ANNUAL REPORT 2014 - abcpk.org.pkabcpk.org.pk/wp-content/uploads/2015/03/ABC-Annual-Report-2014.pdf · ANNUAL REPORT 2014. TOGETHER, WE CAN ... 03 Mission Statement 04 Executive Committee

ANNUAL REPORT 2014

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02 Profile

03 Mission Statement

04 Executive Committee 2014

05 Executive Committee 2015

06 Past Presidents

07 List of Members

08 Members’ Contributions to Pakistan’s Economy

09 Executive Committee’s Report

10 Highlights of the Year

19 Programs & Events Photo Gallery

36 Reports of Sub-Committees

• Corporate Social Responsibility

• Industry & Trade

• IPR, Legal & Government Relations

• North Members

• Pharmaceutical & Agricultural Chemicals

• Security

• Finance & Taxation

• Human Resources

• Media, PR & Programs

• Membership & Administration

50 ABC Representation

66 Financial Statements

93 Appreciation

The American Business Council of PakistanF-30, Block 7, KDA Scheme # 5, Kehkashan, Clifton, Karachi, Pakistan. G.P.O. Box 1322

T: (92-21) 35877351-52, 35877390 F: (92-21) 35877391 E-mail: [email protected]

Website: www.abcpk.org.pk

Contents

| 01

ABC Annual Report 2014

The American Business Council of Pakistan (ABC) was formed in 1984 and has completed 31 years of service to Pakistan, playing a major role in bridging investments from the United States.

The ABC is one of the largest investors group in Pakistan – currently, we have 65 members and most of them are Fortune 500 companies. They operate in various sectors i.e. healthcare, financial services, information technology, chemicals & fertilizers, energy, FMCG, food & beverage, oil & gas and others. ABC members have cumulative revenues of US$ 3.73 billion. Our members contribute a sizable amount to the national exchequer every year as direct and indirect taxes – last year they contributed Rs. 77 billion. The ABC members also employ over 34,000 people directly who support 140,000 dependents and indirectly employ nearly one million people with agents, distributors, contractors, etc.

The Council is managed by an Executive Committee that is elected every year by its members and meets monthly to review various aspects of its ongoing initiatives. Depending on the economic cycle the initiatives may vary from year to year. Subcommittees are formed, which meet regularly, to ensure that adequate focus is given to important issues affecting majority of Council membership.

The ABC is an effective channel for dialogue with the Government of Pakistan. Regular suggestions and input for improvement are provided to the relevant bodies like ministries, regulatory and tax authorities, etc., throughout the year. The focus of the Executive Committee is to ensure that the ABC’s suggestions are incorporated in the annual Federal Budget and Trade Policy. The Council also facilitates direct interaction with the Federal and Provincial governments through its guest speakers’ program, seminars and events all of which are aimed at sustaining an ongoing dialogue.

The ABC is affiliated with the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and is a member of the U.S. Chamber of Commerce (USCC), Washington D.C., and Asia-Pacific Council of American Chambers of Commerce (APCAC). ABC also has a close working relationship with the U.S.-Pakistan Business Council, Washington which is a component of the USCC.

Key ABC’s Objectives are:

• To raise the profile of the ABC so as to ensure it is seen not only as a progressive body but also results in the greater participation and engagement of members.

• Increase the inclusivity of the North-Based membership

• Play an active role and engage with Govt. bodies, including IPOP, FBR, BoI and relevant Govt. Ministries.

• Lobby the Govt. on taxation issues effecting ABC member Companies

• Address the issues posed by the power sector and engage with the Govt. to try and find solutions

• Seek ways of working around the law & order and security threats effecting the smooth running of business in Pakistan

• To recognize the contribution of ABC members towards their commitment to continuously upgrade processes, systems, products and services, and create value for their employees, existing and potential customers and the local communities they operate in.

Profile

| 02

To Protect and promote the interests of US

Investors in Pakistan; to encourage and stimulate

new investments; to introduce and inculcate best

practices; to strive to establish a level playing field

in the country in order to promote the development

of commerce between the USA and Pakistan.

Mission Statement

Office Bearers &Executive Committee 2014

PRESIDENTMr. Tauqir AhmedChief ExecutiveDuPont PakistanOperations (Pvt.) Ltd.

VICE PRESIDENTMr. Akram Wali MohammadGroup Managing DirectorGerry’s International (Pvt.) Ltd.[FedEx]

MEMBERS

SECRETARY GENERAL

Mr. TasleemuddinAhmed BatlayDirectorColgate-Palmolive(Pakistan) Ltd.

Ms. Zehra NaqviChief ExecutiveACE Insurance Limited

Dr. Farid KhanManaging DirectorPfizer Pakistan Ltd.

Mr. Faisal HamidSabzwariCountry ManagerProcter & GamblePakistan (Pvt.) Ltd.

Mr. Ahmed Jamal MirManaging Director & CEOPrestige Communications(Pvt.) Ltd. (Grey)

Mr. Arshad Saeed HusainManaging DirectorAbbott Laboratories(Pakistan) Ltd.

Mr. Amin MohammadKhowajaExecutive Director &General ManagerJ.P. MorganPakistan (Pvt.) Ltd.

Mr. Nadeem LodhiManaging Director &Citi Country OfficerCitibank, N.A.

Ms. Aisha Kirmani

AUDITORSKPMG Taseer Hadi& Company

BANKERSCitibank, N.A.

TAX ADVISORS Plus Consultants

| 04

PRESIDENTMr. Arshad SaeedHusainManaging DirectorAbbott Laboratories(Pakistan) Ltd.

SENIORVICE PRESIDENTMr. Nadeem LodhiManaging Director &Citi Country OfficerCitibank, N.A.

VICE PRESIDENTMr. Amin MohammadKhowajaExecutive Director &General ManagerJ.P. Morgan Pakistan(Pvt.) Ltd.

MEMBERS

SECRETARY GENERAL

Ms. Aisha Kirmani

AUDITORSKPMG Taseer Hadi& Company

BANKERSCitibank, N.A.

TAX ADVISORS Plus Consultants

Office Bearers &Executive Committee 2015

Mr. TasleemuddinAhmed BatlayDirectorColgate-Palmolive(Pakistan) Ltd.

Mr. Farrokh K. CaptainChairman & ManagingDirectorCaptain-PQ ChemicalIndustries (Pvt.) Ltd.

Mr. Nadeem ElahiManaging Director &Country HeadTRG (Pvt.) Ltd.

Mr. Kazim HasnainManaging DirectorEli Lilly Pakistan (Pvt.) Ltd.

Mr. Adnan A. KhanManaging Director3M Pakistan (Pvt.) Ltd.

Mr. Osman Asghar KhanChief Executive OfficerEMC Information Systems(Pvt.) Ltd.

Mr. Amin MohammedLakhaniPresident & CEOSiza Foods (Pvt.) Ltd.(McDonald’s)

Mr. Kamran NishatManaging Director & CEOMuller & PhippsPakistan (Pvt.) Ltd.

| 05


1984-85 MR. HASAN I. KAZMI President Exxon Chemical Pakistan Ltd. 1985-86 MR. NAWAB ASGHER Chairman & Managing Director Pfizer Laboratories Ltd. 1986-87 MR. RUDOLF J. GEBERT Vice President & Country Manager Bank of America, NT & SA 1987-88 MR. RUDOLF J. GEBERT Vice President & Country Manager Bank of America, NT & SA 1988-89 MR. NAWAB ASGHER Chairman & Managing Director Pfizer Laboratories Ltd. 1989-90 MR. KAMRAN Y. MIRZA Managing Director Abbott Laboratories (Pakistan) Ltd. 1990-91 MR. ROBERT F. McCUSKER General Manager Interpak Shaving Products Ltd. 1991-92 MR. NISAR A. MEMON Country General Manager IBM World Trade Corporation 1992-93 MR. SUBHI W. JARUDI Managing Director Cyanamid (Pakistan) Ltd. 1993-94 MR. S. ALI RAZA Senior Vice President & Country Manager Bank of America, NT & SA 1994-95 MR. AIJAZ K. KHAN Chairman Wyeth Laboratories (Pakistan) Ltd. 1995-96 MR. SHAUKAT TARIN(Jun – Nov 95) Country General Manager Citibank N.A. (Dec 95 – Jun 96) MR. FAROOQ HADI Managing Director Cyanamid (Pakistan) Ltd. 1996-97 MR. SHAMSHAD ALI Managing Director Johnson & Johnson Pakistan (Pvt.) Ltd. 1997-98 MR. S. SAJJAD RAZVI(Jun – Dec 97) Country General Manager Citibank N.A. (Jan – Jun 98) MR. ASIF IKRAM Country Manager DuPont Far East Inc. 1998-99 MR. FAROOQ HADI(Jun – Dec 98) Chairman, Managing Director (CEO) Cyanamid (Pakistan) Ltd. (Jan – Sep 99) MR. KAMRAN Y. MIRZA Chairman & Managing Director Abbott Laboratories (Pakistan) Ltd.

1984-85 MR. HASAN I. KAZMI President Exxon Chemical Pakistan Ltd. 1985-86 MR. NAWAB ASGHER Chairman & Managing Director Pfizer Laboratories Ltd. 1986-87 MR. RUDOLF J. GEBERT Vice President & Country Manager Bank of America, NT & SA 1987-88 MR. RUDOLF J. GEBERT Vice President & Country Manager Bank of America, NT & SA 1988-89 MR. NAWAB ASGHER Chairman & Managing Director Pfizer Laboratories Ltd. 1989-90 MR. KAMRAN Y. MIRZA Managing Director Abbott Laboratories (Pakistan) Ltd. 1990-91 MR. ROBERT F. McCUSKER General Manager Interpak Shaving Products Ltd. 1991-92 MR. NISAR A. MEMON Country General Manager IBM World Trade Corporation 1992-93 MR. SUBHI W. JARUDI Managing Director Cyanamid (Pakistan) Ltd. 1993-94 MR. S. ALI RAZA Senior Vice President & Country Manager Bank of America, NT & SA 1994-95 MR. AIJAZ K. KHAN Chairman Wyeth Laboratories (Pakistan) Ltd. 1995-96 MR. SHAUKAT TARIN(Jun – Nov 95) Country General Manager Citibank N.A. (Dec 95 – Jun 96) MR. FAROOQ HADI Managing Director Cyanamid (Pakistan) Ltd. 1996-97 MR. SHAMSHAD ALI Managing Director Johnson & Johnson Pakistan (Pvt.) Ltd. 1997-98 MR. S. SAJJAD RAZVI(Jun – Dec 97) Country General Manager Citibank N.A. (Jan – Jun 98) MR. ASIF IKRAM Country Manager DuPont Far East Inc. 1998-99 MR. FAROOQ HADI(Jun – Dec 98) Chairman, Managing Director (CEO) Cyanamid (Pakistan) Ltd. (Jan – Sep 99) MR. KAMRAN Y. MIRZA Chairman & Managing Director Abbott Laboratories (Pakistan) Ltd.

Past Presidents1999-00 MR. PHILIPPE A. BOVAY Vice President & General Manager Procter & Gamble Pakistan (Pvt.) Ltd. (Jul 00 – Sep 00) MR. IRSHAD ALI KASSIM President & CEO Karam Ceramics Ltd. 2000-01 MR. TAWFIQ A. HUSAIN(Oct 00 – Jun 01) Senior Director & Country Manager American Express Bank Ltd. (Jul 01 – Sep 01) MR. ANJUM FASIH Managing Director Bristol-Myers Squibb Pakistan (Pvt.) Ltd. 2001-02 MR. ZUBYR SOOMRO Chief Executive & Country Corporate Officer Citibank, N.A. 2002-03 MR. ARSHAD NASAR Managing Director Caltex Oil (Pakistan) Ltd. 2003-04 MR. ANJUM FASIH(Oct 03 – Jun 04) Managing Director Bristol-Myers Squibb Pakistan (Pvt.) Ltd. 2003-04 MR. HUMAYUN BASHIR(Jul 04 – Sep 05) Country General Manager IBM Pakistan 2004-05 MR. NADEEM KARAMAT Senior Director & Senior Country Executive American Express Bank Ltd. 2005-06 MR. ZUBYR SOOMRO Managing Director Citibank, N.A. 2006-07 MR. IQBAL BENGALI Managing Director Pfizer Laboratories Ltd. 2007-08 MR. TASLEEMUDDIN AHMED BATLAY Director Colgate-Palmolive (Pakistan) Ltd. 2008-09 MR. ASIF JOOMA Managing Director Abbott Laboratories (Pakistan) Ltd. 2009-10 MR. ARIF USMANI Managing Director & Citi Country Officer Citibank, N.A. 2010-11 MR. HUMAYUN BASHIR Country General Manager IBM 2011-12 MR. SAAD AMANULLAH KHAN Chief Executive Officer Gillette Pakistan Ltd. 2012-13 MR FARROKH K. CAPTAIN Chairman & Managing Director Captain-PQ Chemical Industries (Pvt.) Ltd.

2013-14 MR. SAAD AMANULLAH KHAN(Jan 14 – May 14) Chief Executive Officer Gillette Pakistan Ltd.

| 06

Corporate Members

1. Abbott Laboratories (Pakistan) Ltd.

2. ACE Insurance Limited

3. ACNielsen Pakistan (Pvt.) Ltd.

4. Becton Dickinson Pakistan (Pvt.) Ltd.

5. Captain-PQ Chemical Industries (Pvt.) Ltd.

6. Chevron Pakistan Ltd.

7. Cisco Systems Pakistan (Pvt.) Ltd.

8. Citibank, N.A.

9. Coca-Cola Beverages Pakistan Ltd.

10. Colgate-Palmolive (Pakistan) Ltd.

11. Continental Biscuits Ltd.

12. Crescent Bahuman Limited

13. Cresox (Pvt.) Limited

14. DuPont Pakistan Operations (Pvt.) Ltd.

15. Eli Lilly Pakistan (Pvt.) Ltd.

16. EMC Information Systems (Pvt.) Ltd.

17. F.C.I. International (Pvt.) Ltd.

18. FMC United (Pvt.) Ltd.

19. Gerry’s International (Pvt.) Ltd. (FedEx)

20. Gillette Pakistan Limited

21. IBM

22. Intel Pakistan Corporation

23. International Franchises (Pvt.) Ltd. (Dunkin Donuts)

24. International Learning Center (Pvt.) Ltd. [Berlitz]

25. Johan (Pvt.) Ltd. (Culligan)

26. Johnson & Johnson Pakistan (Pvt.) Ltd.

27. J.P. Morgan Pakistan (Pvt.) Limited

28. Karam Ceramics Limited

29. LMK Resources Pakistan (Pvt.) Ltd.

30. Levi Strauss Pakistan (Pvt.) Limited

31. MCR (Pvt.) Ltd. (Pizza Hut)

32. Microsoft Corporation Pakistan Liaison Office

33. Mondelez Pakistan Ltd.

34. Monsanto Pakistan (Pvt.) Ltd.

35. Muller & Phipps Pakistan (Pvt.) Ltd.

36. NCR Corporation

37. New Hampshire Insurance Company

List Of ABC Members

38. OBS Pakistan (Pvt.) Ltd.

39. Ogilvy & Mather Pakistan (Pvt.) Ltd.

40. Optimus Ltd. (Hertz)

41. Oracle Corporation

42. Pepsi-Cola International (Pvt.) Ltd.

43. Pfizer Pakistan Ltd.

44. Philip Morris (Pakistan) Ltd.

45. Prestige Communications (Pvt.) Ltd. (Grey)

46. Primatics Financial (Pvt.) Ltd.

47. Procter & Gamble Pakistan (Pvt.) Ltd.

48. Rafhan Maize Products Co. Ltd.

49. Riaz Bottlers (Pvt.) Ltd. (PepsiCo)

50. Sakonent (SMC-Pvt.) Ltd.

51. S.C. Johnson & Son of Pakistan (Pvt.) Ltd.

52. Singer Pakistan Limited

53. Siza Foods (Pvt.) Ltd. (McDonald’s)

54. Teradata Global Consulting Pakistan (Pvt.) Ltd.

55. Teradata Pakistan (Pvt.) Ltd.

56. The Coca-Cola Export Corporation

57. TRG (Pvt.) Ltd.

58. 3M Pakistan (Pvt.) Ltd.

