3. Table Of Content:
Chapter 1: Introduction of the company
(Brief overview/introduction of the company)
Chapter 2: Integrity of the Accounting Information:
Accounting Standards:
(The accounting standards these companies are following
E.g. GAAP/IFRS/IAS)
Professional Organization:
(The auditor of the companies. Is he chartered
accountant?)
Audit Certificate
Give audit certificate
Chapter 3: Management Structure of the Company
The management structure or hierarchy
Chapter 4: Board of directors
Number of directors:
Name and Designation of the directors
Share-holdings pattern: (give the list of the board
directors and share holdings pattern from the annual report)
4.
5. Chapter No. 1
Introduction:
We at Nestlé touch billions of lives worldwide; from the farmers we work
with to the individuals and families who enjoy our products, the communities
where we live and work, and the natural environment upon which we all depend.
At Nestlé Pakistan, the global ideology of Nutrition, Health and Wellness is
inspired by the scientific breakthrough of our founder, Henri Nestlé, and it runs in
our DNA ever since. Guided by our values and with nutrition at our core, we
enhance quality of life and contribute to a healthier future. We are the leading Food
& Beverages company in Pakistan, reaching out to the remotest areas, offering
products and services for all stages of life, every moment of the day. Nestlé
Pakistan is headquartered in Lahore, with four production facilities across the
country. Factories in Sheikhupura and Kabirwala are multi-product, whereas the
ones in Islamabad and Karachi are water factories.
Nestlé Pakistan Ltd. is a subsidiary of Nestlé S.A., a company based in Vevey,
Switzerland. Today, millions of consumers across Pakistan mirror our emphasis on
nutrition, realizing that food choices impact their health and quality of life. Our
food processing company has been operating in Pakistan since 1988 under a joint
venture with Milk Pak Ltd, whose management we took over in 1992. For the last
6. several years, Nestlé Pakistan has been consistently placed among the top
companies of the Pakistan Stock Exchange.
Nestlé Pakistan is proud of its commitment to excellence in product safety and
quality and to providing value and aims to be the leading Nutrition, Health and
Wellness Company. As a socially responsible corporate, we always focus on
environment friendly operations, ethical business practices and our responsibility
towards the communities.
Nestlé in Pakistan is operating since 1988 under a joint venture with Milk Pak ltd
and took over management in 1992.
The company‟s strategy is guided by Nestlé‟s Corporate Business Principles
which are in line with internationally accepted best practices and ethical
performance culture. Nestlé‟s existing products grow through innovation and
renovation while maintaining a balance in geographic activities and product lines.
Long-term potential is never sacrificed for short-term performance. The
Company‟s priority is to bring the best and most relevant products to people,
wherever they are, whatever their needs are, and for all age groups.
7. Nestlé Pakistan today is the leading Food & Beverages Company in Pakistan
with key focus on Nutrition, Health and Wellness and reaching the remotest of
locations throughout Pakistan to serve the consumers. Nestlé Pakistan also prides
itself in being the leaders in Nutrition, Health & Wellness. Ever since 1867, when
Henri Nestlé invented the first infant food, nutrition has been in our DNA. Today
more and more consumers mirror our emphasis on nutrition, as they realize that
food choices affect their health and quality of life.
Nestlé Pakistan operates in many ways but people, products and brands are the
main flag bearers of the Company‟s image, and we continue to enhance the quality
of life of Pakistanis.
8. OUR PURPOSE:
Nestlé‟s purpose is enhancing quality of life and
contributing to a healthier future. We want to help shape a better
and healthier world. We also want to inspire people to live
healthier lives. This is how we contribute to society while
ensuring the long-term success of our company.
OUR AMBITION:
Through enhancing quality of life and contributing to a
healthier future, we aim to deliver sustainable, industry-leading
financial performance and earn trust.
Globally, we have defined three overarching ambitions for 2030
which guide our work and support the achievement of the United
Nations Sustainable Development Goals.
Mission Statement:
Nestlé is...
...the world's leading nutrition, health and wellness company. Our mission of
"Good Food, Good Life" is to provide consumers with the best tasting, most
nutritious choices in a wide range of food and beverage categories and eating
occasions, from morning to night.
