers$ip &ill inclu"e a

com%ination o e:ecutive an" non+e:ecutive "irectors. 0$e

committee may inclu"e non+"irectors as mem%ers. 9ac$ mem%er

&ill $ave an un"erstan"ing o risk management e:pertise

commensurate &it$ t$e companys sie) comple:ity an" capital

structure.

0$e risk committee &ill provi"e its mem%ers &it$ annual continuing

e"ucation opportunities an" customie" training ocusing on topics

suc$ as lea"ing practices &it$ regar" to risk governance an"

oversig$t an" risk management.

Committee mem%ers &ill %e appointe" %y t$e %oar". Mnless a

c$airperson is electe" %y t$e ull %oar") t$e mem%ers o t$e

committee may "esignate a c$airperson %y majority vote.A""itionally) t$e risk committee) in conjunction &it$ t$e ull %oar"

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an" &it$ t$e nominations committee) may "o &ell to consi"er an"

plan or succession o risk committee mem%ers.

0$e risk committee &ill report to t$e ull %oar". 0$e risk committee

&ill consi"er t$e appropriate reporting lines or t$e C9) t$ecompanys c$ie risk o@cer C; an" t$e companys management+

level risk committee +&$et$er in"irectly or "irectly + to t$e risk

committee.

0$e committee &ill meet at least *uarterly) or more re*uently as

circumstances "ictate. 0$e committee c$airperson &ill approve t$e

agen"a or t$e committees meetings) an" any mem%er may

suggest items or consi"eration. Brieng materials &ill %e provi"e"

to t$e committee as ar in a"vance o meetings as practica%le.

9ac$ regularly sc$e"ule" meeting &ill %egin or conclu"e &it$ an

e:ecutive session o t$e committee) a%sent mem%ers o

management. As part o its responsi%ility to oster open

communication) t$e committee &ill meet perio"ically &it$

management) $ea"s o %usiness units) t$e C; i applica%le) t$e

c$ie au"it e:ecutive "irector o t$e internal au"it unction) an" t$e

in"epen"ent au"itor in separate e:ecutive sessions.

!es8onsi7ilities and duties

0o ull its responsi%ilities an" "uties) t$e risk committee &illI

.nter8rise res8onsi7ilities

o ,elp to set t$e tone an" "evelop a culture o t$eenterprise vis+\+vis risk) promote open "iscussion

regar"ing risk) integrate risk management into t$eorganiations goals an" compensation structure)an" create a corporate culture suc$ t$at people atall levels manage risks rat$er t$an reNe:ively avoi"or $ee"lessly take t$em

o #rovi"e input to management regar"ing t$eenterprises risk appetite an" tolerance an")ultimately) approve risk appetite an" t$e statemento risk appetite an" tolerance message" t$roug$outt$e company an" %y line o %usiness

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o -onitor t$e organiations risk prole + its on+goingan" potential e:posure to risks o various types.

o Approve t$e risk management policy an" plan.o0$e committee s$oul" revie& t$e risk management

plan at least once a year.o

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;isk management is a structure" an" "iscipline" approac$ aligning

strategy) processes) people) tec$nology an" kno&le"ge or

evaluating an" managing uncertainties t$at an organiation aces as

it creates value.

0$e Banks risk management strategy is %ase" on a clear

un"erstan"ing o various risks) "iscipline" risk assessment an"

measurement proce"ures an" continuous monitoring. 0$e policies

an" proce"ures esta%lis$e" or

t$is purpose are continuously %enc$marke" &it$ %est practices H

1B# gui"elines.

0$e Boar" o

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-arket risk is manage" t$roug$ t$e -arket ;isk -anagement

Committee -;-C t$at meets regularly an" "eci"es on t$e sie)

mi:) tenor) pricing an"

composition o various assets an" lia%ilities. 0$e Committee isprimarily involve" in i"entication) measurement) monitoring an"

management o li*ui"ity an" interest rate risks using various tools

suc$ as ;atio analysis) Gap analysis) !nterest ;ate 1ensitivity etc. or

management o li*ui"ity an" interest rate risks.

0$roug$ Basel 1teering Committee) t$e management keeps a%reast

&it$ eective "eployment o capital an" monitor regulatory

compliance o CA; in compliance &it$ gui"elines o 1B#.