59. Universal Logistics Services (Pvt.) Ltd. (UPS)

60. Visa Worldwide Singapore Pte. Limited

61. Vision Network Television Ltd. (CNBC)

62. WPP Marketing Communications (Pvt.) Ltd. (JWT)

Associate Members

1. GCS (Pvt.) Ltd.

2. LMKT (Pvt.) Ltd.

3. Sun Consulting (Pvt.) Ltd.

Membership By Category

Industrial Undertakings 17

Trading 06

Financial Institutions 06

Others 36

Quoted at Karachi Stock Exchange 11

| 07


Member Companies’ Contributionto Pakistan’s Economy*

The ABC Financial Survey 2014 indicates that our member companies make a significant contribution to Pakistan’s economy, as follows:

Revenue Update

The ABC members have cumulative revenues of US$ 3.73 billion.

Contribution to National Exchequer

The ABC members contribute a sizable amount to the national exchequer every year as direct and indirect taxes – last year the contribution was Rs. 77 billion.

Exports

The ABC members’ exported goods worth Rs. 6.30 billion during 2014.

Human Resources

The ABC member companies employed over 34,000 persons directly who support 140,000 dependents and indirectly employ well nearly one million people with their agents, distributors, suppliers, contractors, etc.

*The numbers quoted represent 60% of ABC Members

| 08

Executive CommitteeReport - 2014

During 2013-14 the Executive Committee of the American Business Council of Pakistan (ABC) focused on raising the profile of the chamber. The chamber’s leadership team and Sub-committee initiatives concentrated on increasing dialogue with the federal government and high ranking U.S. embassy officials on matters affecting American businesses including taxation, intellectual property rights and security. The chamber actively lobbied for restoration of the Board of Intellectual Property Organization and Board of Investment which is critical for establishing the direction for these bodies. The ultimate outcome of increasing the profile and visibility of the chamber benefits the broader membership by making them a part of an effective body that contributes towards policy making and shaping the business climate of Pakistan.

Early in their term the Office Bearers, on behalf of the Executive Committee, travelled to Islamabad, to further enhance close cooperation with the economic and commercial divisions within the US Embassy and various government ministries. The relationship with the US Consulate in Karachi remained strong with the chamber acting as a conduit for US visitors and potential investors seeking information from American investors within Pakistan. Members wishing to travel to the United States for business purposes were provided the visa appointment facility by the Chamber. During the year members of the ABC leadership team also travelled to Lahore to meet with CM Punjab Shahbaz Sharif and other officials of the Punjab government. The Chamber organized separate networking events in Islamabad and Lahore to engage its north members.

The chamber witnessed a leadership change in May 2014 when President Saad Amanullah Khan resigned from his role and Senior Vice President Tauqir Ahmed was appointed as President. With the chamber’s leadership having defined the objectives early in the term the transition was smooth and the chamber was able to seamlessly continue its efforts on behalf of its members. At this point in time the leadership also agreed to revert to the calendar established by the regulator and decided to end the current executive committee term on September 30th 2014.

The success of the chamber depends on the participation and energy of its members. As usual, we look forward to a renewed commitment on the part of our members to actively participate and contribute towards all chamber recommendations. These steps will play a role in shaping economic prosperity for all the broader business community.

ABC Suggestions to the Federal Government

(a) Suggestions for the Federal Budget 2014-15

The American Business Council greatly appreciated the Government’s consultative efforts to involve all Chambers and business forums in the Budget preparation process. The Council submitted its proposals relating to tax and procedural issues to the Federal Board of Revenue, Ministry of Commerce and the Board of Investment on March 27, 2014. Chairman FBR Tariq Bajwa invited the ABC President and Chairman Finance Sub-committee to put forth key suggestions in a meeting with the honorable Finance Minister Ishaq Dar.

(b) Suggestions for the Trade Policy 2014-15

The American Business Council suggestions for Trade Policy (Import/Export) 2014-15 were submitted to the Ministry of Commerce, Federal Board of Revenue and the Board of Investment on June 19, 2014.

ABC Meetings / Briefing Programs / CEO Roundtable

• ABC Executive Committee Lunch with the U.S. Consul General, January 15th, 2014 - Karachi

The U.S. Consul General Mr. Michael Dodman invited the ExCom over the lunch at his residence on January 15, 2014. The Consul General reiterated his commitment to a frequent dialogue and exchange between various stakeholders at the Consulate and ABC members. Moreover he assured of the Consulate’s support and wished the members of the new Executive Committee a successful and rewarding term of office.

• President ABC’s participation in the Planning Commission’s Consultative Workshop, January 24th, 2014 – Islamabad

Mr. Saad Amanullah Khan, President ABC, participated in a Consultative Workshop on “Economic Revival and Growth” organized by the Planning Commission and led by Federal Minister for Planning, Development & Reforms,

Prof. Ahsan Iqbal. The purpose of the workshop was for participants to brain storm and identify untapped sectors that the government could potentially bring into the tax net to enhance its revenue stream. The Minister used this forum to highlight the importance of the private sector in driving growth and national prosperity. He also emphasized the importance of driving collaboration between the private sector, academia and government to enable creative thinking for the purpose of identifying unique and bold solutions. Mr. Saad Amanullah Khan observed the session was well attended by prominent players of the business community and representatives of various chambers of Commerce and Industry.

• ABC Member’s participation in the Competition Commission of Pakistan (CCP) Competition Consultative Group, January 29th, 2014 – Islamabad

Mr. Junaid Ahmed Bajwa, Financial Controller, Teradata represented the ABC at this meeting organized by the Competition Commission of Pakistan (CCP) during the information was shared by the Commission on recent actions taken to foster business competition and consumer protection. The CCP shared that research work is currently underway in various industries including food, telecom, private sector education and health, and pharmaceutical to assess if any corrective measures were required by the CCP.

• ABC President, Senior Vice President and Secretary General meetings with U.S. and Pakistan Government Officials, February 3rd and 4th 2014 - Islamabad

Mr. Saad Amanullah Khan, President and Mr. Tauqir Ahmed, Senior Vice President and Secretary General ABC were in Islamabad on February 3rd and 4th to meet various stakeholders and policy makers. They shared the leadership team’s plans for the year ahead and solicited support for the various initiatives being planned. One February 3rd, they had extensive meetings at the U.S. Embassy with Ambassador Richard G. Olson, Economic Counselor Sarah Beran and the economic team, Commercial Counselor David McNeil and

OVERVIEW

the Commercial Section team. Meetings were also organized with other departments of the U.S. Embassy including the Public Affairs Section, ASSIST, USAID, Department of Agriculture and Consular Section.

On February 4th, the office Bearers and Secretary General had a succession of meetings with government functionaries including Mr. Qasim M. Niaz, Secretary, Ministry of Commerce, Mr. Muhammad Zubair, Minister of State and Chairman, Privatization Commission, Mr. Tariq Bajwa, Chairman, Federal Board of Revenue (FBR), Dr. Miftah Ismail, Special Assistant to the Prime Minister and Chairman, Board of Investment (BoI), Dr. Joseph Wilson, Chairman, Competition Commission of Pakistan and Mr. Umer Dad Afridi, Director, Directorate General of Trade Organizations. The meetings were extremely productive and shed light on a number of important economic developments being undertaken by the government.

• ABC Networking Dinner, February 3rd, 2014 – Islamabad

As part of the ABC’s unfaltering commitment towards ensuring the inclusivity of its Northern Pakistan members, Mr. Saad Amanullah Khan, President and Mr. Tauqir Ahmed, Senior Vice President organized a networking dinner for Islamabad based members on February 3rd. Ms. Sarah Beran, Counselor for Economic Affairs at the U.S. Embassy, Dr. Miftah Ismail, Chairman, Board of Investment, Prof. Ahsan Iqbal, Federal Minister for Planning and Development and Dr. Joseph Wilson, Chairman, Competition Commission of Pakistan also attended the dinner.

• Corporate Social Responsibility (CSR) Sub-Committee event with “Teach for Pakistan”, February 7th, 2014 – Karachi

The CSR Sub-Committee organized an interactive session with the management and fellows of the “Teach for Pakistan” initiative. This gave some of the best and brightest Pakistani graduates a venue to interact with some of the top Business leaders in Pakistan and get to know more about potential employers and learn how to manage their careers.

The “Teach for Pakistan” initiative is part of the global network of “Teach for all” where high-achieving graduates and young professionals are recruited to address Pakistan’s dire problem of educational inequity. ‘Teach for Pakistan’ has recruited graduates from leading universities including LUMS, IBA, SZABIST, Karachi University, The University of Nottingham and NYU.

• ABC President meeting with IMF Resident Representative, February 18th, 2014 – Islamabad

The President ABC Mr. Saad Amanullah Khan met with Dr. Mansoor Dailami, resident IMF representative and discussed various economic matters pertaining to Pakistan. Dr. Dailami was positive about trends in Pakistan including rising GDP growth and reduced inflation also with improved tax collection. He was however of the view that Pakistan needs better fiscal discipline and must push for GDP growth if it is to push itself on the road to prosperity.

• Digital Video Conference on TIFA talks with the U.S. Trade Representative, February 23rd, 2014 – Karachi

The ABC President Mr. Saad Amanulah Khan was invited to the U.S. Consulate in Karachi for a one-on-one video conference with Deputy Assistant U.S. Trade Representative for South and Central Asian Affairs Mara Burr on the upcoming TIFA talks scheduled for March 12th to 14th in Washington, D.C. Mr. Saad Amanullah Khan briefed Ms. Burr regarding the challenges that are to be faced by a foreign investor in Pakistan such as energy shortages, security issues, and failure to protect intellectual property rights along with a lack of facilitation for tax refunds.

• CEO Roundtable Meeting, March 4th, 2014 – Karachi

The first ABC CEO Roundtable meeting 2014 was held on March 4th where participants shared updates on the performance of their respective companies for the previous year and plans for the year ahead. Most of the ABC participants had a positive outlook despite having experienced average business

performance in 2013 and expected growth in the upcoming year.

The members appreciated the efforts of regulators like FBR, SECP and CCP, but emphasized the fact that more effort is required for speedy resolution of the energy crisis and law and order situation. In addition emphasis was placed on the formulation of business friendly policies to boost business growth and increase the business community’s contribution to the national exchequer. Members agreed that there was a need to urgently constitute an IPR Board and implement IPR regulations to send out a positive message to foreign investors.

• ABC Seminar on “The Competitive Effects of Vertical Agreements”, March 18th 2014 – Karachi

A seminar on “The Competitive Effects of Vertical Agreements” was held on March 18th by the ABC where Dr. Joseph Wilson, Chairman, Competition Commission of Pakistan, shared valuable insights and initiatives taken up by the CCP regarding competition laws. He highlighted the importance of creating a level playing ground for both local and foreign investors and assured the audience that CCP is committed to restore investor’s confidence by implementing completion law effectively, reviewing and advocating revisions in government policies and taking action against organizations involved in cartelization and deceptive marketing practices.

The seminar was attended by the Chairman of the Legal, IPR and Government Relations Sub-Committee and other representatives from Citibank and Procter & Gamble. The ABC President Mr. Saad Amanullah Khan presided over the gathering.

• Executive Committee Meeting with the Chairman U.S.-Pakistan Business Council (USPBC), March 20th, 2014 – Karachi

The ABC Executive Committee met with Mr. Miles Young, Chairman of USPBC; Ms. Esperanza Jelalian, Executive Director, USPBC/Director, South Asia, U.S. Chamber of Commerce and other members of the USPBC

delegation visited Karachi on March 20th. The USPBC delegates shared an update on the various meetings they had conducted in Islamabad and Lahore with various government bodies such as Punjab Board of Investment and Trade, Federal Board of Revenue, Ministry o Finance and the Board of Investment.

The visiting delegation was optimistic about the business climate for the upcoming year and was hopeful about the materialization of foreign funds. However, they emphasized the fact that Pakistan’s negative perception in the Western world still remains a point of great concern and were of the view that government support is imperative to overcome it. The ABC President shared plans of the upcoming Product Exhibition with the delegation. The delegation committed to supporting this project and passing on leads from the U.S. Lastly, USPBC invited the ABC team to visit Washington D.C. to work with them to meet with policy makers in the US to enhance Pakistan’s image.

• Executive Committee meeting with Chief Minister Punjab Shahbaz Sharif, March 24th 2014 - Lahore

Members of the ABC Executive, including the ABC President Mr. Saad Amanullah Khan, Mr. Arshad Saeed Husain, Mr. Ahmed Jamal Mir, Dr. Farid Khan and Mr. Aamir M. Mirza visited Lahore to meet with various stakeholders in the government.

In the afternoon the Executive Committee met with Chief Minister Punjab Mr. Shahbaz Sharif along with Dr. Ayesha Pasha, Syed Maratib Ali, Mr. Mohammad Jehanzeb Khan and Engr. Sohail Lashari at the Chief Minister’s residence where the ABC Executive Committee members discussed initiatives taken to ensure energy self-sufficiency, materialization of investment projects and the opening of trade with India. Finally, the Executive Committee members met with the representatives of the Punjab Board of Investment & Trade to share details on the upcoming product exhibition and proposed holding a similar event in Lahore.

Various other meetings were organized with leaders and representatives of the agricultural industry to discuss various issues concerning the sector during the morning.

• Networking Dinner, March 24th, 2014 – Lahore

A networking dinner was organized for North based members. The dinner was well attended by members and a marked success with the attendance of numerous high profile guests and leaders of the business community including Mr. S. Babar Ali and Mr. Abdul Razzak Dawood.

• ABC Executive Committee meeting with Chief of Citizens-Police Liaison Committee (CPLC), March 26th, 2014 – Karachi

ABC members met with Mr. Ahmed Chinoy, Chief of CPLC and his team to discuss the law and order and security conditions of the City. During the course of the meeting various security issues were discussed. The distribution/use of unregistered SIMs was identified as a key deterrent in uplifting the security conditions. The ABC President requested the Chief to share the CPLC document on unregistered SIMs with ABC and assured him of ABC’s support for the various CPLC’s efforts that are underway.

• ABC Executive Committee meeting with the Chairman SECP, April 2nd, 2014 – Karachi

The members of the Executive Committee led by Mr. Saad Amanullah Khan, President ABC met with Mr. Tahir Mahmood, Chairman of the Securities and Exchange Commission of Pakistan (SECP) and other members of the Commission over a working lunch. The SECP requested the feedback and input of the ABC membership on various initiatives and programs being undertaken at the SECP. The discussion was interactive with the Executive Committee sharing feedback on various aspects of the Code of Corporate Governance and Companies Ordinance.