9. Vission Statement:
To be a leading, competitive, Nutrition, Health and Wellness Company
delivering improved shareholder value by being a preferred corporate citizen,
preferred employer, preferred supplier selling preferred products.
Core Values:
Nestle core values are “full legal compliance, honesty, fair dealings,
integrity, and respect.” It is not a wonder that Nestle has managed to
cultivate positive practices among all its staffers in all corners of the globe. These
guiding principles encourage doing things right while adhering to the approved
processes. It also emphasizes on the presence of proper interrelationships between
different parties as well.
11. Accounting Standards:
Changes in accounting policies
The Company has adopted IFRS 9 “Financial Instruments”, IFRS 15 “Revenue
from Contracts with Customers” and IFRS 16 “Leases” from January 01, 2019
which is effective from the annual periods beginning on or after July 01, 2018,
period ending on or after June 30, 2019 and periods beginning on or after January
01, 2019 respectively. The details of new significant accounting policies adopted
and the nature and effect of the changes from previous accounting policies are set
out below and also explained in note 2.3.1, 2.3.13 and 2.3.6 respectively.
IFRS 9 “Financial Instruments”
IFRS 9 replaced the provisions of IAS 39 “Financial Instruments:
Recognition and Measurement” that relates to the recognition, classification and
measurement of financial assets and financial liabilities, derecognition of financial
instruments, impairment of financial assets and hedge accounting. There is
however, no effect of the application of IFRS 9 on these financial statements.
IFRS 15 “Revenue from Contracts with Customers”
IFRS 15 establishes a comprehensive framework for determining whether,
how much and when revenue is recognized. It replaces IAS 18 “Revenue”, IAS 11
“Construction Contracts” and related interpretations. The standard introduces a
single five-step model for revenue recognition with a comprehensive framework
12. based on core principle that an entity should recognize revenue when a customer
obtains control of the goods or services under the contract at an amount that
reflects the consideration to which the entity expects to be entitled against those
goods or services. However, the adoption of IFRS 15, did not have a material
impact on the amounts of revenue recognized in these financial statements except
for reclassification of certain payments/ rebates/allowances to customers that were
previously classified under “Distribution and Selling expenses” and are now set off
against sales. The corresponding figures have been represented to reflect this
change. Accordingly, selling and distribution expense of Rs. 3,700.427 million
(December 31, 2018: Rs. 3,913.747 million) has been reclassified to sales. This
reclassification has no impact on the reported Earning per Share (EPS) of the
corresponding year. Moreover “Advances from Customers” (presented within
“Trade and other payables”) are now renamed as “Contract Liabilities”.
IFRS 16 “Leases”
IFRS 16 replaces IAS 17 “Accounting for Leases” and related
interpretations and sets out the principles for the recognition, measurement,
presentation and disclosure of leases. The standard introduces a single, on-balance
sheet lease accounting model for lessees. A lessee recognizes a right-of-use asset
representing its right to use the underlying asset and a lease liability representing
its obligation to make lease payments. There are recognition exemptions for short-
term leases and leases of low-value items. The Company has adopted IFRS 16
under the full retrospective approach, utilizing the practical expedient and this has
resulted in Company recognizing lease liabilities and corresponding right-of-use
assets for all leases qualifying under the criteria laid down by the standard.
13. Auditor Of The Company:
KPMG Taseer Hadi & Co. (Auditor)
Chartered Accountant
Review Report on the Statement of Compliance contained in
Listed Companies (Code of Corporate Governance)
Regulations, 2019
We have reviewed the enclosed Statement of Compliance
with the Listed Companies (Code of Corporate Governance)
Regulations, 2019 (the Regulations) prepared by the Board of
Directors of Nestlé Pakistan Limited for the year ended 31
December 2019 in accordance with the requirements of regulation
40 of the Regulations.
The responsibility for compliance with the Regulations is
that of the Board of Directors of the Company. Our responsibility
is to review whether the Statement of Compliance reflects the
status of the Company‟s compliance with the provisions of the
Regulations and report if it does not and to highlight any non-
compliance with the requirements of the Regulations. A review is
limited primarily to inquiries of the Company‟s personnel and
review of various documents prepared by the Company to comply
with the Regulations.