Compre$ensive systems an" proce"ures $ave %een put in place or

managing perational ;isk. All ne& pro"ucts intro"uce" %y t$e Bank

pass t$roug$ an approval process to i"entiy an" a""ress

operational risk issues.

Credit !ating

=$ile ackno&le"ging t$e improvement in nancial $ealt$ o t$eBank) -Ps #akistan Cre"it ;ating Agency #AC;A $as assigne"

J#ositive utlookK to long term an" s$ort term ratings o AA+ an"

A']) respectively.

As per stan"ar" rating scale an" "enition JAAK long term rating

"enotes a very lo& e:pectation o cre"it risk. !t in"icates a very

strong capacity or timely payment o nancial commitments not

signicantly vulnera%le tooreseea%le events. 1imilarly) JA']K s$ort

term rating "enotes o%ligations supporte" %y t$e $ig$est capacityor timely repayment.

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Human !esource and !emuneration

Committee!e8orting

0$e Committee c$air &ill provi"e a report o t$e actions o t$e

Committee to %e inclu"e" in t$e Boar" papers or t$e Boar" meeting

ne:t ollo&ing a meeting o t$e Committee. 0$e report &ill inclu"e

provision o meeting agen"as) papers an" minutes o t$e

Committee.

0$e Committee c$air &ill also) i re*ueste") provi"e a report as to

any material matters arising out o t$e Committee meeting. All

"irectors &ill %e permitte") &it$in t$e Boar" meeting) to re*uest

inormation o t$e Committee c$air or mem%ers o t$e Committee.

!es8onsi7ilities of Human !esource and !emuneration

Committee

0$e responsi%ilities o t$e Committee are as ollo&sI

;evie& an" recommen" arrangements or t$e e:ecutive"irectors an" t$e e:ecutives reporting to t$e C9) inclu"ingcontract terms) annual remuneration an" participation in t$eCompanys s$ort an" long+term incentive plans.

;evie& an" recommen" remuneration arrangements or seniormanagement inclu"ing contract terms) retention strategy)termination policies) superannuation arrangements) annual

remuneration an" participation in t$e Companys s$ort an"long+term incentive plans.

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;evie& major c$anges an" "evelopments in t$e Companysremuneration) recruitment) retention an" termination policiesan" proce"ures or senior management) remuneration policies)superannuation arrangements) $uman resource practices an"

employee relations strategies or t$e Group. ;evie& t$e senior management perormance assessment

processes) an" t$e annual results o t$ose assessments. ;evie& an" approve s$ort+term incentive strategy)

perormance targets an" %onus payments. ;evie& an" recommen" to t$e Boar" major

c$angesP"evelopments to t$e Companys employee e*uityincentive plans.

;ecommen" &$et$er oers are to %e ma"e un"er any or all ot$e Companys employee e*uity incentive plans in respect o a

nancial year. !n respect o t$e Companys employee e*uity incentive plans

in place rom time to timeI revie& an" "etermine t$e perormance $ur"les applica%le

to t$e e:ecutive "irectors) t$e e:ecutives reporting to t$eC9 an" senior managementE

revie& an" approve t$e propose" terms o) an" aut$oriet$e making o) oers to eligi%le employees o t$e Group)inclu"ing "etermining t$e eligi%ility criteria applying in

respect o an oer) in respect o a nancial yearE revie& an" approve) &it$in t$e parameters o t$e plans)

amen"ments to t$e terms o e:isting plansE revie& an" approve t$e terms o any trust "ee" applying

in relation to t$e plans an" o any amen"ment to anysuc$ trust "ee") inclu"ing aut$oriing t$e e:ecution oany suc$ trust "ee" or amen"ing "ee" on %e$al o t$eGroupE an"

a"minister t$e operation o t$e plans) inclu"ing %ut notlimite" to "etermining "isputes an" resolving *uestionso act or interpretation concerning t$e various plans.

;evie& an" recommen" to t$e Boar" t$e remunerationarrangements or t$e C$airman an" t$e non+e:ecutive"irectors o t$e Boar") inclu"ing ees) travel an" ot$er %enets.

Be satise" t$at t$e Boar" an" management $ave availa%le tot$em su@cient inormation an" e:ternal a"vice to ensureinorme" "ecision+making regar"ing remuneration.

;evie& an" recommen" to t$e Boar" t$e remuneration reportprepare" in accor"ance &it$ t$e Corporations Act 2>>' Ct$

or inclusion in t$e annual "irectors report.