• ABC Executive Committee meeting with the Additional IG, Karachi, April 3rd, 2014 – Karachi

Members of the ABC Executive Committee met with the Additional IG Karachi, Mr. Shahid Hayat at the Police Head Office in Karachi. Mr. Saad Amanullah Khan, President ABC, chaired over the meeting and expressed concerns on the deteriorating law and order situation. The

Karachi Police Chief assured that every effort was being taken by his team to restore the rule of law and the monthly crime rate had been on a declining trend over the last six months. He informed that unregistered SIMs played a major role in facilitating criminal activity. He also informed that the city’s police force remains under funded and is not adequately staffed to service the growing population of Karachi. He requested the ABC’s help in taking these issues up with the decision makers.

• ABC Meeting with the U.S. Journalists, April 14th 2014 - Karachi

The ABC hosted a group of nine senior journalists from prestigious US media outlets who were visited Pakistan under the Pakistan- U.S. Journalists Exchange Program organized by the East-West Center (EWC) Hawaii. The program was designed to increase and deepen public understanding of the two countries and their important relationship. The ABC leadership team shared with the delegation an assessment of the business climate including the challenges being faced by American companies in Pakistan and the opportunities that lie ahead. The participants also enjoyed a candid discussion on how government policies from both sides can be strengthened to facilitate trade relations and businesses.

The EWC was established by the U.S. Congress in 1960 with the mission of strengthening understanding and relations between the United States and Asia-Pacific countries through collaborative study and research.

• ABC Meeting with the U.S. Patent and Trademark Office, April 23rd 2014 - Karachi

The Executive Committee members and the Legal, IPR and Government Relations Sub-Committee met with Kalpana Reddy, First Secretary for Intellectual Property, South Asia and Komal Kalha, Senior Legal Counsel, Intellectual Property. The meeting was chaired by Mr. Tasleemuddin Ahmed Batlay, Chairman of the Legal, IPR and Government Relations Sub-Committee.

The participants discussed and identified possible ways to collaborate for the

identification of solutions for the various IPR issues. U.S. Patent and Trademark office representatives were of the view that even while IPO-P has come a long way in the last few years’ capacity issues prevail and urged ABC to keep pushing the government to resolve these issues and expedite the process. The ABC participants offered to share independent third party research regarding the availability of counterfeit in Pakistan.

• ABC President’s meeting with the IPO-P Director General, April 25th 2014 - Islamabad

The ABC President Mr. Saad Amanullah Khan met with Mr. Aamir Hasan, Director General, Intellectual Property Organization – Pakistan (IPO-P) on April 25th, 2014, at the IPO-P office, Islamabad. The Director General IPO-P updated that the ABC’s request to be represented on the constitution of the board had been forwarded to the Prime Minister of Pakistan and was being considered. The ABC President put forth the problems being faced by member companies and their concerns. He urged the IPO-P Director General’s office to take speedy action in this regard. The IPO-P Director General assured the ABC of the support of his institution and resolved to look into each of the issues raised by the ABC.

• Executive Committee Meeting with Deputy Chief of Mission, U.S. Embassy, May 6th, 2014 – Karachi

The Executive Committee met with Mr. Thomas E. Williams, Deputy Chief of Mission, U.S. Embassy on May 6th. During the meeting the participants discussed the issues being faced by the pharmaceutical players and the impact of the security situation on business performance. The member companies were asked to continue working on CSR initiatives to give back to the communities within which they operate.

• ABC hosts dinner for President, Aga Khan University and Chairman Corporate Committee, Aga Khan University, May 14th 2014 – Karachi

Mr. Farrokh K. Captain, former President ABC and Trustees of I-Care Foundation in association with the American Business

Council of Pakistan hosted a dinner for Mr. Firoz Rasul, President, Aga Khan University and Mr. Shaukat Tarin, Chairman, Corporate Committee Aga Khan University, Karachi.

• ABC President and Chairman Finance Sub-Committee meeting with Mr. Ishaq Dar, Federal Finance Minister, May 22nd, 2014 - Islamabad.

The American Business Council, Pakistan Business Council and OICCI were amongst the three chambers invited by the Federal Board of Revenue to attend a meeting with the Finance Minister Mr. Ishaq Dar. The meeting provided a platform to the business community to put forth their budget recommendations to the Finance Minister. The ABC participants included Mr. Saad Amanullah Khan, President ABC, Mr. Nadeem Lodhi, Chairman, Finance and Taxation Sub-Committee and Mr. Navid Qazi, Country General Manager, Cisco Systems Pakistan. The participants summarized key ABC tax recommendations and urged the government to increase the tax net by bringing new segments of the economy within the tax net.

The Finance Minister formally assured the participants that his team was reviewing and considering the detailed taxation proposals submitted by each chamber. He further summarized the challenges facing the government, including the fiscal gap and emphasized measures were being taken to revitalize investment and build up foreign reserves.

• ABC Luncheon meeting with the Canadian High Commissioner, May 28th 2014 - Karachi

The ABC members met His Excellency Greg Giokas, Canadian High Commissioner to Pakistan and his team to discuss the trade ties between Pakistan and Canada over a luncheon meeting. The discussion was interactive and members shared their views on how trade and investment relation between the two countries can be further enhanced. The Canadian High Commissioner was also keen in improving the trade and economic ties with Pakistan and shared potential areas of Canadian investment with particular emphasis on the agricultural sector.

• Polio vaccination services for members at ABC office, June 24th, 2014 - Karachi

With all international passengers of Pakistani origin being required to be administered a polio vaccine (ideally 4 weeks) prior to travel regardless of age and acquire an international certificate of vaccination as per international Health Regulation (IHR-2005) from Government authorized persons, to facilitate member companies’ employees; the ABC in coordination with Saddar Town Health Officer, set up a Polio vaccination camp from 10:00 am to 1:00 pm at the ABC office. During this time slot approximately 70 individuals wishing to avail this facility, were administered vaccinations and issued international certificates by the Saddar Town Health Officer free of cost.

• ABC Security Sub-Committee organizes members Security Briefing, June 24th, 2014 – Karachi

In view of the security situation within the country, Mr. Ahmed Jamal Mir, Chairman of the Security Sub-Committee and Mr. Norbert Almeida organized a security briefing for ABC members. The briefing was well attended by member company representatives and their security staff. The companies attended the briefing shared that the situation and Taliban statement had no impact on their business operations. Most participants were of the view that the recent incidents were just part and parcel of living/operating in Pakistan and remained positive. While some companies have imposed travel restrictions with guidelines in place ensuring travel is business critical, others are continuing business normally and have even had foreign visitors over the last week. It was also highlighted that various diplomatic missions are carrying on with providing visa and consular services – an indication that everyone was proceeding with business as usual.

• ABC President attended USAID organized panel discussion on U.S. Global Development Lab initiative, June 26th, 2014 – Islamabad

Mr. Tauqir Ahmed, President ABC was invited to attend a USAID organized focus discussion

on the establishment of U.S. Global Development Lab (GDL). The objective of GDL is to spearhead a bold approach to invent, test, and apply dramatically more cost efficient and impactful solutions to help one billion men, women and children lift themselves out of extreme poverty. The Lab will collaborate with entrepreneurs, world-class experts from corporations, NGOs, universities, and science and research institutions in applying science, technology, innovation and partnerships to solve development challenges faster and cheaper. The creation of the U.S. Global Development Lab will allow USAID to bring a diverse set of partners together to discover, incubate, and scale breakthrough development innovations in sectors like water, health, food security and nutrition, energy, education and financial inclusion that can reach hundreds of missions of people – breakthroughs on the order of magnitude of the Green Revolution and oral rehydration salts.

• Executive Committee and Security Sub-Committee members meeting with the Chief Citizens-Police Liaison Committee (CPLC), July 25th, 2014 - Karachi

Members of the ABC Executive Committee and Security Sub-Committee met with Mr. Ahmed Chinoy, Chief of Citizens-Police Liaison Committee (CPLC) and his team on their visit to the ABC Secretariat on July 25th, 2014. The Executive Committee, on behalf of the Council, presented Mr. Ahmed Chinoy with a humble contribution of Rs. 300,000 for CPLC. Mr. Chinoy briefed members on CPLC’s role in monitoring and combating crime.

• USAID Presentation on Sindh Basic Education Program - August 8th, 2014- Karachi

Dr. Randy L. Hatfield, Deputy Regional Director – Sindh and Balochistan and Mr. Muhammad Tariq Khan, Senior Education Advisor at USAID briefed ABC members on Sindh Basic Education Program on August 8th.

USAID Pakistan is a development partner to the Government of Sindh and is currently supporting the Education and Literacy Department with $155 million for the implementation of the Sindh Basic Education Program (SBEP) in various districts. Overall the

program aims to reach to 1.2 million children in the targeted locations through different program interventions.

Dr. Randy Hatfield shared that he was impressed with the ABC members’ commitment to support for improving access to quality education for children in Pakistan and looked forward to further discussions on how the ABC members can develop partnerships to further support the cause in Sindh.

• CEO Roundtable Meeting, August 19th, 2014 – Karachi

The second ABC CEO Roundtable meeting 2014 was held on August 19th where participants reviewed of first half 2014 and outlook for second half 2014 and the top two challenges faced by their businesses currently. There were two special guests also attended the CEO Roundtable – U.S. Consul General Michael Dodman and incoming Consul General Brain Heath. The Consul General was accompanied by members of his Economics and Research team.

Membership

(i) Enrollment of New Member:

Mondelez Pakistan Ltd. April 4, 2014 GCS (Pvt.) Ltd. November 14, 2014 LMKT (Pvt.) Ltd. November 14, 2014

(ii) Cessation of Old Member:

American Life Insurance Company (Pvt.) Ltd. El Paso Technology Pakistan (Pvt.) Ltd. Sheraton Middle East Management

Corporation Unisys Pakistan (Pvt.) Ltd.

Meetings of the Executive Committee

The Executive Committee convened and participated in 37 meetings and events during the period. It constituted 10 Sub-committees, defined their Terms of Reference and gave policy directions from time to time.

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On behalf of the Executive Committee

Tauqir AhmedPresident

Karachi

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ACE Insurance Limited6th Floor, N.I.C. Building,Abbasi Shaheed Road,Off. Sharah-e-Faisal,Karachi - 74400,Pakistan.

Tel: 111-789-789Fax: (92-21) 35683935www.acegroup.com/mena

Programs & EventsPhoto Gallery

Programs & EventsPhoto Gallery1. ABC President, Senior Vice President and Secretary General meetings with U.S.

Embassy Officials, February 3rd - Islamabad

(From left 1st) Mr. Michael Dodman, U.S. Consul General Karachi (2nd) Mr. Saad Amanullah Khan, President ABC (3rd) H.E. Richard G. Olson, U.S. Ambassador (4th) Mr. Tauqir Ahmed, Senior Vice President ABC and (5th) Ms. Aisha Kirmani, Secretary General ABC.

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Programs & EventsPhoto Gallery2. ABC President, Senior Vice President and Secretary General meetings at Dinner

with the Government and U.S. Embassy Officials, February 3rd - Islamabad

(From left 5th) Prof. Ahsan Iqbal, Federal Minister for Planning, Development & Reforms (6th) Mr. Saad Amanullah Khan, President ABC (7th) Dr. Miftah Ismail, Special Assistant to the Prime Minister and Chairman, Board of Investment (9th) Mr. Tauqir Ahmed, Senior Vice President ABC, U.S. Embassy Officials and ABC Islamabad based members

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Programs & EventsPhoto Gallery3. Executive Committee meeting with Mr. Shahbaz Sharif, Chief Minister Punjab,

March 24th 2014 - Lahore

(From left 3rd) Mr. Shahbaz Sharif, Chief Minister Punjab (2nd) Mr. Saad Amanullah Khan, President ABC (1st) Mr. Aamir M. Mirza, Chairman, ABC North Members Sub-Committee and Punjab Government Officials. (Second row from left 1st) Mr. Ahmed Jamal Mir (2nd) Dr. Farid Khan and (3rd) Mr. Arshad Saeed Husain, Members of the ABC Executive Committee and other Punjab Government officials.

(From right 1st) Mr. Shahbaz Sharif, Chief Minister Punjab (2nd) Mr. Saad Amanullah Khan, President ABC, (3rd) Dr. Farid Khan and (4th) Mr. Arshad Saeed Husain, Members of the Executive Committee

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Programs & EventsPhoto Gallery4. Corporate Social Responsibility (CSR) Sub-Committee event with “Teach for

Pakistan”, February 7th, 2014 – Karachi

(From left 2nd) Mr. Saad Amanullah Khan, President ABC, (1st) Mr. Arshad Saeed Husain, Member Executive Committee (3rd) Mr. Tauqir Ahmed, Senior Vice President (6th) Ms. Aisha Kirmani, Secretary General ABC with the Teach for Pakistan fellows.

The Teach for Pakistan follows sharing their views with the ABC members.

The Executive Committee members and other ABC members with the Teach for Pakistan fellows.

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Programs & EventsPhoto Gallery5. Executive Committee meeting with the Ambassador of Denmark to Pakistan,

February 21st, 2014 - Karachi

Mr. Saad Amanullah Khan, President ABC presenting memento to the Ambassador of Denmark to Pakistan, H.E. Jesper Moller Sorensen

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Programs & EventsPhoto Gallery6. Executive Committee meeting with the Chairman, Security & Exchange

Commission of Pakistan (SECP), April 2nd, 2014 – Karachi

(From left 6th) Mr. Tahir Mahmood, Chairman SECP, (7th) Mr. Saad Amanullah Khan, President ABC, (2nd) Mr. Irshal Ali Kassim, Chairman, Karam Ceramics, (3rd) Mr. Ahmed Jamal Mir (4th) Dr. Farid Khan (5th) Mr. Tasleemuddin Ahmed Batlay (9th) Ms. Zehra Naqvi, Members of the Executive Committee, (10) Mr. Tauqir Ahmed, Senior Vice President ABC and SECP Officials.

