Last checked at 17 Oct 2016 08:47
OIL AND GAS DEVELOPMENT COMPANY LIMITED
DRAFT MINUTES OF 10TH EXTRAORDINARY GENERAL MEETING, BEING THE TWENTYNINETH MEETING OF THE COMPANY HELD ON TUESDAY, AUGUST 23, 2016 AT 10:00 HOURS AT MARRIOTT HOTEL, ISLAMABAD
PRESENT
As per list attached.
Chairman Board asked the Company Secretary to confirm quorum of the meeting. The Company Secretary confirmed the quorum and informed that the proxies received were in order and represented 95% of shareholding. Details of proxies are as under:
S. # | Folio / CDC ID & A/C # | Name Of Shareholder | No. Of Shares | Name of Appointee | |
1 | GOVERNMENT OF PAKISTAN- (Ministry of Petroleum and Natural Resources). | 2,902,148,181(67.48%) | Mr. Zahid Muzaffar/ Mr. Zahid Mir | ||
(Two Billion Nine Hundred Two Million One Hundred Forty Eight Thousand & One Hundred Eighty One Only) | |||||
2 | GOVERNMENT OF PAKISTAN- (Privatisation Commission) | 322,460,900(7.50%) | |||
(Three Hundred Twenty Two Million Four Hundred Sixty Thousand & Nine Hundred Only) | |||||
3 | OGDCL- EMPLOYEES EMPOWERMENT TRUST | 432,189,039(10.05%) | Mr. Asif Naseem/ Mr. Mahmood ul Hassan | ||
(Four Hundred Thirty Two Million One Hundred Eighty Nine Thousand & Thirty Nine Only) | |||||
4 | 10900 | 25 | CDC Trustee APIF- Equity Sub Fund | 115,000 | Chaudhry Mohsin Sarwar |
5 | 09449 | 25 | CDC Trustee Atlas Islamic Stock Fund | 550,000 | |
6 | 05959 | 27 | CDC Trustee Atlas Stock Market Fund | 1,600,000 | |
7 | 10603 | 21 | CDC Trustee APF Equity Sub Fund | 117,500 | |
(Two Million Three Hundred Eighty Two Thousand Five Hundred Only) | 2,382,500 | ||||
8 | 00547 | 10962 | Arrolo Street (Canada) Global World Alpha Extension Fund | 195,000 | Mr. Rehan-ul-Haq/Ijaz Malik |
Total (One Hundred Ninety Five Thousand Only) | 195,000 | ||||
9 | 00521 | 2680 | Robecco Capital Growth Funds | 1,595,762 | Mr. Faisal Hashmi/ Mr. Sajid Ahmed |
10 | 00521 | 2532 | Canada Post Corporation | 1,345,700 | |
11 | 00521 | 8513 | Eaton Van TRT Co CIT for Emp Bene Plans-Evtc Para | 136,100 | |
12 | 00521 | 7416 | Public School Teac Pension and Retir FD of Chicago | 34,000 | |
13 | 00521 | 8307 | Lazard Investment Funds-Lazard Eme Mkts Fund | 1,700,095 | |
14 | 00521 | 8257 | Vanguard Intl High Dividend Yield Index Fund | 26,700 | |
15 | 00521 | 7903 | Public Employees Retir Association of New Mexico | 113,700 | |
16 | 00521 | 7648 | Guggenheim Frontier Markets ETF | 226,722 | |
17 | 00521 | 5162 | Ast-Ast Parametric Emerging Markets EQT Port | 203,800 | |
18 | 00521 | 3662 | Eaton Vance Structured Emerging Markets Fund | 1,989,591 | |
19 | 00521 | 3688 | Eaton Vance Tax- Managed Emerging Markets Fund | 1,649,900 | |
20 | 00521 | 2979 | Lazard Retir Eme Mkts Equity Portfolio | 3,279,300 | |
21 | 00521 | 3498 | General Conf Corp of Seventh Day Adventists | 101,700 | |
22 | 00521 | 7960 | Fidelity Emerging Markets Equity Investment Trust | 71,000 | |
23 | 00521 | 8414 | Parametric Emerging Markets Core Fund | 5,900 | |
24 | 00521 | 8042 | Vanguard FTSE Asia Ex Japan Dividend Yield Index EFT | 9,800 | |
25 | 00521 | 3845 | Lazard Emerging Markets Fund | 2,182,200 | |
26 | 00521 | 7382 | Teacher Retirement System of Texas | 405,200 | |
27 | 00521 | 8349 | Goldman Sach TR II Goldman Sach Multi-Manager GEF | 20,400 | |
28 | 00521 | 7812 | JNL/Lazard Emerging Markets Fund | 3,395,172 | |
29 | 00521 | 8356 | Fidelity Latin America Fund | 38,000 | |
30 | 00521 | 6590 | City of New York Group Trust | 242,400 | |