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;evie& an" acilitate s$are$ol"er an" ot$er stake$ol"erengagement in relation to t$e Companys remunerationpolicies an" practices.

!n respect o "iversity) to revie& an" recommen" to t$e Boar"

in relation toI t$e Companys "iversity policyE 9sta%lis$ment o measura%le o%jectives or ac$ieving

"iversity across t$e group) an" t$e annually assessmento %ot$ t$e o%jectives an" progress in ac$ieving t$em.

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,uman ;esource -anagement

,; strategy is an integral constituent o overall %usiness strategy o

t$e Bank. !n to"ayLs ast+pace" era o $ig$ %usiness competition)

organiational success massively "epen"s not only on competitive

%usiness strategy) %ut also on proper alignment o t$e ,; strategy&it$ t$e Business strategies.

Banks ,uman ;esource -anagement is %ase" on a strategic an"

co$erent approac$ or management o t$e BankLs most value" asset

^its people. !t $as %een ensure" t$at recruitment process is

transparent an" programs to $ire) motivate an" retain t$e %est

employees are in place.

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&$ic$ t$ey con"uct t$eir %usiness) t$ereore) is central toeconomic $ealt$. Governance &eaknesses at %anks t$at play asignicant role in t$e nancial system can result in t$etransmission o pro%lems across t$e %anking sector an" t$eeconomy as a &$ole.

0$e primary o%jective o corporate governance s$oul" %esaeguar"ing stake$ol"ers interest in conormity &it$ pu%licinterest on a sustaina%le %asis. Among stake$ol"ers)particularly &it$ respect to retail %anks) s$are$ol"ers interest&oul" %e secon"ary to "epositors interest.

Basel Committee

0$e Basel Committees gui"ance "ra&s rom principles o

corporate governance pu%lis$e" %y t$e rganiation or9conomic Co+operation an"

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5. Align corporate culture) corporate activities an"

%e$avior &it$ t$e e:pectation t$at t$e %ank &ill operate

in a sae an" soun" manner) &it$ integrity an" in

compliance &it$ applica%le la&s an" regulations.

6. 9sta%lis$ control unctions

he !ole of Pu7lic "isclosure 1 rans8arency

0ransparency is consistent &it$ soun" an" eective corporategovernance. As emp$asie" in e:isting Committee gui"ance on%ank transparency) 37 it is "i@cult or s$are$ol"ers)"epositors) ot$er relevant stake$ol"ers an" marketparticipants to eectively monitor an" properly $ol" t$e %oar"

an" senior management accounta%le &$en t$ere is insu@cienttransparency.

0$e o%jective o transparency in t$e area o corporategovernance is t$ereore to provi"e t$ese parties &it$ t$einormation necessary to ena%le t$em to assess t$eeectiveness o t$e %oar" an" senior management ingoverning t$e %ank.

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'. 0$e recruitment approac$ or t$e selection o mem%ers o t$e

%oar" an" or ensuring an appropriate "iversity o skills)

%ackgroun"s an" vie&points

2. =$et$er t$e %ank $as set up %oar" committees an" t$e

num%er o times key stan"ing committees $ave met.3. All material "evelopments t$at arise %et&een regular reports

are "isclose" to t$e %ank supervisor an" relevant stake$ol"ers as

re*uire" %y la& &it$out un"ue "elay.

4. 0imely pu%lic "isclosure is ma"e on a %anks pu%lic &e%site) in

its annual an" perio"ic nancial reports) or %y ot$er appropriate

means. !t is goo" practice to $ave an annual corporate governance+

specic an" compre$ensive statement in a clearly i"entia%le

section o t$e annual report "epen"ing on t$e applica%le nancial

reporting rame&ork.

5. B# "iscloses its risk e:posures an" risk management

strategies &it$out %reac$ing necessary con"entiality. =$en

involve" in material an" comple: or non+ transparent activities) B#

"iscloses a"e*uate inormation on t$eir purpose) strategies)

structures) an" relate" risks an" controls.

6. B# appropriately "iscloses t$eir incentive an" compensation

policy. !n particular) an annual report on compensation is "isclose"

to t$e pu%lic.

0u8ervisor and rans8arency at BOP

1upervisors o B# provi"e gui"ance or an" supervisecorporate governance at %ank) inclu"ing t$roug$compre$ensive evaluations an" regular interaction &it$ %oar"san" senior management) s$oul" re*uire improvement an"reme"ial action as necessary) an" s$are inormation oncorporate governance &it$ ot$er supervisors.