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Programs & EventsPhoto Gallery7. ABC Luncheon meeting with the Canadian High Commissioner,

May 28th 2014 - Karachi

Mr. Saad Amanullah Khan, President ABC presenting memento to His Excellency Greg Giokas, Canadian High Commissioner to Pakistan

(From left 1st) His Excellency Greg Giokas, Canadian High Commissioner to Pakistan, (2nd) Mr. Behram D. Avari, Honorary Consul General of Canada and (3rd) Mr. Farrokh K. Captain, Immediate Past President ABC

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Programs & EventsPhoto Gallery8. ABC Seminar on “The Competitive Effects of Vertical Agreements”,

March 18th 2014 – Karachi

Mr. Saad Amanullah Khan, President ABC presenting memento to Dr. Joseph Wilson, Chairman, Competition Commission of Pakistan

(From left 6th) Dr. Joseph Wilson, Chairman, Competition Commission of Pakistan, (7th) Mr. Saad Amanullah Khan, President ABC along with Executive Committee members and the Competition Commission’s officials

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Programs & EventsPhoto Gallery9. CEO Roundtable Meeting, March 4th, 2014 – Karachi

Mr. Saad Amanullah Khan, President ABC presenting memento to Mr. S. Shabbar Zaidi, Partner, A.F. Ferguson & Company

(From left 6th) Mr. S. Shabbar Zaidi, Partner, A.F. Ferguson & Company, (5th) Mr. Saad Amanullah Khan, President ABC, (1st) Mr. Arshad Saeed Husain, (2nd) Mr. Tasleemuddin Ahmed Batlay, (3rd) Mr. Akram Wali Mohammad, (5th) Dr. Farid Khan (7th) Mr. Tauqir Ahmed and (8th) Mr. Amin M. Khowaja, Members of the ABC Executive Committee

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Programs & EventsPhoto Gallery10. Executive Committee Meeting with the Chairman U.S.-Pakistan Business Council

(USPBC), March 20th, 2014 – Karachi

Mr. Saad Amanullah Khan, President ABC presenting memento to Mr. Miles Young, Chairman of the U.S.-Pakistan Business Council (US-PBC)

Chairman and Executive Director of the US-PBC with the ABC Executive Committee members and the guests

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Programs & EventsPhoto Gallery11. ABC Executive Committee meeting with Chief of Citizens-Police Liaison Committee

(CPLC), March 26th, 2014 – Karachi

Mr. Ahmed Chinoy, Chief of the Citizens-Police Liaison Committee (CPLC) briefing to the ABC members

Mr. Ahmed Jamal Mir, Member Executive Committee and Chairman ABC Security Sub-Committee presenting a cheque of ABC donation to the Chief CPLC

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Programs & EventsPhoto Gallery12. ABC Meeting with the U.S. Journalists, April 14th 2014 - Karachi

Group photo: ABC members and the U.S. Journalists

13. Executive Committee Meeting with Deputy Chief of Mission, U.S. Embassy, May 6th, 2014 – Karachi

(From left 1st) Mr. Richard A. Bakewell, Economic Officer, (2nd) Dr. Farid Khan, Member Executive Committee (3rd) Mr. Michael Dodman, U.S. Consul General Karachi, (4th) Mr. Thomas E. Williams, Deputy Chief of U.S. Mission and (5th) Mr. Akram Wali Mohammad, Vice President ABC

14. Polio vaccination services for members at ABC office, June 24th, 2014 - Karachi

ABC members and the officer of the Saddar Town Health office at the occasion

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Programs & EventsPhoto Gallery15. ABC Security Sub-Committee organizes members Security Briefing, June 24th,

2014 – Karachi

Mr. Norbert Almeida briefing to ABC members on the security situation

(from Right) Mr. Ahmed Jamal Mir, Chairman Security Sub-Committee briefing to the members on the security situation along with (left) Mr. Norbert Almeida, Member of the Security Sub-Committee

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Programs & EventsPhoto Gallery

Mr. Tauqir Ahmed, President ABC, presenting souvenir to the outgoing U.S. Consul General Mr. Michael Dodman

16. CEO Roundtable Meeting, August 19th, 2014 – Karachi

Mr. Tauqir Ahmed, President ABC, addressing the members and guests

Mr. Tauqir Ahmed, President ABC, presenting memento to the U.S. Consul General Mr. Brian Heath

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A leading producer of Silicates in Pakistan, Captain PQ Chemicals has been providing

innovative technology-based solutions for both local and global clients for over 60 years. From soaps & detergents to electronics & ceramics, we have delivered world-class quality products

to a multitude of industries.

As we continue to expand our global presence, our focus remains unhindered; delivering the

best so that our clients can do their best.

Reports ofSub-Committees

Report of CorporateSocial ResponsibilitySub-committee

Members

Mr. Irshad KassimChairmanKaram Ceramics Ltd.

Mr. Ahmed Samra ZuberiSystems & Technology Group ManagerIBM

Mr. Adeel ShahidCountry Marketing & Public Affairs OfficerCitibank, N.A.

Mr. Sajeel ShahzadManager CSROracle Corporation

Dr. Muhammad Saeed ShekhaniDirector External Affairs & Medical ServicesOBS Pakistan (Pvt.) Ltd.

Terms of Reference:

1. Creating partnerships with suitable philanthropic organizations that positively impact the ABC member companies and the perception of US companies operating in Pakistan, with a clear established method of achieving these goals.

2. Identify areas of need for both long term partnerships and during emergency relief efforts.

3. Facilitate meetings between the ABC membership and deserving philanthropic organizations to encourage greater interaction, awareness and support.

4. Regularly communicate and highlight Corporate Social Responsibility (CSR) achievements of member companies.

The activities of the CSR Sub-committee are summarized below:• The Sub-committee invited the management

and fellows of Teach For Pakistan for an interactive session with ABC Members on 7th February. Teach For Pakistan has recruited graduates from leading universities including LUMS, IBA, SZABIST, Karachi University, The University of Nottingham and NYU. The meeting aimed to provide ABC members access to a talent pool and networking opportunities for the Teach For Pakistan team.

• Dr. Randy L. Hatfield, Deputy Regional Director at USAID and Mr. Muhammad Tariq Khan, Senior Education Advisor at USAID were invited by the Sub-committee to visit the ABC on 5th August 2014 to share information to members and their CSR representatives on the Sindh Basic Education Program. The program is targeted to touch 1.2 million children in various locations through different program interventions.

• The Sub-committee invited members to volunteer their time to the NUST Center for Innovation and Entrepreneurship (CIE). NUST CIE has launched a Paradigm Changing Student Level Business Plan Competition, called DISCOVER – Prosperity through Entrepreneurship. ABC members have volunteered their time to mentor students, grade ideas, assist in preparation and the grading of business plan. This program provides corporate leaders with an opportunity to share their experiences and knowledge with future leaders and entrepreneurs and identify talent for their respective organizations.

Chairman

Mr. Nadeem Inam ul HuqCountry ManagerInternational Learning Center (Pvt.) Ltd. [Berlitz]

__________________________________________________________________________________________________As Chairman of the Sub-committee, I wish to thank all members of the Sub-committee and the ABC Secretariat for their support and cooperation during the year.

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Members

Mr. Amir KhanCorporate Bank HeadCitibank, N.A.

Mr. Omeir DawoodjiCountry Communications ManagerProcter & Gamble Pakistan (Pvt.) Ltd.

Mr. Rizwan Farid SajjadVice President, Financial Institutions, Treasury J.P. Morgan Pakistan (Pvt.) Ltd.

Mr. Aamir Y. PingalServices Sales Manager (Pakistan & UAE)DuPont Pakistan Operations (Pvt.) Ltd.

Terms of Reference:

1. Study major Government policies relating to Trade, Industry (incl. Import & Export), and Environment impacting members of the ABC and the American business community at large.

2. Identify and develop positions on major issues relating to Government procedures, policies and enactments affecting Trade, Industry, etc.

3. Develop ABC suggestions for Import and Export Policies and the overall Trade Policy

4. Ensure a level playing field for member companies in trade & industry by lobbying for the removal of discriminatory rules and regulations

The activities of the Industry and Trade are summarized below:

• The Sub-committee invited feedback from members on the Trade and Industry Policy. The feedback was reviewed, discussed and compiled to revamp previous documents and form the ABC’s Suggestions for Trade Policy 2014-15. The comprehensive document consisted of proposals in three areas: Improving Competitiveness of Local Industry and Encouraging Investment, Proposals specific to the Pharmaceutical Industry and Trade Agreements. This document was forwarded to the Federal Government in June 2014.

• The Sub-committee remained in contact with the Ministry of Commerce and U.S. Mission on matters affecting Trade & Industry. As a result the ABC was asked to extend invitations to members operating in the Information Technology sector to participate in the Trade and Investment Framework Agreement (TIFA) talks held in Washington D.C. in May. The United States – Pakistan Trade and Investment Framework Agreement (TIFA) is the primary mechanism for both Parties to discuss trade and investment issues and focus on ways to strengthen the bilateral relationship.

Chairman

Mr. Faisal SabzwariCountry Manager PakistanProcter & Gamble Pakistan (Pvt.) Ltd.


Report of the Industry &Trade Sub-committee

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Members

Mr. Ahmer AshrafCountry Public Affairs and Communications Lead Pfizer Pakistan Ltd.

Mr. Jamil MughalDirector of Marketing and DevelopmentSiza Foods (Pvt.) Ltd. (McDonald’s)

Mr. Asmer NaimDirector Government RelationsPhilip Morris Pakistan (Pvt.) Ltd.

Mr. Shaharyar NashatCountry CounselCitibank, N.A.

Mr. Shariq RehmanDirector OFM Oracle Corporation

Mr. Jawaid SiddiquiManager FinanceDuPont Pakistan Operations (Pvt.) Ltd.

Terms of Reference:

1. Identify key IPR and counterfeiting issues impacting ABC members and work on programs and actions intended to influence legislation relating to IPR in both Pakistan and the US.

2. Ensure a level playing field for member companies.

3. Create a liaison with Govt. offices and establish a platform for the ABC and its members.

4. Advise on matters having legal implications or relating to the ABC members and the chamber.

The activities of the Sub-committee are summarized below:

• The Sub-committee continued to advocate the establishment of a functional board for Board of Investment (BoI) and Intellectual Property Organization – Pakistan (IPO-P) while reiterating its stance on securing ABC representation on said boards. Based on a request put forth by the Sub-committee, Ambassador Olson endorsed the recommendation for ABC representation. These requests were received favorably by both bodies.

• The Sub-committee hosted an information sharing session where Ms. Kalpana Reddy, First Secretary for Intellectual Property, South Asia for the U.S. Mission was invited to meet members of the Executive Committee and Legal, IPR and Government Relations Sub-committee. The participants shared IPR challenges being faced in their respective areas of operation and Ms. Reddy informed of the action being taken by various stakeholders to expedite the formation of an IPO board.

• The Sub-committee invited Dr. Joseph Wilson, Chairman Competition Commission of Pakistan to conduct a seminar for ABC members on “The Competitive Effects of Vertical Agreements”. The Chairman shared details of initiatives taken by the CCP to promote the enforcement of competition law.

Chairman

Mr. Tasleemuddin Ahmed BatlayDirectorColgate-Palmolive (Pakistan) Ltd.

Co-Chairman

Mr. S. Iqbal GhaziPresident & CEOSun Consulting (Pvt.) Ltd.

Report of the IPR, Legal &Government RelationsSub-committee

• The Sub-committee considered member company feedback and proposed amendments to Section 150 of the Companies Ordinance, 1984 and to the Code of Corporate Governance.

• The Sub-committee supported the IPO-P in the exercise of removing inconsistencies in the Patents Ordinance 2000 and Trademark Ordinance 2000 to bring it in consonance with the IPO Act 2012.

• The Chairman of the Sub-committee worked closely with the ABC Secretariat and external

Legal Counsel to seek regulatory approval for renewal of Chamber license and amendments in the Articles of Association. The license was renewed on April 30, 2014 for a five year period. Additionally the Chairman of the Sub-committee frequently advised the Secretariat on dealings with regulatory bodies.

• The Chairman of the Sub-committee represented the ABC on the Executive Committee of The Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

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Members

Mr. Ahmer AshrafCountry Public Affairs and Communications Lead Pfizer Pakistan Ltd.


Mr. Asmer NaimDirector Government RelationsPhilip Morris Pakistan (Pvt.) Ltd.

Mr. Shaharyar NashatCountry CounselCitibank, N.A.

Mr. Shariq RehmanDirector OFM Oracle Corporation


Terms of Reference:

1. Identify key IPR and counterfeiting issues impacting ABC members and work on programs and actions intended to influence legislation relating to IPR in both Pakistan and the US.

2. Ensure a level playing field for member companies.

3. Create a liaison with Govt. offices and establish a platform for the ABC and its members.

4. Advise on matters having legal implications or relating to the ABC members and the chamber.


• The Sub-committee continued to advocate the establishment of a functional board for Board of Investment (BoI) and Intellectual Property Organization – Pakistan (IPO-P) while reiterating its stance on securing ABC representation on said boards. Based on a request put forth by the Sub-committee, Ambassador Olson endorsed the recommendation for ABC representation. These requests were received favorably by both bodies.

• The Sub-committee hosted an information sharing session where Ms. Kalpana Reddy, First Secretary for Intellectual Property, South Asia for the U.S. Mission was invited to meet members of the Executive Committee and Legal, IPR and Government Relations Sub-committee. The participants shared IPR challenges being faced in their respective areas of operation and Ms. Reddy informed of the action being taken by various stakeholders to expedite the formation of an IPO board.

• The Sub-committee invited Dr. Joseph Wilson, Chairman Competition Commission of Pakistan to conduct a seminar for ABC members on “The Competitive Effects of Vertical Agreements”. The Chairman shared details of initiatives taken by the CCP to promote the enforcement of competition law.


• The Sub-committee considered member company feedback and proposed amendments to Section 150 of the Companies Ordinance, 1984 and to the Code of Corporate Governance.

• The Sub-committee supported the IPO-P in the exercise of removing inconsistencies in the Patents Ordinance 2000 and Trademark Ordinance 2000 to bring it in consonance with the IPO Act 2012.

• The Chairman of the Sub-committee worked closely with the ABC Secretariat and external

Legal Counsel to seek regulatory approval for renewal of Chamber license and amendments in the Articles of Association. The license was renewed on April 30, 2014 for a five year period. Additionally the Chairman of the Sub-committee frequently advised the Secretariat on dealings with regulatory bodies.

• The Chairman of the Sub-committee represented the ABC on the Executive Committee of The Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

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Members

Mr. Kamran A. KhanCountry Manager, DuPont Protection TechnologiesDuPont Pakistan Operations (Pvt.) Ltd.

Mr. Monis KhanResident HeadACNielsen Pakistan (Pvt.) Ltd.

Mr. Jawad A. KhanTerritory Sales Manager (Pakistan & Afghanistan)IBM

Terms of Reference:

1. To facilitate the presence of ABC in the North region

2. To have close interaction with the ABC members located in North

3. To have close liaison with the Government functionaries for resolution of all ABC issues


• The North Members Sub-committee kept the Executive Committee informed about social and political developments in Punjab.

• The ABC leadership and the North Members Sub-committee worked to organize networking dinners for members based in Islamabad and Lahore.

• The Chairman of the North Members Sub-committee participated and made valuable contributions to the Executive Committee meetings scheduled in Lahore on the 24th of March 2014. Various meetings were organized with leaders and representatives of the agricultural industry to discuss issues affecting the sector. The Executive Committee also met Chief Minister Punjab Mr. Shahbaz Sharif along with Dr. Ayesha Pasha, Syed Maratib Ali, Mr. Mohammad Jehanzeb Khan and Engr. Sohail Lashari at the Chief Minister’s residence.

• The North Members Sub-committee submitted input to the Executive Committee on how to improve member engagement in the north.

• The Chairman of North Members Sub-committee was invited to participate in various forums and seminars in Islamabad and Lahore on behalf of the Executive Committee.

Chairman

Mr. Aamir M. MirzaPakistan Country LeadMonsanto Pakistan (Pvt.) Ltd.


Report of the NorthMembers Sub-committee

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MEMBERS

Mr. Kamran NishatManaging Director & CEOMuller & Phipps Pakistan (Pvt.) Ltd.

Mr. Tilal SafdarSr. Sales and Marketing DirectorPfizer Pakistan Ltd.

Mr. Arshad Rahim KhanManaging DirectorOBS Pakistan (Pvt.) Ltd.

Mr. Atif KamalBusiness ManagerDuPont Pakistan Operations (Pvt.) Ltd.

Mr. Najeeb ur RehmanDirector PharmaMuller & Phipps Pakistan (Pvt.) Ltd.

Terms of Reference:

1. Co-ordinate with members in all matters relating to the Pharmaceutical & Agricultural Chemicals industry to identify & develop positions on major issues pertaining to this sector.

2. Ensure a level playing field for member companies in these sectors.

3. Engage with the regulatory authorities and key stakeholders to highlight the major challenges and concerns facing ABC member companies.

