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2020 Shell Pakistan Annual Financial Report

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2020 Shell Pakistan Annual Financial Report BUILDING AN ENERGY FUTURE TOGETHER ANNUAL REPORT 2020 SHELL PAKISTAN LIMITED TOWARDS A BETTER TOMORROW Shell believes in building a sustainable energy future for Pakistan, working in collaboration with the government, energy industry and society. As one of the oldest multinationals in Pakistan, with a legacy of over 120 years in the South Asian region, Shell partners with the nation on powering progress and driving innovation. It is one of the most recognised brands in the country and prioritises health, safety and environment practices in all operations with people, assets and the communities it operates in while remaining committed to meeting the country’s growing energy demand. Shell is committed to bringing the best to Pakistan in energy technology and innovation from across the world. Together, let’s take steps today to build the energy future for tomorrow. SHELL PAKISTAN LIMITED | 1 CONTENTS GOVERNANCE & COMPLIANCE Company Information........................................................................................................................... 06 Vision................................................................................................................................................ 07 Statement of General Business Principles.................................................................................................. 08 Chairperson’s Review............................................................................................................................ 12 Board of Directors ............................................................................................................................... 18 Report of the Directors ......................................................................................................................... 22 Notice of Annual General Meeting ........................................................................................................ 26 Statement of Compliance ..................................................................................................................... 28 Independent Auditors’ Review Report ..................................................................................................... 31 OUR PERFORMANCE Retail ................................................................................................................................................ 34 Lubricants .......................................................................................................................................... 38 Aviation ............................................................................................................................................ 40 HSSE Performance .............................................................................................................................. 42 Our People ....................................................................................................................................... 46 Social Performance ............................................................................................................................. 48 FINANCIALS Performance at a Glance ..................................................................................................................... 54 Operating and Financial Highlights ....................................................................................................... 56 Independent Auditors’ Report ................................................................................................................ 58 Statement of Financial Position .............................................................................................................. 61 Statement of Profit or Loss and Other Comprehensive Income ................................................................... 62 Statement of Changes in Equity ............................................................................................................. 63 Statement of Cash Flows ...................................................................................................................... 64 Notes to the Financial Statements .......................................................................................................... 65 Attendance of the Board ...................................................................................................................... 115 Pattern of Shareholding ....................................................................................................................... 116 Form of Proxy .................................................................................................................................... 121 SHELL PAKISTAN LIMITED | 3 GOVERNANCE AND COMPLIANCE FUELLING INNOVATION For more than 10 years, Pakistan student teams have been representing the nation and competing in one of the world’s leading engineering innovation competitions – Shell Eco-marathon. Inspiring young innovators to think about smarter mobility, the competition challenges students from around the world to design, build, test and drive the most energy-efficient vehicle. One of the Pakistani student teams competing in the last Shell Eco-marathon competition designed and drove a car that traveled 72 km/litre. This is just one of the achievements of Pakistani student teams competing at Shell Eco-marathon events since 2010. We can’t wait to see what Pakistan’s innovative youth make this year. Moving people and goods safely, efficiently and cleanly is vital to economic prosperity. Shell Eco-marathon brings to life our mission of powering progress together by providing more and cleaner energy solutions. 4 | ANNUAL REPORT 2020 SHELL PAKISTAN LIMITED | 5 COMPANY INFORMATION BOARD OF DIRECTORS Rafi H. Basheer (Chairperson) Haroon Rashid Parvez Ghias Imran R. Ibrahim Madiha Khalid Zaffar A. Khan John King Chong Lo Amir R. Paracha Waqar I. Siddiqui Badaruddin F. Vellani Faisal Waheed CHIEF EXECUTIVE Haroon Rashid AUDIT COMMITTEE Imran R. Ibrahim (Chairperson) Rafi H. Basheer Badaruddin F. Vellani HUMAN RESOURCE AND Zaffar A. Khan (Chairperson) REMUNERATION COMMITTEE Parvez Ghias Haroon Rashid Waqar I. Siddiqui COMPANY SECRETARY Lalarukh Hussain – Shaikh REGISTERED OFFICE Shell House 6, Ch. Khaliquzzaman Road Karachi–75530 Pakistan AUDITORS EY Ford Rhodes LEGAL ADVISORS Vellani & Vellani Advocates & Solicitors REGISTRAR & SHARE FAMCO Associates (Pvt) Ltd. REGISTRATION OFFICE 8-F, next to Hotel Faran, Nursery Block-6, P.E.C.H.S. Shahra-e-Faisal Karachi-75400 6 | ANNUAL REPORT 2020 VISION TO BE THE NUMBER ONE ENERGY COMPANY IN PAKISTAN SHELL PAKISTAN LIMITED | 7 STATEMENT OF GENERAL BUSINESS PRINCIPLES The Shell General Business Principles govern how each of the Shell companies which make up the Shell Group conducts its affairs. LIVING BY OUR VALUES The objectives of each of the Shell companies which make up the Shell Group are to engage efficiently, responsibly and profitably in oil, gas, chemical and other selected businesses and to participate in the search for and development of other sources of energy to meet evolving customer needs and the world’s growing demand for energy. We seek a high standard of performance, maintaining a strong long-term and growing position in the competitive environments in which we choose to operate. We aim to work closely with our customers, partners and policy-makers to advance more efficient and sustainable use of energy and natural resources. The application of these principles is underpinned by a comprehensive set of assurance procedures, which are designed to make sure that our employees and business partners understand the principles and confirm that they act in accordance with them. The Business Principles have for many years been fundamental to how we conduct our business and living by them is crucial to our continued success. 8 | ANNUAL REPORT 2020 OUR VALUES Shell employees share a set of core values – honesty, integrity and respect for people. We also firmly believe in the fundamental importance of trust, openness, teamwork and professionalism, and pride in what we do. SUSTAINABLE DEVELOPMENT As part of the Business Principles, we commit to contribute to sustainable development. This requires balancing short and long term interests, integrating economic, environmental and social considerations into business decision-making. RESPONSIBILITIES Shell recognizes five areas of responsibility. It is the duty of management continuously to assess the priorities and discharge these inseparable responsibilities on the basis of that assessment. a. To shareholders To protect shareholders’ investment, and provide a long-term return competitive with those of other leading companies in the industry. b. To customers To win and maintain customers by developing and providing products and services which offer value in terms of price, quality, safety, environmental and commercial expertise. c. To employees To respect the human rights of our employees and to provide them with good and safe working conditions and competitive terms and conditions of employment. To promote the development and best use of the talents of our employees, to create an inclusive work environment where every employee has an equal opportunity to develop his or her skills and talents. To encourage the involvement of employees in the planning and direction of their work and to provide them with channels to report concerns. We recognize that commercial success depends on the full commitment of
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