Committees of the IIL Board:

The board has the following committees whose terms of reference are
determined by the board from time to time:
Audit Committee:
To provide assurance to the board on the adequacy of internal control
systems, and financial disclosures, the audit committee comprises 3
members, of whom 2 are non-executive and one executive director as Ms.
Rashida (chair person) Mr. Maqsood (member) MS. Uzma.

Remuneration Committee:
To recommend to the board compensation terms for executive directors
and the senior most level of management below the executive directors. This
committee comprises three members of who all are non-executive directors,
which includes Ms.Uzma arif, Ms. Nafisa yousuf palla and Ms. Anisa
naviwala. In IIL this committee recommend and select the remuneration of
CEO and other directors, in 2013 committee has announced that after 3 years
(i.e. after 22 October 2010) company is now going to revise the remuneration
of CEO as Rs.3600,000/- per annum and for directors it will be Rs. 3000000
per annum each. It is further resolved that in addition to the above
remuneration all utility bills of directors will be paid by the company the
appointment value of the utilities to be borne by the company is Rs. 1000000
per annum each for the two executive directors. IIL has not given the reason
to allow such remuneration to directors as Green Bury committee asked to
declare the reason.

Comments:
IIL has established only two committees as the 1
st
one is audit committee but
this committee only arranging and managing the annual audit. IIL do not have any
internal audit team which may perform its functions in best regards to
shareholders. If we talk about audit committee then SOX say committee should
consist you 5 members out of which 2 should be certified accountants but IIL has
total 3 members and 1 is an executive director which is not a good practice, and IIL
should rectify it.

Face to Face Interaction with Shareholders:
A general meeting of shareholders of the company is held at least once a year
to consider and approve the report of the directors, the annual financial statements
with the notes and schedules thereto, declaration of dividends any other returns or
resources intended for distribution, the appointment of directors, appointment of
auditors and other important matter requiring shareholder approval. The annual
general meeting is the principal forum for face-to-face interaction with
shareholders, where the entire board is present.
The chairman addresses the shareholders on issues of relevance to the
company and provides clarifications to shareholders n behalf of the board. The
board encourages open dialogue with all its shareholders be it individuals, corporate
or foreign investors.
Comments:
In 2013 IIL has been declared in the notice for annual general meeting that
this year its whole board is going to complete the duration of 3 years and for this
company again has to elect the board of directors for which 8 people are nominated
but these all are those who were already part of the board.