The activities of the Pharmaceutical & Agricultural Chemicals Sub-committee are summarized below:

• The Sub-committee worked with the Pharma Bureau to lobby the GoP and regulatory authorities for improving the functioning of the Drug Regulatory Authority, issuance of pending registrations, grant of an interim price adjustment and on the development of a transparent pricing policy.

• The Sub-committee provided the US Mission with timely information and input on Pharma related matters.

• It effectively used the ABC platform to ensure that the US Mission was kept abreast of issues affecting the Pharmaceutical Industry and actively supported the ABC Pharma companies.

• Members of the Sub-committee worked with the Pharma Bureau to develop new product pricing mechanisms.

• The Sub-committee worked towards ensuring a level playing field in the Agrochemicals and Seeds industry (registration of crop protection products and seeds, etc.).

• It provided input to the IPR Sub-committee on IPR issues (Smuggled and Counterfeit products) faced by the Pharma & Agro industry.

Chairman

Arshad Saeed HusainManaging DirectorAbbott Laboratories (Pakistan) Ltd.

Report of the Pharmaceutical &Agricultural ChemicalsSub-committee

Members

Ms. Sanam KohatiCountry HR OfficerCitibank, N.A.

Mr. Asad IqbalHR GeneralistDuPont Pakistan Operations (Pvt.) Ltd.

Mr. Masood Ahmed ZiaDirector Human Resources, I.R. & AdminOBS Pakistan (Pvt.) Ltd.

Mr. Shahrukh MasoodHR DirectorAbbott Laboratories (Pakistan) Ltd.

Mr. Wassi ur RehmanCountry HR ManagerProcter & Gamble Pakistan (Pvt.) Ltd.

Mr. Syed Atif AftabHR ManagerOracle Corporation

Terms of Reference:

1. To provide support to the ABC staff and define their reporting lines, benefits and increments

2. Study contemporary trends, practices and policies relating to Human Resource Management and Industrial Relations impacting members

3. Identify and develop position on major issues and make recommendations to the Executive Committee for representation to the Government as and when needed

4. Serve as a forum for consultation and exchange of information with members and serve the community on matters relating to Human Resource Management and Industrial Relations

The activities of the HR Sub-committee are summarized below:

• The Sub-committee developed a mechanism whereby Sub-committee members could share job openings within the Sub-committee for referrals. This was initiated with the intention of eventually developing the necessary technology to expand the provision of this facility to all members.

• After a member company communicated its requirement for an Employer of Choice Survey, members of the Sub-committee worked with the demand originator to identify vendors. Subsequently the survey questionnaire was finalized and circulated amongst leading colleges. The survey findings were then analyzed and used by the demand originator.

• The Sub-committee worked with the Secretary General to develop a comprehensive performance appraisal system for the Secretariat and ensured that the provision of increments and benefits for staff members was driven by performance ratings.

The Chairman worked closely with the Secretariat to prepare benefit proposals and staff benefit recommendations were submitted to the Executive Committee.

• The Sub-committee worked with the secretariat to develop an “ABC Internship

Program”. A job description was developed and circulated to leading business colleges. After an extensive round of interviews an IBA graduate was selected for the internship program. Upon completing the internship, the graduate was selected as a teaching fellow in the prestigious Teach for Pakistan program.

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Members

Mr. M. Iqbal ShekhaniCEO Johan (Pvt.) Ltd. (Culligan)

Mr. Ghulam AbbasSecurity ConsultantIBM


Mr. Filraz Ahmed SiddiquiSr. Corporate Security ManagerPfizer Pakistan Ltd.

Mr. Norbert AlmeidaSecurity ConsultantProcter & Gamble Pakistan (Pvt.) Ltd.


Mr. Adil RanaCountry Manager SecurityGerry’s International (Pvt.) Ltd. (FedEx)

Capt. (R) Muhammad Rashid-ul-HassanManager Industrial Relations & Admin.OBS Pakistan (Pvt.) Ltd.

Mr. Kamran MazharChief Operating OfficerACE Insurance Ltd.

Col. (R) Chaudhry Muhammad SabahuddinHead of Security & Investigative ServicesCitibank, N.A.

Mr. Usman QureshiSecurity Manager – TMENADuPont Pakistan Operations (Pvt.) Ltd.

Col (R) Touqir Raza ShahHead of Admin & SecurityMuller & Phipps Pakistan (Pvt.) Ltd.

Terms of Reference:

1. To create a forum via which ABC companies are able to access effective information and contact the appropriate resources when the need arises.

2. To maintain a database of actual incidents experienced by ABC member companies that can be taken up in meetings with the government or relevant people.

3. To identify and maintain contacts within the Govt., Rangers, Police, CPLC and Army, to be shared with all members.

4. To share information on security threats, advisory notes and best practices regarding safety measures amongst the Sub-committee and larger membership as required via SMS

5. To remind all members to regularly update their security plans and strategies.


• The Chairman of the Security Sub-committee actively engaged with the CPLC Chief, Additional IG and Sindh Governor to gather

Chairman

Mr. Ahmed Jamal MirManaging Director & CEOPrestige Communications (Pvt.) Ltd. (Grey)

Report of the Security Sub-committee

information on the security situation and establish a close liaison.

• Subsequent to feedback received from the various enforcement bodies, the Security Sub-committee issued a letter to the Honorable Prime Minister requesting immediate action against unregistered SIMs.

• On June 24th 2014 Mr. Ahmed Jamal Mir, Chairman of the Security Sub-committee and Mr. Norbert Almeida, Member of the Security Sub-committee conducted an information sharing session where members exchanged information on security precautions being undertaken in the wake of the Waziristan operation.

• The Sub-committee maintained close contact with the U.S. Embassy and Consulate. The Consulate in Karachi and Embassy in

Islamabad issues periodic warnings / advisory information to US citizens in Pakistan. These warden messages, which include precautionary measures, were shared with ABC members in a timely manner.

• The Sub-committee invited Mr. Ahmed Chinoy, Chief of Citizens-Police Liaison Committee (CPLC) and his team to meet ABC members and provide a security update after the Karachi airport attacks.

• The Sub-committee maintained close contact with the rangers, police and CPLC and actively assisted members in resolving their security issues through coordinate with these bodies.

• The Sub-committee provided financial support to the CPLC by requesting donations from member companies.

Members







Terms of Reference:












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Members

Mr. M. Iqbal ShekhaniCEO Johan (Pvt.) Ltd. (Culligan)

Mr. Ghulam AbbasSecurity ConsultantIBM


Mr. Filraz Ahmed SiddiquiSr. Corporate Security ManagerPfizer Pakistan Ltd.

Mr. Norbert AlmeidaSecurity ConsultantProcter & Gamble Pakistan (Pvt.) Ltd.


Mr. Adil RanaCountry Manager SecurityGerry’s International (Pvt.) Ltd. (FedEx)

Capt. (R) Muhammad Rashid-ul-HassanManager Industrial Relations & Admin.OBS Pakistan (Pvt.) Ltd.

Mr. Kamran MazharChief Operating OfficerACE Insurance Ltd.

Col. (R) Chaudhry Muhammad SabahuddinHead of Security & Investigative ServicesCitibank, N.A.

Mr. Usman QureshiSecurity Manager – TMENADuPont Pakistan Operations (Pvt.) Ltd.

Col (R) Touqir Raza ShahHead of Admin & SecurityMuller & Phipps Pakistan (Pvt.) Ltd.

Terms of Reference:

1. To create a forum via which ABC companies are able to access effective information and contact the appropriate resources when the need arises.

2. To maintain a database of actual incidents experienced by ABC member companies that can be taken up in meetings with the government or relevant people.

3. To identify and maintain contacts within the Govt., Rangers, Police, CPLC and Army, to be shared with all members.

4. To share information on security threats, advisory notes and best practices regarding safety measures amongst the Sub-committee and larger membership as required via SMS

5. To remind all members to regularly update their security plans and strategies.


• The Chairman of the Security Sub-committee actively engaged with the CPLC Chief, Additional IG and Sindh Governor to gather

information on the security situation and establish a close liaison.

• Subsequent to feedback received from the various enforcement bodies, the Security Sub-committee issued a letter to the Honorable Prime Minister requesting immediate action against unregistered SIMs.

• On June 24th 2014 Mr. Ahmed Jamal Mir, Chairman of the Security Sub-committee and Mr. Norbert Almeida, Member of the Security Sub-committee conducted an information sharing session where members exchanged information on security precautions being undertaken in the wake of the Waziristan operation.

• The Sub-committee maintained close contact with the U.S. Embassy and Consulate. The Consulate in Karachi and Embassy in

Islamabad issues periodic warnings / advisory information to US citizens in Pakistan. These warden messages, which include precautionary measures, were shared with ABC members in a timely manner.

• The Sub-committee invited Mr. Ahmed Chinoy, Chief of Citizens-Police Liaison Committee (CPLC) and his team to meet ABC members and provide a security update after the Karachi airport attacks.

• The Sub-committee maintained close contact with the rangers, police and CPLC and actively assisted members in resolving their security issues through coordinate with these bodies.

• The Sub-committee provided financial support to the CPLC by requesting donations from member companies.

Members







Terms of Reference:












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Chairman

Mr. Nadeem LodhiManaging Director & Citi Country OfficerCitibank, N.A.

Report of the Finance &Taxation Sub-committee

Members

Mr. Amin M. KhowajaGeneral ManagerJ.P. Morgan Pakistan (Pvt.) Ltd.

Mr. Atif JamaliVice PresidentCitibank

Mr. S. M. WajeehuddinSr. Finance DirectorPfizer Pakistan Ltd.

Mr. Humzah ChaudhriFinance ManagerACE Insurance Ltd.

Mr. Imran Muhammad FarooquiGroup Manager FinanceProcter & Gamble Pakistan (Pvt.) Ltd.


Terms of Reference:

1. Study major Government policy directives on various matters relating to Finance and Taxation concerning members of the ABC and the American business community at large.

2. Identify and develop positions on major issues relating to Finance and Taxation.

3. Develop ABC proposals for the Federal Budget.

4. Ensure a level playing field for member companies by lobbying for the removal of discriminatory rules and regulations.

5. Oversee ABC Finance.

The activities of the Finance & Taxation Sub-committee are summarized below:

• The Finance & Taxation Sub-committee

sought input from the ABC members to prepare an all inclusive proposal for the Federal Budget 2014-15. The ABC submitted its proposals relating to tax and procedural issues to the Federal Board of Revenue (FBR), Ministry of Commerce and the Board of Investment on March 27, 2014.

• The aforementioned document contained 7 taxation related proposals and 13 procedural improvement/modification proposals. The ABC expects the proposals to have a positive impact on US companies operating in Pakistan. The procedural suggestions were designed to help streamline and improve tax collection and appeal processes.

• The Chairman and the ABC President met with Finance Minister Ishaq Dar and Chairman FBR Tariq Bajwa for pre-budget consultations. The Chairman and ABC President presented 6 core taxation recommendations to Finance Minister Ishaq Dar. The recommendations were:

1. Expansion of the tax net

2. Simplification of the tax structure

3. Lower corporate tax rate

4. Banks’s returns as per the Seventh Schedule to be accepted to avoid unnecessary litigation

5. Pharmaceutical products should be exempt from GST

6. Tax relief for salaried class

• The Sub-committee supported and facilitated members facing taxation issues by ensuring their concerns were escalated to the relevant authorities in a timely manner.

• The Sub-committee worked closely with secretariat staff to assist in Chamber finance related matters.


Members







Terms of Reference:












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Chairman

Mr. Tauqir AhmedChief ExecutiveDuPont Pakistan Operations (Pvt.) Ltd.

Co-Chairman

Mr. M. Iqbal ShekhaniChief Executive Officer Johan (Pvt.) Ltd. (Culligan)

Report of the HR Sub-committee

Members







Terms of Reference:












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Members







Terms of Reference:












| 47


Chairman

Mr. Akram Wali MohammadChief ExecutiveGerry’s International (Pvt.) Ltd. (FedEx)

Co-Chairman

Mr. Tauqir AhmedChief ExecutiveDuPont Pakistan Operations (Pvt.) Ltd.

Report of the Media, PR &Programs Sub-committee

Members







Terms of Reference:












__________________________________________________________________________________________________As Chairman of the Subcommittee, I wish to thank all members of the Subcommittee and the ABC Secretariat for their support and cooperation during the year.

Members

Mr. Ahmer AshrafCountry Public Affairs and Communications LeadOfficer Pfizer Pakistan Ltd.

Mr. Adeel ShahidCountry Marketing & Public AffairsCitibank, N.A.

Mr. Arshad HussainCOOGerry’s International (Pvt.) Ltd. (FedEx)

Mr. Noman LakhaniManager PROracle Corporation

Terms of Reference:

1. Positively project the ABC to all stakeholders through events and special activities.

2. Ensure highlighting various ABC activities through different modes of media.

3. Create awareness of ABC key issues.

4. Propose a plan to invite high profile guest speakers to address the ABC members on current issues or subjects of general business interest.

5. Propose a plan for the ABC Economic Summit and recommend high profile speakers and invitees for the event. Work with ABC Secretary General to plan and manage the event.

The activities of the Media, PR & Programs Subcommittee are summarized below:

• The subcommittee organized meetings with several diplomats including an Executive Committee meeting with the Danish Ambassador for Pakistan Jesper Møller

Sørensen, a member luncheon meeting with Canadian High Commissioner to Pakistan Greg Giokas, and a member luncheon with outgoing U.S. Consul General Michael Dodman, incoming U.S. Consul General Brain Heath and the Consulate Political and Economic team.

• The subcommittee organized and facilitated numerous other information sharing and guest speaker meetings for the Executive Committee and ABC members.

• The subcommittee oversaw the ABC’s media outreach and press strategy: including development of public relations materials and press releases, publicizing activities and maintaining traditional and digital media relations. The Subcommittee worked with the Secretariat to identify a suitable PR partner for strategy implementation and worked with the partner to ensure visibility in the media through press releases, interviews and quotes.

• The subcommittee worked tirelessly with the Secretariat to prepare a design and plan for the ABC Trade Expo and had finalized all necessary details including venue layout, guest list and sponsors but the Executive Committee unanimously agreed to call off the event due to uncertainty in the security and political climate at the time.

• The subcommittee worked with the Secretariat to select a vendor to redesign the ABC website. The subcommittee and the secretariat worked closely with the vendor to select a layout that adequately captured the ABC’s history, mission, activities and publications while providing branding opportunities for members. The revamped website went live in August 2014.

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__________________________________________________________________________________________________As Chairperson of the Sub-Committee, I wish to thank all members of the Sub-Committee and the ABC Secretariat for their support and cooperation during the year.

Chairperson

Ms. Zehra NaqviChief ExecutiveACE Insurance Ltd.

Report of the Membership &Administration Sub-committee

Members







Terms of Reference:












Members

Mr. Irshad KassimChairmanKaram Ceramics Ltd.

Ms. Hazel D’SouzaCorporate/Growth CoordinatorDuPont Pakistan Operations (Pvt.) Ltd.

Mr. Shyam ShahaniCountry Operations OfficerCitibank, N.A.

Terms of Reference:

1. To oversee and review the membership criteria for the ABC.

2. Pursue a membership drive to seek new members for the ABC.

3. To develop and implement prudent administration systems and oversee Secretariat estate matters.

The activities of the Membership & Administration Sub-committee are summarized below:

• The Sub-committee worked closely with the Legal Sub-committee to examine

membership applications and take decisions on applications that were received by the Secretariat.

• The Sub-committee’s terms of reference were expanded to include the implementation of prudent administrative systems and to oversee Secretariat estate matters.