14. As a part of our audit of the financial statements we are
required to obtain an understanding of the accounting and internal
control systems sufficient to plan the audit and develop an
effective audit approach. We are not required to consider whether
the Board of Directors‟ statement on internal control covers all
risks and controls or to form an opinion on the effectiveness of
such internal controls, the Company‟s corporate governance
procedures and risks.
The Regulations require the Company to place before the
Audit Committee, and upon recommendation of the Audit
Committee, place before the Board of Directors for their review
and approval, its related party transactions and also ensure
compliance with the
requirements of section 208 of the Companies Act, 2017. We are
only required and have ensured compliance of this requirement to
the extent of the approval of the related party transactions by the
Board of Directors upon recommendation of the Audit
Committee.
We have not carried out procedures to assess and determine
the Company‟s process for identification of related parties and that
whether the related party transactions were undertaken at arm‟s
length price or not. Based on our review, nothing has come to our
attention which causes us to believe that the Statement of
Compliance does not appropriately reflect the Company‟s
compliance, in all material respects, with the requirements
contained in the Regulations as applicable to the Company for the
year ended 31 December 2019.
15. Opinion:
We have audited the annexed financial statements of Nestlé
Pakistan Limited (“the Company”), which comprise the statement
of financial position as at 31 December 2019, and the statement of
profit or loss, the statement of comprehensive income, the
statement of changes in equity, the statement of cash flows for the
year then ended, and notes to the financial statements, including a
summary of significant accounting policies and other explanatory
information, and we state that we have obtained all the
information and explanations which, to the best of our knowledge
and belief, were necessary for the purposes of the audit.
In our opinion and to the best of our information and according to
the explanations given to us, the statement of financial position,
statement of profit or loss, the statement of comprehensive
income, the statement of changes in equity and the statement of
cash flows together with the notes forming part thereof conform
with the accounting and reporting standards as applicable in
Pakistan and give the information required by the Companies Act,
2017 (XIX of 2017), in the manner so required and respectively
give a true and fair view of the state of the Company‟s affairs as at
31 December 2019 and of the profit, other comprehensive income,
the changes in equity and its cash flows for the year then ended.
24. Osman Khalid Waheed.
Director
Ferozsons Laboratories Limited, 5 km,
Sunder Raiwind Road, Raiwind, Lahore, Pakistan.
David A. Carpenter.
Director
Mayer Brown LLP
25. 1221 Avenue of the Americas
New York, NY 10020 U.S.A.
Rabia Sultan.
Director
18 Allaudin Road,
Lahore Cantt.
Share Holders Pattern
DIRECTORS‟ REVIEW REPORT TO THE SHAREHOLDERS
The Directors of the Company are pleased to submit the first quarter report along
with the condensed interim financial statements of the company for the three
months period ended March 31, 2020.
The COVID-19 crisis is having an extraordinary and far-reaching impact on all our
lives. Since the earliest stages of the pandemic, we have been working closely with
local authorities and business partners to respond to the challenge. We have three
key priorities: safeguarding the health and wellbeing of our employees, ensuring
26. business continuity to meet consumer needs and supporting communities with
relief efforts.
In order to meet the nutritional needs of both affected and frontline heroes during
these times, Nestlé Pakistan has committed PKR 100 million in the national
response to the COVID-19 pandemic. As part of the pledge, the company is
providing product and cash donations, which includes 4 million servings of milk,
iron fortified dairy products, baby cereals, water and juices.
Nestlé Pakistan has also partnered with Pakistan Red Crescent Society (PRCS) and
will benefit from its unmatched presence and expertise in providing first-aid,
emergency response and epidemic control. Cash donation provided by Nestlé
Pakistan will be utilized for installation of hand hygiene stations at public places,
quarantine and health facilities across Balochistan and Khyber Pakhtunkhwa. In
addition to the above, the company will also match voluntary cash contributions
made by its employees and the total amount will be given away as a cash donation.
