Board of Directors

Board of Directors

The Board of directors acknowledges the significance of efficient discharge of duties imposed by corporate law and stands firmly committed in its objectives to add value through effective participation and contribution towards achievement of Company’s business objectives.

The Board further recognizes its responsibilities for protection and efficient utilization of Company assets for business objectives and compliance with laws and regulations at all Company levels with the ultimate objective of safeguarding the interests of the shareholders so as to increase shareholders wealth and promoting market confidence.

The Board has approved all the significant policies of the Company including but not limited to policies relating to human resource, risk management, business operations, investments, donations and signature mandate etc.

The Board is conscious to the need of maintaining balance between the interests of the equity holders and sustenance of growth in net earnings. Recognized for best governance practices, financial reporting and disclosure excellence, Atlas Insurance believes in timeliness and accuracy to enable informed decision making by our investors and their confidence in the Board.

All the directors represent rich exposure of diverse fields of business and professions and possess all the necessary skills and understanding to deal with the various business and corporate issues and have the ability to review, analyze and challenge the management performance.

During the year, six meetings of the Board were held to review and approve all issues and matters referred to it by the audit and other committees of the Board including periodical and financial statements, corporate and financial reporting framework, budget and forecasts including their analysis with actual, cash flow projections, compliance with relevant laws and regulations including amendments during the year, acquisition and disposal of assets, review of risks identified and their mitigation, accounting and internal control systems and such other matters considered to be significant enough for the Board’s attention by the Audit Committee or the management.

For all the Board meetings the agenda and details of each item of agenda were circulated to all the members of the Board at least seven days before the meeting. The minutes of all Board meetings were timely circulated. An actions item list was also prepared and status of each action item was provided to the Board in the next meeting.

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Mr. Yusuf H. Shirazi
Chairman

Mr. Shirazi is a law graduate (LLB) with BA (Hons) and JD (Diploma in Journalism) Punjab University and AMP Harvard. He served in the financial services of the Central Superior Services of Pakistan for eight years where he authored 50 reports as to how the businesses are carried and tax assessed. He was an instructor in the Finance Services Academy on Law and Accounts. He is the author of seven books including “Aid or Trade” adjudged by the Writers Guild as the best book of the year and continues to be a columnist, particularly on matters – socio – politico – economic.

Mr. Shirazi is the Chairman of Atlas Group, which among others, has joint ventures with GS Yuasa International, Honda, and MAN to name a few. He has been the President of Karachi Chamber of Commerce and Industry for two terms. He has been the founder member of Karachi Stock Exchange, Lahore Stock Exchange and International Chamber of Commerce and Industry. He has been on the Board of Harvard Business School Alumni Association and is the Founder President of Harvard Club of Pakistan and Harvard Business School Club of Pakistan. He has been a visiting faculty member of National Defence University, Navy War College and National School of Public Policy. He has been on the Board of Governors of LUMS, GIK and FC College (Chartered University) and Pakistan Institute of Management. Previously, he also served, among others, on the Board of Fauji Foundation Institute of Management and Computer Sciences (FFIMCS) and Institute of Space Technology – Space and Upper Atmosphere Research Commission (SUPARCO).

Mr. Shirazi has been awarded Sitara-e-Eisaar and Sitara-e-Imtiaz the top Civilian Awards. Sitara-e-Imtiaz conferred by the Government of Pakistan recognizes individuals who have made an “especially meritorious contribution to the security or national interests of Pakistan, world peace, cultural or other significant public endeavors”. Sitara-e-Eisaar Award is in recognition of CSR activities in Pakistan. A distinguished Formanite Award for outstanding achievements as an entrepreneur was awarded by Forman Christian College – University Lahore.

The Government of Japan also acknowledged Mr. Shirazi’s contributions to promote economic relationship between the two countries by conferring the Japanese National Award.

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Mr. Feroz Rizvi
Director

Mr. Feroz Rizvi is as a Chartered Accountant, having qualified from England & Wales. He has over 38 years of local and international experience in some of the largest companies in the world. On returning to Pakistan post qualification, he joined ICI Pakistan Ltd, which was a subsidiary of ICI PLC, one of the largest chemical companies in the world. He left ICI Pakistan in 1985 and after a brief period with Petromin Refinery Riyadh, he rejoined ICI Pakistan in its Polyester Fiber business in Lahore.