• The Sub-committee worked with the ABC Secretariat to conduct a rental market analysis to determine appropriate terms and conditions for renewal of lease agreement for Secretariat office premises. Various factors were considered including location, price per square foot, vacancy rate and age of construction. After analyzing these factors, recommendations were put forth for Executive Committee approval and the lease was subsequently renewed for a five year period.

• The Chairperson worked with the Secretariat for the disposal and acquisition of various capital expenditures.

• The Secretariat worked with the Chairperson to implement renovations within the Executive Board Room.

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Members







Terms of Reference:












ABC Representation

Members







Terms of Reference:












ABC was represented on the following Councils/Committees:

1. ADVISORY COUNCIL OF THE President ABC MINISTRY OF FINANCE

2. ADVISORY COUNCIL OF THE President ABC MINISTRY OF COMMERCE

3. PROVINCIAL COMMITTEE ON President ABC INVESTMENT (SINDH)

4. FEDERATION OF PAKISTAN CHAMBERS OF COMMERCE & INDUSTRY (FPCCI)

a) EXECUTIVE COMMITTEE Mr. Osman Asghar Khan Chief Executive Officer EMC Information Systems (Pvt.) Ltd.

b) GENERAL BODY

Corporate Class Mr. Osman Asghar Khan Chief Executive Officer EMC Information Systems (Pvt.) Ltd.

Associate Class Mr. Kamran Nishat Managing Director & Chief Executive Muller & Phipps Pakistan (Pvt.) Ltd.

ABC Representation

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®

Financial Statements

Financial Statements

We have audited the annexed balance sheet of The American Business Council of Pakistan (here-in-after referred as “the Council”) as at 30 June 2014 and the related income and expenditure account, statement of comprehensive income, cash flow statement and statement of changes in equity together with the notes forming part thereof, for the year then ended 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 our audit.

It is the responsibility of the Council’s management to establish and maintain a system of internal control, and prepare and present the above said statements in conformity with the approved accounting standards and the requirements of the Companies Ordinance, 1984. Our responsibility is to express an opinion on these statements based on our audit.

We conducted our audit in accordance with the auditing standards as applicable in Pakistan. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the above said statements are free of any material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the above said statements. An audit also includes assessing the accounting policies and significant estimates made by management, as well as, evaluating the overall presentation of the above said statements. We believe that our audit provides a reasonable basis for our opinion and, after due verification, we report that:

a) in our opinion, proper books of account have been kept by the Council as required by the Companies Ordinance, 1984;

b) in our opinion:

i) the balance sheet and income and expenditure account together with the notes thereon have been drawn up in conformity with the Companies Ordinance, 1984, and are in agreement with the books of account and are further in accordance with accounting policies consistently applied except for the change in accounting policy as mentioned in note 4.10 to accompanying financial statements, with which we concur;

ii) the expenditure incurred during the year was for the purpose of the Council’s business; and

iii) the business conducted, investments made and the expenditure incurred during the year were in accordance with the objects of the Council;

Auditors’ report to the members

KPMG Taseer Hadi & Co.Chartered AccountantsSheikh Sultan Trust Building No. 2Beaumont RoadKarachi, 75530 Pakistan

Telephone + 92 (21) 3568 5847Fax + 92 (21) 3568 5095Internet www.kpmg.com.pk


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c) in our opinion and to the best of our information and according to the explanations given to us, the balance sheet, income and expenditure account, statement of comprehensive income, cash flow statement and statement of changes in equity together with the notes forming part thereof conform with approved accounting standards as applicable in Pakistan, and, give the information required by the Companies Ordinance, 1984, in the manner so required and respectively give a true and fair view of the state of the Council’s affairs as at 30 June 2014 and of the surplus, its cash flows and changes in equity for the year then ended; and

d) in our opinion no Zakat was deductible at source under the Zakat and Ushr Ordinance, 1980.

Date: 02 September 2014 KPMG Taseer Hadi & Co. Chartered AccountantsKarachi Amyn Pirani

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NON-CURRENT ASSETS Property and equipment Deferred taxation CURRENT ASSETS Advances, deposits, prepayments and other receivables Advance taxation - net of provisionShort term investments Bank balances CURRENT LIABILITIES Advance annual subscription Deferred incomecurrent portion Accrued expenses and other liabilitiesProvision for taxation - net Net current assets FINANCED BY: Initial contribution Accumulated surplus NON- CURRENT LIABILITIES Deferred income Deferred liability - staff gratuity

946,469 58,841

1,005,310

1,858,362 123,591

8,000,000 7,963

9,989,916

5,182,500 91,172

433,299 -

5,706,971 4,282,945 5,288,255

40,000 4,310,450 4,350,450

- 937,805 937,805

5,288,255

1,224,276 351,838

1,576,114

1,357,223 88,043

7,500,000 576,576

9,521,842

5,119,500 91,172

205,082 -

5,415,754 4,106,088 5,682,202

40,000 4,978,998 5,018,998

91,172 572,032 663,204

5,682,202

1,461,026 -

1,461,026

2,633,027 -

6,000,000 6,539,233

15,172,260

6,634,250 -

3,498,461 612,531

10,745,242 4,427,018 5,888,044

40,000 5,478,148 5,518,148

- 369,896 369,896

5,888,044

The American Business Council of PakistanBalance SheetAs at 30 June 2014

57.1

6789

1011127

1117.5

The annexed notes 1 to 24 form an integral part of these financial statements.

(Rupees)

Note 30 June2014

30 June2013

Restated

01 July2012

Restated

PRESIDENTMEMBER EXECUTIVECOMMITTEE


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INCOME Annual subscriptions Representative fee - corporate members Entrance fee Gain on sale of fixed assets Mark-up on short term investments Reports, publications and other income EXPENDITURE (administrative) Salaries and other benefits Staff provident fund Staff gratuity Rent Printing and stationery Conveyance and fuel Fee and subscriptions Repairs and maintenance Insurance Postage, telephone and fax Bank charges Depreciation Legal and professional charges Meetings Electricity Receivable written off Loss on Sale of Fixed Assets Workers' Welfare Fund Security charges Penalty Others Surplus / (deficit) for the year before tax Taxation - Current - Deferred Surplus / (deficit) for the year


8,125,000 120,500

- 11,026

556,987 1,704,098

10,517,611

5,265,642 297,360 439,127

1,156,410 362,042 391,019 177,810

97,428 89,048

289,273 2,498

563,833 690,852

- 190,864

51,000 -

4,617 288,000

- 282,703

10,639,526 (121,915)

98,434 333,079 (431,513) (553,428)

8,858,333 173,000 700,000

- 601,782

1,801,272 12,134,387

4,364,193 187,381 491,774

1,308,324 370,886 295,727 182,873 145,906

84,649 363,832

2,224 559,182

1,149,941 144,471 319,500 134,500

1,485 28,519

311,400 105,000 424,460

10,976,226 1,158,161

475,124 -

(475,124) 683,037

13

1415

16

17.6

5

18

(Rupees)

Note 2014 2013Restated


The American Business Council of PakistanIncome and Expenditure AccountFor the year ended 30 June 2014

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INCOME Annual subscriptions Representative fee - corporate members Entrance fee Gain on sale of fixed assets Mark-up on short term investments Reports, publications and other income EXPENDITURE (administrative) Salaries and other benefits Staff provident fund Staff gratuity Rent Printing and stationery Conveyance and fuel Fee and subscriptions Repairs and maintenance Insurance Postage, telephone and fax Bank charges Depreciation Legal and professional charges Meetings Electricity Receivable written off Loss on Sale of Fixed Assets Workers' Welfare Fund Security charges Penalty Others Surplus / (deficit) for the year before tax Taxation - Current - Deferred Surplus / (deficit) for the year

Surplus / (deficit) for the year Other comprehensive income Items not to be reclassified to profit or loss in subsequent periods:

Remeasurements of defined benefit liability Deferred tax thereon Current tax thereon

(553,428)

(174,446)

40,081

19,245

(115,120)

(668,548)

683,037

823,487

(58,841)

(279,985)

484,661

1,167,698

17.7

4.10

7

(Rupees)



The American Business Council of PakistanStatement of Comprehensive IncomeFor the year ended 30 June 2014



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(121,915)

563,833

(91,173) 51,000 (11,026)

439,127 829,846

(552,140)

63,000 228,217 568,923

(247,800) (114,737) 206,386

(340,000) (500,000)

65,000 (775,000)

(568,614)

576,577 7,963

1,158,161

559,182

(91,172) 134,500

1,485 491,774

2,253,930

(909,165)

1,451,750 3,065,162 5,861,677

(236,196) (18,987)

5,606,494

(1,172,750) 2,000,000

97,526 924,776

6,531,270

7,963 6,539,233

CASH FLOWS FROM OPERATING ACTIVITIES

Surplus / (deficit) for the year before tax

Adjustments for:DepreciationGrant from members towards refurbishment cost - recognised in the Income and Expenditure accountReceivable written offLoss / (gain) on disposal of fixed assetsProvision for gratuity - net

Increase in operating assets:Advances, deposits, prepayments and other receivables

Increase in operating liabilities:Advance subscription and contributions Accrued expenses and other liabilities

Gratuity paid - contributionIncome taxes paidNet cash flows from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Property and equipment purchasedShort term investments - netProceeds from disposal of fixed assets Net cash flows from investing activities

Increase / (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of the yearCash and cash equivalents at end of the year

(Rupees)



The American Business Council of PakistanCash Flow StatementFor the year ended 30 June 2014

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(Rupees)


Balance as on 01 July 2012- as previously reported 40,000 5,013,837 5,053,837

Effect of retrospective change in accounting policy with respect to accounting for actuarial losses referred in note 4.10 - (34,839) (34,839)

Balance as on 01 July 2012- as restated 40,000 4,978,998 5,018,998

Total comprehensive income for the year (deficit for the year) - restated - (668,548) (668,548)

Balance as on 30 June 2013 - (restated) 40,000 4,310,450 4,350,450

Total comprehensive income for the year (surplus for the year) - 1,167,698 1,167,698

Balance as on 30 June 2014 40,000 5,478,148 5,518,148

Initialcontribution

Accumulatedsurplus

Total


The American Business Council of PakistanStatement of Changes in Equity For the year ended 30 June 2014


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1. STATUS AND NATURE OF BUSINESS The American Business Council of Pakistan (hereinafter referred as "the Council" ) was incorporated as

a Company limited by guarantee as Association not for profit under the Companies Act, 1913 (VII of 1913, now Companies Ordinance, 1984) on 05 February 1984. The principal activity of the Council is to promote and develop trade and industry between Pakistan and United States of America. The Council comprises of 62 corporate and 01 associate members. The Council has been granted license as a Trade Organisation within the meaning of clause (q) of section 2 of Trade Organizations Ordinance, 2007 (LXXI of 2007) and as a Chamber to represent trade, commerce, industry or services or any combination thereof. The Council’s registered office is situated at F-30, Block 7, KDA Scheme No. 5, Kehkashan, Clifton, Karachi.

2. BASIS OF PREPARATION 2.1 Statement of compliance These financial statements have been prepared in accordance with approved accounting standards as

applicable in Pakistan. Approved accounting standards comprise of such International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board as are notified under the Companies Ordinance, 1984, provisions of and directives issued under the Companies Ordinance, 1984. In case requirements differ, the provisions of and directives issued under the Companies Ordinance, 1984 shall prevail.

2.2 Basis of measurement These financial statements have been prepared under the historical cost convention. 2.3 Functional and presentation currency These financial statements are presented in Pak Rupees, which is the Council's functional currency. All

financial information presented in Pak Rupees has been rounded off to the nearest Rupee. 2.4 Use of estimates and judgments The preparation of financial statements in conformity with approved accounting standards, as

applicable in Pakistan, requires management to make judgments, estimates and assumptions that affect the application of policies and the reported amounts of assets, liabilities, income and expenses.

The estimates and associated assumptions are based on historical experience and various other

factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimates are revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

1. STATUS AND NATURE OF BUSINESS The American Business Council of Pakistan (hereinafter referred as "the Council" ) was incorporated as

a Company limited by guarantee as Association not for profit under the Companies Act, 1913 (VII of 1913, now Companies Ordinance, 1984) on 05 February 1984. The principal activity of the Council is to promote and develop trade and industry between Pakistan and United States of America. The Council comprises of 62 corporate and 01 associate members. The Council has been granted license as a Trade Organisation within the meaning of clause (q) of section 2 of Trade Organizations Ordinance, 2007 (LXXI of 2007) and as a Chamber to represent trade, commerce, industry or services or any combination thereof. The Council’s registered office is situated at F-30, Block 7, KDA Scheme No. 5, Kehkashan, Clifton, Karachi.

2. BASIS OF PREPARATION 2.1 Statement of compliance These financial statements have been prepared in accordance with approved accounting standards as

applicable in Pakistan. Approved accounting standards comprise of such International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board as are notified under the Companies Ordinance, 1984, provisions of and directives issued under the Companies Ordinance, 1984. In case requirements differ, the provisions of and directives issued under the Companies Ordinance, 1984 shall prevail.

2.2 Basis of measurement These financial statements have been prepared under the historical cost convention. 2.3 Functional and presentation currency These financial statements are presented in Pak Rupees, which is the Council's functional currency. All

financial information presented in Pak Rupees has been rounded off to the nearest Rupee. 2.4 Use of estimates and judgments The preparation of financial statements in conformity with approved accounting standards, as

applicable in Pakistan, requires management to make judgments, estimates and assumptions that affect the application of policies and the reported amounts of assets, liabilities, income and expenses.

The estimates and associated assumptions are based on historical experience and various other

factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimates are revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgments made by management in the application of approved accounting standards as applicable in Pakistan, that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are disclosed in note 22.

3. STANDARDS, INTERPRETATIONS AND AMENDMENTS OF APPROVED ACCOUNTING

STANDARDS NOT YET EFFECTIVE The following standards, amendments and interpretations of approved accounting standards will be

effective for accounting periods beginning on or after 01 July 2014:

- IFRIC 21- Levies ‘an Interpretation on the accounting for levies imposed by governments’ (effective for annual periods beginning on or after 1 January 2014). IFRIC 21 is an interpretation of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. IAS 37 sets out criteria for the recognition of a liability, one of which is the requirement for the entity to have a present obligation as a result of a past event (known as an obligating event). The Interpretation clarifies that the obligating event that gives rise to a liability to pay a levy is the activity described in the relevant legislation that triggers the payment of the levy. The interpretation is not likely to have an impact on Fund’s financial statements.

- Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32) – (effective for annual

periods beginning on or after 1 January 2014). The amendments address inconsistencies in current practice when applying the offsetting criteria in IAS 32 Financial Instruments: Presentation. The amendments clarify the meaning of ‘currently has a legally enforceable right of set-off; and that some gross settlement systems may be considered equivalent to net settlement. The amendments are not likely to have an impact on Fund’s financial statements.

- Amendment to IAS 36 “Impairment of Assets” Recoverable Amount Disclosures for Non-Financial

Assets (effective for annual periods beginning on or after 1 January 2014). These narrow-scope amendments to IAS 36 Impairment of Assets address the disclosure of information about the recoverable amount of impaired assets if that amount is based on fair value less costs of disposal. The amendments are not likely to have an impact on Fund’s financial statements.

- Amendments to IAS 39 “Financial Instruments: Recognition and Measurement” Continuing hedge

accounting after derivative novation (effective for annual periods beginning on or after 1 January 2014). The amendments add a limited exception to IAS 39, to provide relief from discontinuing an existing hedging relationship when a novation that was not contemplated in the original hedging documentation meets specific criteria. The amendments are not likely to have an impact on Fund’s financial statements.