Business Performance Review:
During the period, the company recorded a revenue of PKR 29.8 billion, an
increase of 2.6% compared to same period despite many difficulties emanating
from COVID-19 crisis. Impulse products such as juices and water as well as
products for out-of-home channel were severely impacted by the lockdown. In
addition, Afghanistan border closure had a major impact on the exports. Net profit
for the same period has declined mainly due to higher financing cost and currency
devaluation impact.
The financial performance for the three months period is summarized below:
27. Future Outlook:
In view of the very exceptional situation caused by COVID-19, we will continue to
prioritize health and wellbeing of our employees, business continuity and
supporting communities with our relief efforts. The management remains fully
committed to manage the ongoing challenges and will makeall out efforts to
deliver promise of providing nutrition, health and wellness to consumers in these
testing times and ensure sustainable business growth.
For and on behalf of the Board of Directors
Samer Chedid
Chief Executive Director
Lahore: April 30, 2019
33. What is Unilever?
Unilever is a British-Dutch multinational consumer goods company, headquartered
in London, England. Its products include food, energy drink, ice cream, tea,
cleaning agents, beauty products, and personal care products. Unilever is the
largest producer of soap in the world. Unilever is one of the oldest multinational
companies and its products are available in around 190 countries.
Introduction:
Unilever owns over 400 brands, with a turnover in 2017 of 53.7 billion euros, and
thirteen brands with sales of over one billion euros:Axe/Lynx, Dove, Omo,
Heartbrand ice creams, Hellmann's, Knorr, Lipton, Lux, Magnum, Rexona/Degree,
Sunsilk and Surf. It is a dual-listed company consisting of Unilever N.V., based in
Rotterdam, and Unilever plc, based in London. The two companies operate as a
single business, with a common board of directors. Unilever is organised into four
main divisions – Foods, Refreshment (beverages and ice cream), Home Care, and
Beauty & Personal Care. It has research and development facilities in China, India,
the Netherlands, United Kingdom and United States.
History:
Unilever was founded on 2 September 1929, by the merger of the Dutch margarine
producer Margarine Unie and the British soapmaker Lever Brothers. During the
second half of the 20th century, the company increasingly diversified from being a
maker of products made of oils and fats, and expanded its operations worldwide. It
has made numerous corporate acquisitions, including Lipton (1971), Brooke Bond
(1984), Chesebrough-Ponds (1987), Best Foods (2000), Ben & Jerry's (2000),
Alberto-Culver (2010), Dollar Shave Club (2016) and Pukka Herbs (2017).
34. Unilever divested its specialty chemicals businesses to ICI in 1997. In the 2010s,
under the leadership of Paul Polman, the company gradually shifted its focus
towards health and beauty brands and away from food brands showing slow
growth.
Unilever plc has a primary listing on the London Stock Exchange and is a
constituent of the FTSE 100 Index. Unilever N.V. has a primary listing on
Euronext Amsterdam and is a constituent of the AEX index. The company is also a
component of the Euro Stoxx 50 stock market index. Unilever N.V. also has a
primary listing in NYSE.
Unilever‟s Vision Statement
Unilever‟s corporate vision is “to make sustainable living commonplace. We
believe this is the best long-term way for our business to grow.” This vision
statement puts emphasis on sustainability, especially among consumers. The
following components are notable in Unilever‟s vision statement:
35. 1. Commonplace sustainable living
2. Best long-term way
3. Business growth
Unilever‟s Mission Statement
Unilever's mission is to add vitality to life. We meet everyday needs for nutrition,
hygiene and personal care with brands that help people feel good, look good and
get more out of life.”
36. Chapter # 2
Integrity of the Accounting balance
Business Integrity
We have strong values and clear policies and standards to ensure our employees
not only do things right but also do the right thing
We expect everyone at Unilever to be an ambassador for our high ethical
standards – what we call „business integrity‟. We want to create an environment
where employees not only live our values in their own work – integrity, respect,
responsibility and pioneering– but are vigilant in identifying potential concerns,
and confident about speaking up in such situations.
37. Our ambitions do not stop there. We aim to have a positive influence across our
value chain, working with suppliers, distributors and all third parties to raise the
bar on issues such as human rights and anti-bribery and corruption.