1upervisors o B# esta%lis$ gui"ance or rules) re*uiring %ankto $ave ro%ust corporate governance policies an" practices.

1uc$ gui"ance is especially important &$ere national la&s)regulations) co"es or listing re*uirements regar"ing corporategovernance are not su@ciently ro%ust to a""ress t$e uni*uecorporate governance nee"s o %anks.

;egulatory gui"ance o B# a""ress) among ot$er t$ings)e:pectations or c$ecks an" %alances an" a clear allocation oresponsi%ilities) accounta%ility an" transparency among t$e

mem%ers o t$e %oar" an" senior management an" &it$in t$e%ank.

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-anagement o B# "o Cooperation an" appropriateinormation+s$aring among relevant pu%lic aut$orities)inclu"ing %ank supervisors an" con"uct aut$orities) cansignicantly contri%ute to t$e eectiveness o t$ese aut$orities

in t$eir respective roles.

Cor8orate &overnance Practices in BOP!isk Management /ramework

;isk management is a structure" an" "iscipline" approac$aligning strategy) processes) people) tec$nology an"kno&le"ge or evaluating an" managing uncertainties t$at anorganiation aces as it creates value.

0$e Banks risk management strategy is %ase" on a clear

un"erstan"ing o various risks) "iscipline" risk assessment an"measurement proce"ures an" continuous monitoring.0$e policies an" proce"ures esta%lis$e" or t$is purpose are

continuously %enc$marke" &it$ %est practices H 1B#gui"elines.

0$e Boar" o

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-arket risk is manage" t$roug$ t$e -arket ;isk -anagementCommittee -;-C t$at meets regularly an" "eci"es on t$esie) mi:) tenor) pricing an" composition o various assets an"lia%ilities. 0$e Committee is primarily involve" in i"entication)

measurement) monitoring an" management o li*ui"ity an"interest rate risks using various tools suc$ as ;atio analysis)Gap analysis) !nterest ;ate 1ensitivity etc. or management oli*ui"ity an" interest rate risks.

0$roug$ Basel 1teering Committee) t$e management keepsa%reast &it$ eective "eployment o capital an" monitorregulatory compliance o CA; in compliance &it$ gui"elines o1B#. Compre$ensive systems an" proce"ures $ave %een put inplace or managing perational ;isk. All ne& pro"uctsintro"uce" %y t$e Bank pass t$roug$ an approval process to

i"entiy an" a""ress operational risk issues.

Information echnology

0$e %ank ully ackno&le"ges t$e importance o inormationtec$nology in "eveloping more Ne:i%le structure t$at canrespon" *uickly to t$e "ynamics o a ast c$anging marketscenario.

=it$ ocus on sop$isticate" pro"uct "evelopment) %ettermarket inrastructure) implementation o relia%le tec$ni*ues

or control o risks an" reac$ geograp$ically "istant an""iversie" markets) t$e Bank $as al&ays en"eavore" to%enet rom tec$nological a"vancements. '5)implementation o a state o t$e art core %anking systemJ8le:cu%e Mniversal Banking 1ystemK $as %een initiate") &$ic$&oul" not only %ring e@ciency in operations %ut also $elp inattaining service e:cellence.

0$e Bank $as a net&ork o 4>6 online %ranc$es) inclu"ing 'su%+%ranc$) along &it$ 274 A0-s to $elp customers enjoy t$econvenience o 24P7 %anking services. !n or"er to provi"e

seamless %anking services to value" clients) %ranc$es $ave%een e*uippe" &it$ %ack+up connectivity) &$ile acompre$ensive !0 1ecurity #olicy $as %een put in place toensure saety o customers "ata an" acilitate e:ecution o%anking transactions in a secure" environment.

!n or"er to mitigate t$e risk involve" in a "isaster situation)

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he 08ecial $ssets Management 90$M:0$e 1pecial Assets -anagement Group o t$e Bank $as%een

entruste" &it$ t$e task o recoveryPregulariation o /on+

#erorming oans /#s portolio. !n t$is regar") acompre$ensive strategy $as %een implemente" to recover an"restructure t$e inecte" portolio or early recovery an" toconvert its stagnant portolio into generating assets. =it$ avie& to make t$e recovery e:ercise o /#s result oriente") t$e-anagement) apart rom conventional recourse availa%le orresolution in an" outsi"e t$e Court) $as also initiate" searc$an" attac$ment o "eaulters $i""en assets to pursue t$em tocome to ta%le o negotiations or amica%le settlement.