In 1986 he was seconded to ICI PLC’s headquarters in London. During his secondment he was involved in ICI PLC’s strategic shift from industrial to consumer chemical and a major acquisition of USD 8 billion from Unilever PLC as part of the company’s major strategic priority. In addition, he was also responsible for a number of divestments of ICI PLC’s industrial chemical businesses. Feroz Rizvi has extensive experience in corporate strategy, restructuring and merger and acquisition. He is the Chief Executive of Pakistan Institute of Corporate Governance and is also on the Board of Engro Chemicals and Pllymers Ltd.

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Mr. Isphanyar M. Bhandara
Director

Mr. Isphanyar M. Bhandara is the Chief Executive of Murree Brewery Company, Rawalpindi, one of the oldest public limited companies of the sub-continent. He has been associated with Murree Brewery Group of Companies since 1997. He is an MBA from School of Business and Commerce, Islamabad. He has attended various business workshops from LUMS. He is also the Chief Executive of D.P. Edulji & Co (Private) Limited. He is the President of Rawalpindi Parsi Anjuman. He is Member of the National Assembly of Pakistan. He occasionally writes for the English newspapers and contributes to many charities and other philanthropic work.

Being MNA he is also member of various government committees e.g. National Assembly Standing Committee of on Defence, Finance Committee of the National Assembly, Gilgit – Baltistan Council, Evacuee Trust Property Board (ETPB) and Parliamentary Committee on China – Pakistan Economic Corridor (CPEC).

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Mr. Ali H. Shirazi
Director

Mr. Ali H. Shirazi graduated in Political Science from Yale University, U.S.A. in 2000 and thereafter completed his Masters in Law from Bristol University, U.K. in 2005. He has worked with the Bank of Tokyo – Mitsubishi in New York as well as American Honda in Torrance, California. He is the Chief Executive / President of Atlas Battery Limited and member of the Group Executive Committee, responsible for Group’s financial services. He is also on the Board of Atlas Asset Management Limited, Atlas Engineering Limited, Atlas Metals (Private) Limited, Pakistan Society of Training and Development, Pakistan Institute of Management, National Clearing Company of Pakistan Limited, National Management Foundation (sponsoring body of LUMS) and Techlogix International Limited. He is a ‘Certified Director’ from the Pakistan Institute of Corporate Governance.

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Mr. Jawaid Iqbal Ahmed
Director

Mr. Ahmed is an AMP from Harvard Business School, Boston USA, AIM from Stockholm School of Economics, Sweden and and IPBM from IMD Lussanne, Switzerland. He is also MBA from IBA Karachi University. He has been working in Atlas Group in various capacities. He has over 49 years of experience in the field of industrial and financial markets of Pakistan. He spearheaded joint venture partnerships of Atlas Group with Honda Japan, JSB Japan, Bank of Tokyo, Asian Development Bank and ING.

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Mr. Khaleeq-ur-Rahman Khan
Director

Mr. Khaleeq-ur-Rahman Khan is the Group Director Trading, Atlas Group and member of Group Executive Committee. He has been associated with the Atlas Group since 1970. He has served as Chief Executive Officer of Shirazi Trading Company (Pvt.) Limited, for about 10 years and of Atlas Lease Limited for 7 years.

He is an MBA from International Management Institute (IMI) Geneva, Switzerland. He has attended various management level training programs from international institutes including AMP from INSEAD France, GMP from Stanford University, Singapore and Leasing-Competing in the 1990s from Amembal & Halladay, Singapore. He has also completed a number of financial and management courses at domestic level. Mr. Khaleeq has over 40 years of experience including different management positions in manufacturing, trading and financial sector in the Atlas Group.

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Mr. Arshad P. Rana
Chief Executive / Director

Mr. Arshad P. Rana has been affiliated with Atlas Insurance Limited since 1991; as General Manager and Chief Operating Officer before being appointed as the Chief Executive Officer of the Company in March, 2004. He is a graduate from Government College, Lahore; B.S. in Insurance & Economics from Iran and MBA from USA. In his professional career that spans over 40 years, he has worked in Iran, USA and Middle East. Since his appointment to this position, Mr. Rana has been managing the Company affairs with a professional approach having the vision to make Atlas Insurance Limited one of the best performing companies in the market. Under his leadership, Atlas Insurance Limited has won several awards in the financial sector. He is also on the Board of Atlas Asset Management Limited.

Mr. Rana has been the Chairman, Insurance Association of Pakistan (IAP), Lahore Regional Committee in 2002-2003 and Vice Chairman, Central Committee (IAP) in the year 2004-2005 prior to becoming the Chairman, Insurance Association of Pakistan in 2005-2006. Currently he is the Senior Vice Chairman of the Association.