Unilever‟s Business Integrity programme brings our values to life for all
employees, and helps them apply our ethical standards day-to-day. In addition to
our Code of Business Principles, it includes clear policies, guidelines and related
learning materials, as well as robust procedures and controls to help us prevent,
detect and respond to any inappropriate behaviour.
Our focus on business integrity makes Unilever stronger. It helps us to attract,
retain and engage the best employees, and better able to select the right suppliers
and business partners. It protects our people, our assets, our reputation and our
relationships with stakeholders. It supports the conditions to work collaboratively,
both internally and with our partners. And ultimately it helps us grow sustainably
and deliver on the Unilever Sustainable Living Plan (USLP).
A) Accounting standard
Setting out our standards of behaviour . Our Business
Integrity framework ensures that how we do business is fully aligned with
our values and applicable laws and regulations in countries where we
operate. It has three pillars:
Prevention – we seek to embed a culture of integrity at all levels, in all
geographies
Detection – we encourage employees to speak up and give voice to
their values
38. Response – We have the tools to investigate and if necessary sanction
confirmed breaches, and use what we learn to continually improve
Our Code of Business Principles (launched in 1995) and 24 related Code
Policies (updated and also published externally in 2016 and subsequently
updated in 2020) are at the heart of our Business Integrity framework.
They help us put our values of integrity, respect, responsibility and
pioneering into practice. They play a key role in setting out how we seek
to ensure compliance with laws and regulations, protect our brands and
reputation, and prevent harm to people or the environment.
The Code and Code Policies provide a framework of simple „Musts‟ and
„Must Nots‟ designed to be readily applied by employees in their day-to-
day work. They are mandatory for all employees and others working for
Unilever, including our Board of Directors, and apply to all Unilever
companies, subsidiaries and organisations over which Unilever has
management control.
ii) Professional Organization
We know that ultimately, to achieve our huge ambition, it is our
people who will make the big difference. If you are interested in
becoming part of a leading-edge company, driving your own career and
working with outstanding brands and outstanding people to deliver
sustainable business growth with us, then you‟ve come to the right place.
1) Who is the auditor of the companies ?is he chartered accountant ?
39. Auditor of Unilever
The Auditors, KPMG Taseer Hadi & Co., Chartered Accountants, were
appointed for the year ended December 31, 2018. The Board has
recommended the appointment of The Auditors, KPMG Taseer Hadi &
Co., Chartered Accountants, were appointed for the year ended
December 31, 2018. The Board has recommended the appointment of
KPMG Taseer Hadi & Co. as the Auditors of the Company for the year
2019, subject to Shareholders‟ approval at the next AGM to be held on
April 09, 2019. Control Union is one of Unilever's preferred auditing
companies for conducting responsible sourcing audits of its suppliers.
Chartered accountant
Rehman. Sarfaraz, a chartered accountant by qualification, has
contributed his management expertise to several multinational companies
such as Unilever, SB (GSK), Jardine Matheson/Olayan JV and PepsiCo
during his varied career. In 2005, Sarfaraz established Engro Foods as its
CEO.
41. Chapter # 3
Management structure of the company
i)What is the management structure or hierarchy of unilever??
Unilever has a product type divisional organizational structure. The
organization is divided into components based on their product focus. For example,
the company has a division for personal care products and another division for
home care products. The following are the main characteristics of Unilever‟s
organizational structure:
Product type divisions (most significant feature)
Corporate executive teams
Geographic divisions (least significant feature)
42.
43. Chapter # 4
Board of directors
i)Numbers of Directors
There are almost 14 board of dirctors in Pakistan unilever
ii)Name and Designation of the diectors
UPL Board of Directors
1)Amir Paracha – CEO
Alan Jope
Amir Paracha is the Chairman and Chief Executive Officer of Unilever
Pakistan Limited. He joined the Board on 1st February 2020.
He joined Unilever Pakistan in 2000 and has held various senior
management positions in Pakistan and North Africa Middle East cluster over
his 20 years with the Company. Prior to taking over as the CEO, in his role
as VP Customer Development, he helped deliver solid results and
maintained a strong growth mindset, successfully inspiring a transformative
vision for the future Amir continues to actively experiment with disruptive
business models and has championed inclusion across the Unilever
ecosystem in Pakistan. Amir began his career at the Royal Dutch Shell Oil
company in July 1996 and has done his Masters in Business Administration
from the Institute of Business Administration.