- Amendments to IAS 19 “Employee Benefits” Employee contributions – a practical approach

(effective for annual periods beginning on or after 1 July 2014). The practical expedient addresses an issue that arose when amendments were made in 2011 to the previous pension accounting requirements. The amendments introduce a relief that will reduce the complexity and burden of accounting for certain contributions from employees or third parties. The amendments are relevant only to defined benefit plans that involve contributions from employees or third parties meeting certain criteria. The amendments are not likely to have an impact on Fund’s financial statements.

- Amendments to IAS 38 Intangible Assets and IAS 16 Property, Plant and Equipment (effective for annual periods beginning on or after 1 January 2016) introduce severe restrictions on the use of revenue-based amortization for intangible assets and explicitly state that revenue-based methods of depreciation cannot be used for property, plant and equipment. The rebuttable presumption that the

use of revenue-based amortisation methods for intangible assets is inappropriate can be overcome only when revenue and the consumption of the economic benefits of the intangible asset are ‘highly correlated’, or when the intangible asset is expressed as a measure of revenue. The amendments are not likely to have an impact on Fund’s financial statements.

- Agriculture: Bearer Plants [Amendment to IAS 16 and IAS 41] (effective for annual periods beginning

on or after 1 January 2016). Bearer plants are now in the scope of IAS 16 Property, Plant and Equipment for measurement and disclosure purposes. Therefore, a company can elect to measure bearer plants at cost. However, the produce growing on bearer plants will continue to be measured at fair value less costs to sell under IAS 41 Agriculture. A bearer plant is a plant that: is used in the supply of agricultural produce; is expected to bear produce for more than one period; and has a remote likelihood of being sold as agricultural produce. Before maturity, bearer plants are accounted for in the same way as self-constructed items of property, plant and equipment during construction. The amendments are not likely to have an impact on Fund’s financial statements.

- Annual Improvements 2010-2012 and 2011-2013 cycles (most amendments will apply prospectively

for annual period beginning on or after 1 July 2014). The new cycle of improvements contai amendments to the following standards:

- IFRS 2 ‘Share-based Payment’. IFRS 2 has been amended to clarify the definition of ‘vesting condition’ by separately defining ‘performance condition’ and ‘service condition’. The amendment also clarifies both: how to distinguish between a market condition and a non-market performance condition and the basis on which a performance condition can be differentiated from a vesting condition.

- IFRS 3 ‘Business Combinations’. These amendments clarify the classification and measurement of

contingent consideration in a business combination. Further IFRS 3 has also been amended to clarify that the standard does not apply to the accounting for the formation of all types of joint arrangements including joint operations in the financial statements of the joint arrangement themselves.

- IFRS 8 ‘Operating Segments’ has been amended to explicitly require the disclosure of

judgments made by management in applying the aggregation criteria. In addition this amendment clarifies that a reconciliation of the total of the reportable segment’s assets to the entity assets is required only if this information is regularly provided to the entity’s chief operating decision maker. This change aligns the disclosure requirements with those for segment liabilities.

- Amendments to IAS 16 ‘Property, plant and equipment’ and IAS 38 ‘Intangible Assets’. The amendments clarify the requirements of the revaluation model in IAS 16 and IAS 38, recognizing that the restatement of accumulated depreciation (amortization) is not always proportionate to the change in the gross carrying amount of the asset.

- IAS 24 ‘Related Party Disclosure’. The definition of related party is extended to include a

management entity that provides key management personnel services to the reporting entity, either directly or through a group entity.

- IAS 40 ‘Investment Property’. IAS 40 has been amended to clarify that an entity should assess whether an acquired property is an investment property under IAS 40 and perform a separate assessment under IFRS 3 to determine whether the acquisition of the investment property constitutes a business combination.

- The above improvements are not likely to have an impact on the financial statements of the Council.

4. SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies used in the preparation of these financial statements have been

consistently applied to all the periods presented (except for change in mentioned in note 4.10 ) and are set out below:

4.1 Property and equipment Recognition and measurement Items of property and equipment are measured at cost less accumulated depreciation and accumulated

impairment losses. Cost includes expenditures that are directly attributable to the acquisition of asset. When the parts of an item of property or equipment have a different useful lives, they are accounted for as separate item (major components) of the property and equipment.

Gain or loss on disposal of an item of property and equipment is determined by comparing the

proceeds from disposal with the carrying amount of the item of property and equipment, and are recognized net in income and expenditure account.

Subsequent costs The cost of replacing a part of an item property or an equipment is recognized in the carrying amount of

the item if it is probable that the future economic benefits embodied within the part will flow to the Council and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. All other expenses are charged to income during the financial period in which these are incurred.

Depreciation Depreciation is charged to income and expenditure account using the straight line method so as to write

off the depreciable amount of an asset over its estimated useful life at the rates given in note.

Useful lives and residual value of property and equipment Depreciation methods, useful lives and residual value are reassessed at each financial year end and

adjusted if appropriate. Impairment of Property and Equipment The carrying amount of property and equipment are regularly reviewed to determine whether there is

any indication of impairment. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. Such losses are recognised directly in income and expenditure account.

An impairment loss is reversed if there has been a change in the estimate used to determine the recoverable amount. Such reversals are only made to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised.

4.2 Investments These are classified as held to maturity. These are invested with fixed or determinable payments and

fixed maturity for which the Council has ability to hold them till maturity. These investments are initially recognised in the balance sheet at cost inclusive of transaction cost if any and subsequently stated at amortised cost using effective interest rate method.

4.3 Financial instruments Financial assets and financial liabilities are recognised at the time when the Council becomes a party to

the contractual provisions of the instrument. Financial assets are derecognised when the Council loses control of the contractual rights that comprises that financial assets. Financial liabilities are derecognised when they are extinguished, that is, when the obligation specified in the contract is discharged, cancelled or expired. Any gain or loss on derecognition of the financial assets and financial liabilities is taken to income currently.

After initial recognition, all financial assets and financial liabilities are measured at fair value. The

particular recognised method adopted for measurement of financial liabilities investments subsequent to initial recognition is disclosed in the individual policy statement associated with each item.

4.4 Impairment Financial assets

A financial asset is assessed at each balance sheet date to determine whether there is any objective evidence that it is impaired. A financial assets is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of the asset.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the

difference between its carrying amount and the present value of estimated cash flows discounted at the original effective interest rate.

Individually significant financial assets are tested for impairment on an individual basis. The remaining

financial assets are assessed collectively in groups that share similar credit risk characteristics. All impairment losses are recognised in the income and expenditure account.

Non-financial assets The carrying amount of the assets are reviewed at each balance sheet date to determine whether there

is any indication of impairment. If such indication exists, the asset's recoverable amount is estimated in order to determine the extent of impairment loss, if any. Impairment losses are recognised as expense in income and expenditure account. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use.

4.5 Offsetting of financial assets and liabilities Financial assets and financial liabilities are only offset and the net amount reported in the statement of

assets and liabilities when there is a legally enforceable right to set off the recognised amount and the Council intends to either settle on a net basis, or to realise the asset and settle the liability simultaneously.

4.6 Foreign currencies translations Transactions denominated in foreign currencies are recorded in Pakistani Rupees, at the foreign

exchange rate prevailing at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into Pak Rupees at the foreign exchange rates at the balance sheet date. Exchange differences are taken to the income and expenditure account.

4.7 Other assets Other assets are stated at cost less impairment losses, if any. 4.8 Revenue recognition

a) Members entrance fee is recognised as income when due and when no significant uncertainty as to its collectability exist.

b) Annual subscription and representative fee are accounted for on a time proportion basis when due.

Amount received in advance is classified as a liability. c) Interest on term deposits is recognised on time proportion basis taking into account effective yield

on the deposit. d) Other income is recorded when these are due and on the provision of the service.

4.9 Deferred income Grants received from members are recognised initially as deferred income at fair value when there is

reasonable assurance that they will be received and the Council will comply with the conditions associated with the grant.

Grants that compensate the Council for expenses incurred are recognised in income and expenditure

account as other income on a systematic basis in the same period in which the expenses are recognised. Grants that compensate the Council for the cost of an asset are recognised in the income and expenditure account on a systematic basis over the useful life of the asset.

4.10 Staff retirement benefits The Council operates:

a) a recognised contributory provident fund covering all its permanent employees. Equal monthly contributions are made by the Council and the employees to the fund at a rate of ten percent of basic salary.

b) The Company operates an approved funded gratuity scheme for all its regular employees who have

Completed the minimum qualifying period of services as defined under the scheme. Contribution are made to cover the obligations under the scheme on the basis of actuarial valuation. The most recent valuation was carried out as at 30 June 2014 using the Projected Unit Credit Method. Remeasurements which comprise actuarial gains and losses and the return on plan assets (excluding interest) are recognized immediately in other comprehensive income. Past service cost and together with net interest cost are charged to Income and Expenditure Account.

The amount recognised in the balance sheet represents the present value of the defined benefit obligations as reduced by fair value of plan assets.

Actuarial assumptions are the Council's best estimates of the variables that will determine the

ultimate cost of providing post employment benefits. Changes in these assumptions in future years may affect the liability / asset under these plans in future years.

Change in accounting policy - Employee Benefits With effect from the accounting periods beginning on or after 01 January 2013, the revised IAS 19

'Employee Benefits' became effective. The revised IAS 19 requires actuarial gains and losses to be recognized immediately in other comprehensive income. Previously, actuarial gains and losses over and above the corridor limit were amortized by the council over the expected average remaining working lives of employees as allowed under the relevant provision of previous IAS 19. Further, any past service cost is now recognized immediately in the profit and loss as soon as the change in the benefit plans are made. Previously, only vested past service cost was recognized immediately in profit and loss account and non-vested cost was amortised to profit and loss account over the vesting period. The change in accounting policy has been recognised with retrospective effect as per the provision of IAS 8 dealing with Accounting policies, Change in Accounting Estimates and Error. Due to this restatement , the restated Balance sheet as at 30 June 2013 and 01 July 2012 has also been presented as required under IAS 1 'Presentation of Financial Statements'.

The effects of the above change in accounting policy on these financial statements are as follows:

The American Business Council of PakistanNotes to the Financial StatementsFor the year ended 30 June 2014

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30 June 2013

As previously reported

Effect on balance sheet Defined benefit (asset) / liability Deferred tax asset / (liability) Accumulated surplus

764,744

- 4,424,670

173,061

58,841 (114,220)

937,805

58,841 4,310,450

Impact due to change in

policy

As restated

(Rupees)

30 June 2012

As previously reported

518,433

333,079 5,013,837

53,599

18,760 (34,839)

572,032

351,839 4,978,998

Impact due to change in

policy

As restated

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4.11 Taxation Income tax for the year comprises current and deferred tax. Income tax is recognised in the income and

expenditure account. Current Provision for current taxation is based on taxable income at current rates of taxation after taking into

account tax credits and tax rebates available, if any, in accordance with the provision of the Income Tax Ordinance, 2001.

Deferred Deferred tax is recognised using the balance sheet liability method in respect of all temporary

differences arising from differences between the carrying amount of assets and liabilities in the financial statements and their tax base. This is recognised on the basis of the expected manner of the realization or settlement of the carrying amount of assets and liabilities using the tax rates enacted or substantially enacted at the balance sheet date. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences can be utilised. Deferred tax assets are reduced to the extent that is no longer probable that the related tax benefit will be realised.

4.12 Cash and cash equivalents Cash and cash equivalents comprise of cash and bank balances.

4.13 Provisions Provisions are recognised when the Council has a present legal or constructive obligation as a result of

past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are regularly reviewed at each balance sheet date and adjusted to reflect the current best estimate.

Impact on income and expenditure account

(Increase) / decrease in loss before tax due to reclassification of actuarial gains and losses to other comprehensive incomeCurrent taxation

Impact on other comprehensive income

Recognition of actuarial (gain) / loss Deferred tax thereonRecognized tax charge

54,984 (19,244) 35,740

(174,446) 40,081 19,245

(115,120)

65,731 (22,349) 43,382

823,487 (58,841)

(279,986) 484,661

(Rupees)

2014 2013


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COST Rate%

2014

As at 01 July2013

Owned

Furniture and fixtures

Office equipment

Computers

Vehicle

791,139

870,244

276,520

1,586,000

3,523,903

246,300 (59,400)

36,650 (21,705)

156,400 (64,449)

50,400 (68,000)

489,750 (213,554)

978,039

885,189

368,471

1,568,400

3,800,099

10-20

10-33.33

25

20-33.33

Additions /(disposals)

As at 30 June

2014

Written downvalue as at

30 June 2014

(Rupees)

DEPRECIATION

As at 01 July2013

For theyear /

(disposals)

As at 30 June

2014

612,281

748,680

172,389

1,044,084

2,577,434

142,486 (40,245)

33,984 (21,705)

46,651 (41,623)

336,061 (10,970)

559,182 (114,543)

714,522

760,959

177,417

1,369,175

3,022,073

263,517

124,230

191,054

199,225

778,026

COST Rate%

2013

As at 01 July2011

Owned

Furniture and fixtures

Office equipment

Computers

Vehicle

791,139

870,244

205,520

1,384,000

3,250,903

- -

- -

71,000 -

269,000 (67,000)

340,000 (67,000)

791,139

870,244

276,520

1,586,000

3,523,903

10-20

10-33.33

25

20-33.33

Additions /(disposals)

As at 30 June

2012

Written downvalue as at30 June

2012(Rupees)

DEPRECIATION

As at 01 July2011

For theyear /

(disposals)

As at 30 June

2012

478,312

691,167

142,081

715,067

2,026,627

133,969 -

57,513 -

30,308

342,043 (13,026)

563,833 (13,026)

612,281

748,680

172,389

1,044,084

2,577,434

178,858

121,564

104,131

541,916

946,469

5. PROPERTY AND EQUIPMENT Operating property and equipment Advance against purchase of vehicle

5.1 Property and equipment comprises of the following operating property and equipment.

946,469 -

946,469

778,026 683,000

1,461,026

(Rupees)

2014 2013

5.1

Note

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6. ADVANCES, DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES Loans to employees Deposits Prepayments Advance for expense Annual subscription receivable : Corporate members Additional representatives Other receivables: Mark-up on deposit accounts - Citi Bank, N.A. Advertisement charges Others

6.1 This represents interest free loans payable within one year from the date of disbursement. 6.2 This represents advance payments for the ABC Trade Expo 2014 event to be held in September 2014. Subscription money have also been received from the members for this event (refer note 12).

7.1 Deferred tax asset as at 30 June 2014 amounting to Rs 0.247 million in view of uncertainty of its realisation. 7.2 Income tax returns of the Council have been filed up to and including the financial year ended 30 June 2013 which are deemed to be assessed under the Income Tax Ordinance, 2001 unless selected for audit.

149,300 54,000

418,815 -

622,115

462,500 10,500

473,000

72,247 300,000 391,000 763,247

1,858,362

213,500 94,000

340,528 1,395,000 2,043,028

243,750 6,000

249,750

59,249 225,000

56,000 340,249

2,633,027

(Rupees)

2014 2013

6.1

6.2

Note

7. TAXATION - net of provision Balance as at 01 July - Amounts charged during the year - Relating to remeasurements of defined benefit liability - OCI Taxes paid during the year Balance as at 30 June

88,043 (98,434) 19,245

8,854

114,737 123,591

123,591 (475,124) (279,985) (631,518)

18,987 (612,531)

(Rupees)

2014 2013(restated)


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8. SHORT TERM INVESTMENTS Held to maturity Time deposits Certificate of Investments

8.1 These represent time deposits with Citi Bank, N.A. Pakistan branches and carry profit rates of 8.00% and 8.20 % (2013 : 9.00%) per annum having maturity on 17 July 2014 and 21 July 2014.