Apart rom placement o "eaulters names on 9C) t$e Bank$as also initiate" $ar" $itting legal actions against t$e"eaulters un"er /ational Accounta%ility r"inance) '((( an"8!A Act) '(74. n t$e initiatives taken %y t$e Banks-anagement) /AB an" 8!A $ave commence" investigationsagainst several "eaulters an" it is e:pecte" t$at t$eir eorts&oul" yiel" result in near uture.

CO". O/ CON"#C $N" B#0IN.00 P!$CIC.0 of

BOP 9mployees must raise concerns H suspicions) in con"ence)

a%out any actual or operational illegal activity or miscon"uctcomplying &it$ t$e =$istle Blo&ing policy an" 1e:ual,arassment policy.

8ailure to "o so &ill result in employee %eing "eeme" a partyto t$e irregularity. All employees s$all also not in"ulge in any ot$e ollo&ing activities e:cept &it$ t$e prior permission o t$eCompetent Aut$orityI

'. Borro& money rom or in any &ay place t$em sel

un"er pecuniary o%ligation to %roker or moneylen"er or asu%or"inate employee o t$e Bank or any rm or person

$aving "ealings &it$ t$e Bank.

2. Buy or sell stock) s$ares or securities) o any

"escription &it$out un"s to meet t$e ull cost in t$e case

o purc$ase or scripts or "elivery in t$e case o sale.

,o&ever) $ePs$e can make a %ona+"e investment o

$isP$er o&n un"s in suc$ stocks) s$ares an" securities as

$ePs$e may &is$ to %uy.

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3. en" money in $isP$er private capacity to a

constituent o t$e Bank or $ave personal "ealings &it$ a

constituent in t$e purc$ase or sale o %ills o e:c$ange)

Government paper or any ot$er securities.

4. Guarantee in $isP$er private capacity t$e pecuniaryo%ligation o anot$er person or agree to in"emniy in suc$

capacity anot$er person rom loss.

5. Act as agent or an insurance company) ot$er&ise

t$an as agent or or on %e$al o t$e Bank.

6. Be connecte" &it$ t$e ormation or management o

a joint stock company.

7. 9ngage in any ot$er commercial %usiness or pursuit

eit$er on $isP$er o&n account as agent or anot$er or

ot$ers.

. Accept or seek any outsi"e employment or o@ce

&$et$er stipen"iary or $onorary.

(. Mn"ertake part+time &ork or a private or pu%lic

%o"y or private person) or accept ee t$ereo.

'>. pen or maintain a Business Current Account &it$

any Bank or Banker o any "escription inclu"ing B#.

CO!PO!$. 0OCI$4 !.0PON0IBI4I5 9C0!:0$e Bank o #unja%) as a vi%rant corporate entity) is ully

cogniant o its responsi%ilities to&ar"s t$esociety. =$ile t$ecommercial entities are suppose" to generate %est possi%lereturn on s$are$ol"ers e*uities %y eectively mitigating risks)t$e real success rests in contri%uting to&ar"s t$e uplit o allsegments o society. Besi"es cementing t$e organiationsposition in t$e society) Corporate 1ocial ;esponsi%ility C1;initiatives al&ays result into nancial inclusion &$ic$ ultimately

translates into $ealt$y economic activities. Accor"ingly) t$e Bank $as %een taking keen interest in

"evelopment o specially "esigne" programs) pro"ucts an"services to meet t$e re*uirements o un"er privilege"communities across t$e country.

Besi"es ocusing t$e areas o e"ucation) sports) art H culture)$ealt$care an" social &elare un"er its

Corporate 1ocial ;esponsi%ility C1; initiatives) t$e Bank $as%een making calculate" an" conscious eorts orempo&erment o peoples.