44. 2)Aly Yusuf - Chief Financial Officer
Aly joined the Board on October 01, 2019 and is currently Director &
Chief Financial Officer of Unilever Pakistan Limited and Unilever Pakistan
Foods Limited. Over his 12 years career he has held diverse roles across the
Finance function, both in Pakistan and abroad.
3)Asima Haq
Asima joined the board on 27th February 2020 and is currently
Director, Beauty & Personal Care and part of the local Management
Committee.She has been with Unilever since 2001 and has worked across
various categories in Beauty & Personal care and Foods & Refreshments.
Her previous senior positions in Unilever Pakistan include Marketing
Director- New Initiatives and Marketing Director- Foods & Beverages . In
2015, she was expatriated to PT. Unilever Indonesia and was responsible for
their hair business till she moved back to Pakistan in June, 2018 .
4)Aman Ghanchi
Aman joined the Board in January 2018 and has been with Unilever
for the past 11 years. He has diverse experience both in legal and tax
matters. Based on his past experience he is recognized by the industry and
within Unilever Pakistan as an expert in his field.He has several
accomplishments that span over his career some of which include
successfully lobbying tax reforms for the government…
45. UPFL Board of Directors
5)Kamran Y. Mirza - Chairman
Kamran joined the Board in 2014 as Chairman of Unilever Pakistan
Foods Limited. He qualified as a Chartered Accountant from the UK. He
joined Abbott Laboratories (Pakistan) Limited in 1970, where he was one of
the youngest ever Managing Director and served in that position for 29 years
till 2006. He was also the Chairman of the Export Processing Zones
Authority before taking over his present position as CEO at the Pakistan
Business Council. Kamran is also the Chairman of Philip Morris (Pakistan)
Ltd and Education Fund for Sindh (EFS) as well as serving on the Boards of
Abbott Laboratories (Pakistan), International Steel (ISL), Karwan-e-Hayat
and Safari Club Limited. Previously he served as Chairman of Karachi Stock
Exchange, and as a President of Overseas Chamber of Commerce &
Industry, American Business Council; as Director of State Bank of Pakistan
and Pakistan State Oil. He lectures regularly at the Pakistan Institute of
Corporate Governance (PICG).
6)Amir Paracha – CEO
Amir Paracha joined the board and was appointed as CEO of Unilever
Pakistan Foods Limited on 1st February 2020. He is also the Chairman of
Unilever Pakistan Limited. He joined Unilever Pakistan in 2000 and has
held various senior management positions in Pakistan and North Africa
Middle East cluster over his 20 years with the Company. Prior to taking over
as the CEO, in his role as VP Customer Development, he helped deliver
solid results and maintained a strong growth mindset, successfully inspiring
a transformative vision for the future. Amir continues to actively experiment
46. with disruptive business models and has championed inclusion across the
Unilever ecosystem in Pakistan.Amir began his career at the Royal Dutch
Shell Oil company in July 1996 and has done his Masters in Business
Administration from the Institute of Business Administration.
7)Aly Yusuf - Chief Financial Officer
Aly joined the Board on October 01, 2019 and is currently Director &
Chief Financial Officer of Unilever Pakistan Limited and Unilever Pakistan
Foods Limited. Over his 12 years career he has held diverse roles across the
Finance function, both in Pakistan and abroad.
8)Farheen Salman Amir
Farheen joined the Board on March 7, 2016 and is currently the
Director Foods & Refreshments. Farheen joined Unilever as a Management
Trainee in 1998. In her 17 years‟ career with the company, Farheen has
worked in a number of categories across both Food & Refreshment and
HPC. In her last two years as BD Director Ice Cream NAMET, Farheen
worked for Unilever Turkey and crafted an innovation & communication
program for the portfolio that was instrumental in bringing the Euro 450
million ice cream business back to sustained double-digit growth.