31 | 00521 | 7184 | California Public Employees Retirement Sys | 74,100 | |
32 | 00521 | 6483 | Monetary Authority OF Singapore | 1,289,200 | |
33 | 00521 | 8026 | California Pub EMP Retirement System | 1,299,500 | |
34 | 00521 | 6398 | Stichting F&C Multi Mang EME EQT Active | 680,452 | |
35 | 00521 | 5980 | Ishares MSCI Frontier 100 Index Fund | 3,307,300 | Mr. Faisal Hashmi/ Mr. Sajid Ahmed |
36 | 00521 | 5774 | Blackrock Frontier Mkts Ex- Gulf COO Council Countries Fund B | 1,186,996 | |
37 | 00521 | 8083 | State STT TRT LTD AS Trust F Van ETF SER VAN FTSE ASIA E JAPINDE | 3,000 | |
38 | 00521 | 5790 | Blackrock Frontier Markets Fund | 1,440,700 | |
39 | 00521 | 5808 | Blackrock Frontier Markets Fund B | 1,274,093 | |
40 | 00521 | 6269 | MSAM SA Act on Behalf F Mor Stan Glxy FD | 10,185,000 | |
41 | 00521 | 7606 | Goldman Sch Funds II Goldman Sac GMS EME EQ PORT | 383,700 | |
42 | 00521 | 3456 | Morgan Stanley Frontier EME Market Fund, INC | 10,575,300 | |
43 | 00521 | 3068 | Sanofi Aventis US Pension Trust | 432,200 | |
44 | 00521 | 3431 | California Pub Emp Retir-Sys EME Market Index | 653,476 | |
45 | 00521 | 3530 | State of New Jersey Common Pension Fund D | 1,420,749 | |
46 | 00521 | 3449 | California Pub Emp Retir Sys Lazard EME Mkts | 5,316,100 | |
47 | 00521 | 4793 | Trsot-Eaton Vance Management | 526,200 | |
48 | 00521 | 4082 | The James IRVINE Foundation | 199,600 | |
49 | 00521 | 3951 | Goldman Sach Funds Goldman Sach NII EQT Port | 2,009,200 | |
50 | 00521 | 4801 | Trsot Lazard Asset Management LLC | 5,090,800 | |
51 | 00521 | 2995 | Lazard Emerging Markets Equity Portfolio | 38,754,349 | |
52 | 00521 | 3266 | California State Teach Reti Lazard Ast Manag | 4,925,000 | |
53 | 00521 | 4934 | Emerging Markets Equity Group Trust | 3,261,100 | |
54 | 00521 | 3415 | California Pub Emp Sys Fundamental Eme Markets | 506,524 | |
55 | 00521 | 2938 | Lazard/ Wilmington Col Trust (Sudan Free) | 5,339,497 | |
56 | 00521 | 5246 | ETON Van TR CO Com TR F Para Stru Eme MTS EQT COM TR F | 32,000 | |
57 | 00521 | 3399 | California Pub EMP Retirement SYS Struc Eme Mkts | 5,929,778 | |
58 | 00521 | 2987 | Lazard/ Wilmington Collective Trust | 818,378 | |
59 | 00521 | 3639 | UPS Group Trust | 2,418,671 | |
60 | 00521 | 3944 | Public EMP Retirement System of Mississippi | 2,535,000 | Mr. Faisal Hashmi / Mr. Sajid Ahmed |
61 | 00521 | 5329 | Ontario Pension Board | 1,471,652 | |
62 | 00521 | 2920 | Eaton Vance Coll Invest TR For Emp Bene PLN | 1,090,100 | |
Total (One Hundred Thirty Three Million Two Hundred Two Thousand Eight Hundred Fifty Seven Only) | 133,202,857 | ||||
63 | 00695 | 12953 | Franklin Templeton Investment Funds UIN-B35177 | 239,644,323 | Mr. Junaid Rehman |
64 | 00695 | 13308 | T. Rowe Price Funds SICAV-Frontier Markets Equity Fund | 100,200 | |
65 | 00695 | 13563 | Coronation Global Frontiers Master Fund | 6,186,900 | |
66 | 00695 | 13548 | JP Morgan Diversified Return Emerging Markets Equity ETF | 7,800 | |
67 | 00695 | 13373 | T. Rowe Price Institutional Frontier Markets Equity Fund | 353,000 | |
68 | 00695 | 13084 | Fidelity Investments Money Management Inc | 8,500 | |
69 | 00695 | 12391 | Schroder Frontier Markets Equity Portfolio L.P | 269,900 | |
70 | 00695 | 12342 | Kapitalforeningen Laerernes Pension Invest | 1,303,300 | |
71 | 00695 | 11716 | PFA Kapitalforening | 2,875,400 | |
72 | 00695 | 11450 | Franklin Templeton Investment CORP-As Manager -Trustee OF Templeton Asian Growth Fund | 2,755,600 | |