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%ey C0! initiatives taken 7y the Bank0ocial "evelo8ment through Banking 0ervices

0$e Bank $as %een making every eort to e:pan" its reac$ toevery corner o t$e country &it$ special emp$asis on un"er

"evelope" an" un%anke" areas to promote nancial inclusion.Besi"es oering easy access to state o t$e art %ankingpro"ucts an" services to t$e resi"ents o t$ese areas) ne&%ranc$es are also e*uippe" &it$ latest tec$nologies) onlineconnectivity an" 24P7 %anking services t$roug$ a vast net&orko strategically locate" A0-s. Availa%ility o top notc$ %ankingservices at t$e "oor steps o t$e resi"ents o un"er privilege"areas) &it$ easy access to specially "esigne" cre"it linesE $elppromote economic activities in t$ese areas %y uplitingagriculture an" 1-9 sectors. 0$e Bank takes pri"e in improvingt$e social lives o millions o peoples across t$e country %ya""ressing t$eir nancial &oes t$roug$ its vast net&ork o%ranc$es

0$e Bank $as %een ully supporting t$e Government o t$e#unja% Go#% initiative or provi"ing sel employmentopportunities to e"ucate" unemploye" yout$ t$roug$provi"ing ve$icles or commercial use. =$ile 2>)>>> ve$icles&ere "istri%ute" among e"ucate" unemploye" yout$ in years2>''+2>'2) process or nancing 5>)>>> more ve$icles is

un"er&ay. Besi"es oering a uni*ue earning opportunity toe"ucate" unemploye" yout$) t$e sc$eme $as also %een $aile"as a major %reakt$roug$ to&ar"s improving transportationsystem in t$e country.

"is7ursement of /inancial $ssistance to the /armers

'5) t$e Government o #akistan Go# initiate"

nancial assistance program or t$e armers o t$e country un"er

J#- ?issan #ackageK. 0$e Bank o #unja% $as %een playing pivotal

role in acilitating t$e Government in "is%ursement o nancialassistance to t$e eligi%le armers in s$ortest possi%le time an" in a

ully transparent manner.

"is7ursement of /inancial $ssistance through %hidmat

Cards

'5) t$e Go#%) un"er its poverty alleviation

program) initiate" nancial assistance program or t$e nee"y

persons o t$e province o #unja%. 0$e Bank o #unja% $as

intro"uce" specially "esigne" prepai" -asterCar") calle" ?$i"mat

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Car") or "is%ursement o nancial assistance to t$e nee"y persons

t$roug$ A0-s net&ork.

CultureD 08orts and Heritage

0$e Bank makes every possi%le eort to encourage promotion oculture) sports an" local $eritage in t$e country. Accor"ingly) Bank

generously participates in activities promoting t$e culture) sports

an" local $eritage. Besi"es organiing an" sponsoring "ierent

sports events across t$e country) t$e Bank also e:ten"s nancial

support to t$e cultural events at t$e_ ;egional levels.

.nvironment 8rotection and energy conservation

0$e persistent energy crisis in t$e country $as ma"e it o%ligatory or

every in"ivi"ual an" organiation to play its role in preserving

energy. Accor"ingly) every eort is %eing ma"e to keep energy

consumption at %arest minimum level an" ensure eective

utiliation o "ay lig$t in o@ces an" %ranc$es o t$e Bank.

8urt$er) t$e generators are %eing use" rationally to avoi" pollution

an" $elp curtail uel consumption. 0$e Bank also realies t$e

nancing nee"s to $elp pro"uce alternative energy. Besi"es

acilitating an" nancing large scale projects) t$e Bank $as also

intro"uce" 1olar #enal 8inancing 1c$eme &it$ an o%jective to re"uceenergy &oes o common man an" $elp pro"uce lo& cost

environment rien"ly energy.

.m8loyees- !elations

0$e Bank takes pri"e in creating jo%s or e"ucate" yout$ o t$e

country. =$ile jo%s are a&ar"e" t$roug$ a completely transparent

an" merit %ase" system) t$e Bank also acts as an e*ual opportunity

employer to $elp promote &omen empo&erment. 0$e Bank also

takes "ue care o its lo&er ca"re sta t$roug$ a&ar" o concessional

sta nance acilities) a&ar" o sc$olars$ip to t$eir c$il"ren an"

len"ing $elping $an" at "ire nee" t$roug$ %enevolent un" sc$eme.

08ecial Care for .lderly and 08ecial Persons

Besi"es oering personalie" an" priority services to t$e senior

citiens) t$e Bank ensures $aar" ree services to t$e special

persons visiting t$e Bank. 1enior citiens) pensioners an" "isa%le"

persons are "uly taken care o in line &it$ t$e "irectives o Go# an"1tate Bank o #akistan.

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