9)Noman Amjad Lutfi
Noman again joined the Board on November 01, 2015. He has a long
association with Unilever and has headed the Supply Chain function in
Unilever Pakistan. Currently, he is working as Supply Chain Director of
Unilever Sri Lanka.
47. 10)Zulfikar H. Monnoo
Zulfikar joined the Board when the Company was formed. He is also
the Chairman of the Audit Committee and the Human Resource &
Remuneration Committee of Unilever Pakistan Foods Limited. He is an
alumni of The Wharton School, University of Pennsylvania and Aitchison
College, Lahore. He is a Director and audit member in Rafhan Maize
Products Limited and is also the Chief Executive of Pakwest Industries
(Private) Ltd., Lahore.
11)Mian M. Adil Monnoo
Adil joined the Board on May 5, 2002 as a Non-Executive Director.
He is also the Member of the Audit Committee of Unilever Pakistan Foods
Limited. He holds directorship in Rafhan Maize Products Limited and is in
the business of textile trade as the sole proprietor of HN Enterprises
12)Kamal Monnoo
Kamal joined the Board on December 19, 2006 as a Non-Executive
Director. Having done his schooling from Aitchison College and graduation
from Syracuse University and Yale University, USA, he is also the Member
of the Human Resource & Remuneration Committee of Unilever Pakistan
Foods Limited. He holds directorships in Samira Fabrics (Pvt) Limited,
Pakland Chemical Industries (Pvt) Limited, Kaarvan Crafts Foundation,
Institute of Public Policy and Islamabad Policy Research Institute.
48. 13)Sarfaraz A. Rehman
Sarfaraz, a chartered accountant by qualification, has contributed his
management expertise to several multinational companies such as Unilever,
SB (GSK), Jardine Matheson/Olayan JV and PepsiCo during his varied
career.In 2005, Sarfaraz established Engro Foods as its CEO. The company
grew from a green-field to become the leading liquid dairy company in
Pakistan. Engro Foods became the only Pakistani company to receive the
„G20 Top 15 Company‟ award. In 2012, he took a sabbatical from Engro
Foods to establish the Karachi School for Business and Leadership. Sarfaraz
rejoined Engro Foods as CEO in 2013, where he remained till 2015. Engro
Foods sold 50% of its shares to Royal Friesland Campina for half a billion
dollars in 2015. At the time this was the biggest private foreign investment
in Pakistan‟s history. Since Oct 2015, he has been involved in consultancy
projects, among others with ICI, IBL, JSPE, Shan Foods, Al-Shaheer, Soya
Supreme, Burque Corp, CCL and ITL. Sarfaraz was contracted to Grant
Thornton for 2016-17 as an executive coach during a culture change project
at UBL. He conducts a well-established coaching/mentoring role, with
business executives and university graduates. Sarfaraz has coached for
Careem, Gatron-Novatex, Engro, ICI, Descon, PPL, UBL and City School.
Sarfaraz was Chairman of the Broadcasters/Advertisers Council 2015-18
(joint body controlling advertising in Pakistan). Further, he was the
Chairman of the 1st Effie Awards in Pakistan, in 2019. He is also on the
Board of MAP and Patient Aid Foundation. Additionally, Sarfaraz speaks at
various forums. He has given motivational talks at Lays, Mondelez, Nutrico,
RB, Engro, Octara, ICI, Shell and MAP. At universities, colleges, schools
and on media occasions he holds climate change talks/sessions to create
49. awareness Sarfaraz is deeply interested in playing his part in giving back to
society and has worked on an online interactive education model for mass
education, to resolve the issue of literacy in Pakistan over the next decade. In
the past he was associated with Shaukat Khanum Hospital as a Board of
Governor and with WWF as a Director. He is also associated with Hisaar
Foundation and its work on water/environmental issues in Pakistan.
14)Ali Tariq
Ali joined the Board in April 2017 and Unilever in 2003. He has since
held several Global, Regional and Country leadership roles in Singapore,
UK and Pakistan. He is currently based at Unilever‟s headquarters in the UK
in a global role. Prior to Unilever, Ali held business advisory roles with
PricewaterhouseCoopers UK where he also trained as a Chartered
Accountant. Ali is a member of the Institute of Chartered Accountants in
England & Wales.