73 | 00695 | 11302 | Goldman Sach Trust - Goldman Sch N-11 Equity Fund | 595,400 | |
74 | 00695 | 8464 | Morgan Stanley Investment Funds | 1,543,400 | |
75 | 00695 | 5049 | Schroder International Selection Fund | 4,236,500 | |
76 | 00695 | 13712 | Kraneshares FTSE Emerging Markets ETF | 10,465 | |
77 | 00695 | 13621 | Vanguard Emerging Markets Stock Index Fund | 10,550,100 | |
78 | 00695 | 13639 | Vanguard Total World Stock Index Fund | 122,500 | |
79 | 00695 | 12987 | Global X Funds-Global X Net Emerging and Frontier ETF | 12,300 | |
80 | 00695 | 12581 | Vanguard Funds Public Limited Company- Vanguard FTSE ALL World High Dividend Yield UCITS ETF | 18,000 | |
| |||||
81 | 00695 | 12201 | Vanguard Funds PLC - Vanguard FTSE Emerging Markets UCITS ETF | 104,900 | Mr. Junaid Rehman |
82 | 00695 | 12193 | Vanguard Funds PLC-Vanguard FTSE ALL world UCITS ETF | 2,700 | |
83 | 00695 | 11708 | Global X Funds- Global X MSCI Pakistan ETF | 582,440 | |
84 | 00695 | 10874 | CGM FDS -EMG Markets EQTY INVS-Lazard Assets Management LLC | 616,262 | |
Total (Two Hundred Seventy One Million Eight Hundred Ninety Nine Million Eight Hundred Ninety Only) | 271,899,890 | ||||
Grand Total of Shares =4,064,478,367= which is 95% of Total Outstanding Shares
COMMENCEMENT OF THE PROCEEDINGS
Proceedings of the meeting started with the recitation from the Holy Quran by Qari Muhammad Ali. Chairman welcomed the members to the 10th Extraordinary General Meeting and asked the Company Secretary to read out the special business to be transacted in the meeting. The Company Secretary read out the details of special business to be transacted and thereafter items of special business were taken up as per following sequence:
1) To consider and approve the amendments to be made in Articles of Association of the Company for the purpose of compliance with the mandatory e-voting requirements as prescribed in the Companies (E-voting) Regulations, 2016.
Since the amendments were proposed to implement the regulations notified by Securities and Exchange Commission of Pakistan, therefore the house approved the same and on proposal of shareholder Mr. Irfan Baber Khan CDS Account No.06916-7439 seconded by Mr. Abdul Hadi CDS Account No. 03228-5935 following resolution was passed:
RESOLVED THAT the Articles of Association of the Company be and are amended as follows:
51(a) The Company shall comply with the mandatory e-voting requirements as may be prescribed by the Securities and Exchange Commission of Pakistan from time to time.
52(a) In case of e-voting, voters may appoint either members or non-members as proxy and the company shall comply with the requirements of the Companies (E-Voting) Regulations, 2016 prescribed under the Companies Ordinance, 1984 as per following instrument to appoint proxy for E-voting:
"OIL AND GAS DEVELOPMENT COMPANY LIMITED"
Option1
Appointing other person as Proxy
I/We, _____________________ of __________________ being a member of Oil and Gas Development Company Limited, holder of __________________Ordinary Share(s) as per Register Folio No________ hereby Appoint Mr.____________ Folio No.(if member) ________ of _________or failing him Mr.______________________ Folio No(if member).________of ______________ as my / our proxy in my / our absence to attend and vote for me / us, and on my / our behalf at the Annual General Meeting/Extra Ordinary General Meeting of the Company to be held on ----------------- and at any adjournment thereof. Signed under my / our hand this ___________day of ____________2016.