- 8,000,000

6,000,000 -

(Rupees)

2014 2013

8.1

Note

9. BANK BALANCES Current account 10. ADVANCE ANNUAL SUBSCRIPTION Corporate members 11. DEFERRED INCOME Deferred income - opening balance Recognised as income Deferred income Current 12. ACCRUED EXPENSES AND OTHER LIABILITIES Amount payable to CPLC Workers' Welfare Fund payable Advance for CSR ABC Trade Expo 2014 sponsorship money Accrued expenses Provision for penalty ABC Press advertisement in Business Recorder 13. ANNUAL SUBSCRIPTION INCOME Corporate members Associate members

7,963

5,182,500

182,345 (91,173) 91,172

91,172

70,000 106,164

- -

85,010 -

172,125 433,299

8,075,000 50,000

8,125,000

6,539,233

6,634,250

91,172 (91,172)

-

-

90,000 134,683 200,000

2,865,000 103,778 105,000

- 3,498,461

8,802,083 56,250

8,858,333

(Rupees)

2014 2013

6.2

Note

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15.1 This represents contribution toward printing cost from members who did not publish any advertisement in Annual Report.

17. DEFERRED LIABILITY - staff gratuity The Council operates an approved gratuity fund for all its employees, which is administered by the

Board of Trustees. The gratuity scheme benefit is equal to thirty days last drawn gross salary for each year of eligible service or part thereof in excess of 6 months.

14. MARKUP INCOME ON INVESTMENTS Certificates of investments / Time deposits with Bank Treasury bills 15. REPORTS, PUBLICATIONS AND OTHER INCOME Income from subscription of advertisements in annual report Contribution by members toward Printing cost of annual report Income from Sub-Lessee Income from meetings Expenses from meetings Contribution for ABC Economic Summit by ABC members Cost incurred on ABC Economic Summit Amortisation of deferred income Visa Letters Others

556,987 -

556,987

785,000 230,000 120,000 209,556 (202,412)

7,144

2,100,000 (1,646,094)

453,906

91,173 -

16,875 1,704,098

499,123 102,659 601,782

585,000 260,000 764,100

- -

- -

91,172 101,000

- 1,801,272

(Rupees)

2014 2013

15.1

Note

16. SALARIES AND OTHER BENEFITS Salaries Salaries of contract employees Medical expenses Bonus

4,537,080 85,400

265,072 378,090

5,265,642

3,512,170 92,900

359,175 399,948

4,364,193

(Rupees)

2014 2013


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17.1 Principal actuarial assumptions The last actuarial valuation of the scheme was carried out on 30 June 2014 by an independent actuary

and the significant assumptions used for actuarial valuation were as follows:

Discount rateExpected rate of increase in salary in future

yearsExpected rate of return on plan assetsWithdrawal rate before normal retirement age

11.00%11.00%11.00%

Light

13.50%13.50%13.50%

Light

2014 2013

17.3 Movement in defined benefit obligation Obligation as at 1 July Current service cost Interest cost Remeasurement: actuarial (gain) / loss Obligation as at 30 June 17.4 Movement in fair value of plan assets Plan assets as at 1 July Expected return on plan assets Contribution by the Council Remeasurement: actuarial loss Plan assets as at 30 June 17.5 Movement in payable to defined benefit plan Balance as at 1 July Charge for the year recognised in income and expenditure account Remeasurement of obligations recognised in OCI during the period Contribution during the year Balance as at 30 June

1,968,580 341,075 310,133

44,663 2,664,451

1,396,548 212,081 247,800 (129,783)

1,726,646

572,032 439,127 174,446 (247,800) 937,805

2,664,451 393,860 312,538

(952,068) 2,418,781

1,726,646 214,624 236,196

(128,581) 2,048,885

937,805 491,774

(823,487) (236,196) 369,896

(Rupees)

2014 2013(restated)

17.6

17.7

17.7

17.6

17.7

Note

17.2 Reconciliation of payable to defined benefit plan Present value of defined benefit obligations Fair value of plan assets Liability recognised in the balance sheet

2,664,451

(1,726,646)

937,805

1,968,580

(1,396,548)

572,032

2,418,781

(2,048,885)

369,896

17.3

17.4

17.5

(Rupees)

Note 30 June2014

30 June2013

(restated)

01 July2012

(restated)

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17.6 Charge for the year to be recognised in income and expenditure account Current service cost Interest cost Total defined benefit cost recognised in profit and loss 17.7 Charge for the year to be recognised in other comprehensive income Actuarial (gains) / loss on obligation Actuarial loss on plan assets Total defined benefit cost recognised in other comprehensive income

17.8 Plan assets comprise of following Bank balance Investments Fair value of plan assets at end of the year

341,075 98,052

439,127

44,663 129,783 174,446

726,646 1,000,000 1,726,646

393,860 97,914

491,774

(952,068) 128,581

(823,487)

123,766 1,925,119 2,048,885

(Rupees)

2014 2013

17.3

17.317.4

17.8.1

Note

17.9 Actual return on plan assets The actual return on the assets during the year is: - Expected return on plan assets - Actuarial loss on plan assets 17.10 Components of plan assets as a percentage of total plan

assets Bank balance in profit and loss sharing account Investments 17.11 Sensitivity analysis for actuarial assumptions Discount rate (1% increase) Discount rate (1% decrease) Long salary increase rate (1% increase) Long salary increase rate (1% decrease)

212,081 (129,783)

82,298

42%58%

214,624 (128,581)

86,043

6%94%

2,118,644 2,773,917 2,758,420 2,125,577

(Rupees)

2014 2013

17.417.4

Note

17.8.1 These includes investment in certificate of deposits of Citi Bank N.A, Pakistan Branches amounting to Rs. 1 million (2013: Rs. 1 million) and in Treasury bills amounting Rs. 0.9 million.


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(121,915)

(42,670)

142,075 333,079

- (971)

431,513

1,158,161

393,775

39,721 -

35,700 5,928

475,124

2013(restated)

17.12 Maturity profile of the defined benefit obligation The weighted average duration of the defined benefit obligation Distribution of timing of benefit payments (time in years) 1 2 3 4 5 - 10 11 - 15

13.54

Years

(Rupees)

18. RECONCILIATION BETWEEN (DEFICIT) / SURPLUS FOR THE YEAR AND TAX EXPENSE Surplus / (deficit) for the year before tax Tax @ 34% (2013: @ 35%) - Deferred tax asset not recognised - Deferred tax derecognised - Tax impact on inadmissible expenses - Others

36,382 40,802 44,739 50,912

775,621 8,540,629

(Rupees)

2014

19. FINANCIAL RISK MANAGEMENT The Council has exposure to the following risks from its use of financial instruments: - Market risk - Credit risk - Liquidity risk

This note presents information about the Council’s exposure to each of the above risks, the Council’s objectives, policies and processes for measuring and managing risk, and the Council’s managementof capital.

19.1 Market risk Market risk is the risk that the value of the financial instrument may fluctuate as a result of changes in

market interest rates or the market price of securities due to change in credit rating of the issuer or the instrument, change in market sentiments, speculative activities, supply and demand for securities and liquidity in the market.

The Council presently invests its surplus funds in short term certificates of investments or maintains balance in the deposit accounts of banks.

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Fixed rate instruments Short term investments 8,000,000 6,000,000

(Rupees)

2014 2013

8

Note

Short term investments including profit due Bank balances Advances, deposits and other receivables

8,072,247 7,963

1,367,300 9,447,510

6,059,249 6,539,233

838,250 13,436,732

(Rupees) 2014 2013

896

Note

Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate

because of changes in market interest rates. At 30 June 2014, details of the interest rate profile of the Council's interest bearing financial instruments were as follows:

Credit ratings Credit rating of the Council's Bank as at 30 June 2014 was A2. The rating has been assigned by Moodys.

Fair value sensitivity analysis for fixed rate instruments

The Council does not account for any fixed rate financial assets at fair value through income an expenditure. Therefore, a change in interest rates at the reporting date would not affect income and expenditure account and the equity of the Council.

19.2 Credit Risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause

the other party to incur a financial loss, without taking into account the fair value of any collateral. Concentration of credit risk arises when a number of counter parties are engaged in similar business activities or have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economics, political or other conditions. Concentrations of credit risk indicate the relative sensitivity of the Council's performance to developments affecting a particular industry.

The Council’s policy is to enter into financial contracts in accordance with the guidelines approved by

the Executive Committee. The Council does not expect to incur material credit losses on its financial assets.

Exposure to credit risk Credit risk of the Council arises principally from short term investment, bank balances, advances,

deposits and other receivables. The carrying amount of financial assets represents the maximum credit exposure.

The maximum exposure to credit risk at the reporting date is as follows:

Balance as per the Balance Sheet


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Commercial banks Investment companyEmployeesUtility companiesOthers

Non - derivative liabilities

Accrued expenses and other liabilities

7,963 8,072,247

149,300 54,000

1,164,000 9,447,510

0.08 85.44

1.58 0.57

12.32 100.00

(Rupees)

(Rupees)

2013

%

12,598,482 -

213,500 94,000

530,750 13,436,732

93.76 -

1.59 0.58 3.95

100.00

(Rupees)

Carrying amount On demand

2014

30 June 2014

%

393,778 393,778

Non - derivative liabilities

Accrued expenses and other liabilities

(Rupees) Carrying amount On demand

30 June 2013

327,135 327,135

Concentration of credit risk Concentration of credit risk exists when changes in economic or industry factors affect the group of

counterparties whose aggregate credit exposure is significant in relation to the Council’s total credit exposure. Details of Council's concentration of credit risk of financial instruments by economic sector distribution

are as follows:

19.3 Liquidity risk Liquidity risk is the risk that the Council may encounter difficulty in raising funds to meet its obligations

and commitments associated with financial instruments. The Council manages the liquidity risk by maintaining maturities of financial assets and financial liabilities and investing a major portion of the Council’s assets in highly liquid financial assets.

Maturity analysis for financial liabilities The table below analyses the Council's financial liabilities into relevant maturity groupings based on the

remaining period at the balance sheet date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows.

The maturity profile of the Council's liabilities based on contractual maturities is given below:

Impairment losses and past due balances None of the financial assets are impaired or past due.

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Payable to the Staff Gratuity FundContribution to Staff Provident FundCharge for staff gratuity fundRemuneration of key management personnel

937,805 297,360 439,127

3,236,534

369,896 187,381 491,774

2,148,785

(Rupees)

2014 2013(restated)

17.2

17.6

Note

19.4 Fair values of financial assets and liabilities Fair value is the amount for which an asset could be exchanged, or a liability settled, between

knowledgeable willing parties in an arms length transaction. The carrying values of all financial assets and liabilities reflected in the financial statements approximate their fair

values. 20. TRANSACTIONS WITH RELATED PARTIES The related parties comprise of the members of Executive Committee, key management personnel and

staff retirement benefit funds. Details of transactions and balances with related parties, other than those which have been specifically disclosed elsewhere in these financial statements are as follows:

Remuneration of key management personnel are in accordance with the terms of her employment. In addition, a Council maintained car is also provided to a key management person. Contributions / charge for the retirement benefits are in accordance with the staff services rules and / or actuarial advise.

21. CAPITAL RISK MANAGEMENT The Council is a public company limited by guarantee and accordingly has no capital. The Council is

funded by contributions from members and the executive committee fixes the contributions required from members in order to enable it to meet its future liabilities. The Council is not exposed to externally imposed capital requirement.

22. ACCOUNTING ESTIMATES AND JUDGEMENTS

Income taxes In making the estimates for income taxes currently payable by the Council, the management looks at

the current income tax law and the decisions of appellate authorities on certain issues in the past. Deferred tax assets are reviewed at each balance sheet date and are reduced to the extent that it is no

longer probable that the related tax benefits will be realized. Property and equipments The estimates are made by the management in respect of useful lives, residual values and depreciation

method used which reflects the pattern in which the asset’s future economic benefits are expected to be consumed by the entity. Further, the Council reviews the value of the assets for possible impairment on an annual basis. Any change in the estimates in future years might affect the carrying amounts of the respective items of tangible fixed assets with a corresponding affect on the depreciation charge and impairment.

Other assets Judgement is required in assessing the need for impairment, if any.


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Size of the fund - net assetsCost of the investment madePercentage of the investment madeFair value of the investment made

The break up of fair value of the investment is:

1,673,643 1,673,643

100% 1,673,643

406,289 406,289

100% 406,289

(Rupees)

2014(Unaudited)

2013(Audited)

Deferred staff gratuity Liability Liability is recognised on the basis of actuarial advice using the Projected Unit Credit Method, as more

fully explained in Note 4.10 to these financial statements.

23. GENERAL 23.1 Number of employees The total number of employees as at the year end were 4. 23.2 Provident Fund related disclosure The Council operates recognised contributory provident fund for all its permanent employees. Details of net assets and investments of these funds are as follows:

The management, based on the un-audited financial statements of the funds, is of the view that the investments out of provident funds have been made in accordance with the provisions of Section 227 of the Companies Ordinance, 1984 and the rules formulated for this purpose.

24. DATE OF AUTHORISATION These financial statements were authorized for issue by the Executive Committee in their meeting held

on 02 September 2014.

Bank balancesInvestments (certificate of time deposits with a bank)Accrued return on above

715,919

950,000 7,724

1,673,643

42.78%

56.76%0.46%100%

Amount(Rupees)

2013 (Audited)

%

151,774

250,000 4,515

406,289

37.36%

61.53%1.11%100%

Amount(Rupees)

2014 (Unaudited)

%


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Appreciation

The Executive Committee highly appreciates and thanks the following for actively supporting the ABC by inserting their advertisements in this Annual Report:

1. Abbott Laboratories (Pakistan) Ltd.

2. ACE Insurance Limited

3. Captain-PQ Chemical Industries (Pvt.) Ltd.

4. Citibank, N.A.

5. DuPont Pakistan Operations (Pvt.) Ltd.

6. EMC Information Systems (Pvt.) Ltd.

7. GCS (Pvt.) Ltd.

8. Habib Bank Ltd.

9. International Learning Center (Pvt.) Ltd. [Berlitz]

10. Monsanto Pakistan (Pvt.) Ltd.

11. Muller & Phipps Pakistan (Pvt.) Ltd.

12. New Hampshire Insurance Company

13. OBS Pakistan (Pvt.) Ltd.

14. Optimus Ltd. (Hertz)

15. Pfizer Pakistan Ltd.

16. Prestige Communications (Pvt.) Ltd. (Grey)

17. Procter & Gamble Pakistan (Pvt.) Ltd.

18. Rafhan Maize Products Co. Ltd.

19. Siza Foods (Pvt.) Ltd. (McDonald’s)

20. TRG (Pvt.) Ltd.

21. 3M Pakistan (Pvt.) Ltd.

We also appreciate our member Prestige / Grey for designing the ABC Annual Report.


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Documents

ANNUAL REPORT 2014 - abcpk.org.pkabcpk.org.pk/wp-content/uploads/2015/03/ABC-Annual-Report-2014.pdf · ANNUAL REPORT 2014. TOGETHER, WE CAN ... 03 Mission Statement 04 Executive Committee