Option 2
E-Voting as per The Companies (E-voting) Regulations, 2016.
I/We,_________________ of __________________ being a member of Oil and Gas Development Company Limited, holder of______________ Ordinary Shares(s) as per Register Folio No._______________, hereby opt for e-voting through Intermediary and hereby consent the appointment of Execution Officer (______________________________) as proxy and will exercise e-voting as per the Companies (e-voting) Regulations, 2016 and hereby demand for poll for resolutions.
My secured email address is ------------------------, please send login details, password and electronic signature through email.
-------------------------
Signature should agree
With the specimen signature
Registered with the company
2) To consider dissemination of Annual Audited accounts through CD/DVD/USB instead of transmitting the same in the form of hard copies. However, for convenience of shareholders Standard Request Form will be uploaded on company website for those who opt to receive Annual Audited Accounts at their registered addresses or through email.
Proposed resolution was read out by the Company Secretary. House on the proposal of shareholder Mr. Muhammad Rasheed Folio No. 83583 seconded by Mr. Muhammad Shiraz Hasan Folio No. 79093 approved dissemination of annual audited accounts to members through CD/DVD/USB and passed the following resolution:
RESOLVED THAT dissemination of information regarding annual audited accounts to the shareholders in soft form i.e CD/DVD/USB as notified by Securities & Exchange Commission of Pakistan vide its SRO No. 470(I)/2016 dated May 31, 2016 be and is hereby approved.
Since there was no other business, the Chairman declared the meeting closed. The meeting ended with the vote of thanks to the Chair.
CLOSURE OF THE MEETING:
There being no other business the meeting ended with a vote of thanks to the Chair.
-.-.-.-.-.-.-
LIST OF PARTICIPANTS OF 10TH EXTRAORDIANRY GENERAL MEETING OF
OIL AND GAS DEVELOPMENT COMPANY LIMITED HELD ON AUGUST 23, 2016
Sr. | Name | Folio/CDC Participant ID |
Directors | ||
1. | Mr. Zahid Muzaffar | - |
2. | Mr. Iskander Mohammed Khan | - |
3. | Mr. Zafar Masud | - |
4. | Prince Ahmed Omar Ahmedzai | - |
5. | Mr. Rahmat Salam Khattak | - |
6. | Mr. Zahid Mir | - |
Shareholders | - | |
7. | Mr. Nadeem Ahmed | 00307-99667 |
8. | Mr. Abdul Tayyab Khan | 14837-1721 |
9. | Mr. Muhammad Hammad Khan | 10629-70485 |
10. | Mr. Shahana Tayyab | 01826-78246 |
11. | Mr. Mohammad Masood Akhtar | 13417-3984 |
12. | Mr. Irfan Babar Khan | 6916-7439 |
13. | Mr. Iftikhar Hussain | 00364-83566 |
14. | Mr. Abdul Hadi | 03228-5935 |
15. | Mr. Talha Muhammad | 92070 |
16. | Mr. M.Rasheed Ch | 83583 |
17 | Mr. M.Shiraz Hasan | 79093 |
18. | Sh. Aftab Ahmed | 94639 |
19. | Mr. Zafran Aziz | 04184-89090 |
20. | Mr. Naz Hussain | 69910 |
21. | Ch. Ghulam Qumais | 45882 |
22. | Mr. Inamullah khan | 10249 |
23 | Mr. Mohammad Tariq khan | 00364-21202 & 91935-3350 |
24. | Mr. Abdul Sham Khan | 03350-45704 |
25. | Syed Irshad Hussain | 42109 |
26. | Mr. Muhammad Shafique Sheikh | 04283-9948 |
27. | Mr. Khan Mohd Ajmal | 83629 |
Auditors and Legal Advisor | ||
28. |
M/s KPMG Taseer Hadi & Co. Chartered Accountants | - |
29. | M/s A.F Ferguson & Co. Chartered Accountants | - |
30 | M/s Khokhar Law Chambers, Advocate & Corporate Counsel | - |