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1. Asad Ali Khan – Chairman 06 06
2. M.H.K. Khaishgi * 05 02
3. Air Marshal (Retd.) Pervez Akhtar Nawaz
Director General, Civil Aviation Authority 04 03
4. Javed Saifullah Khan 01 01
5. Dr. Sughra Junejo 04 03
6. S. Ali Raza 06 04
* Mr. M.H.K. Khaishgi relinquished Membership of the Audit Committee on 26th August, 2004 and was replaced
by Mr. Javed Saifullah Khan.
PIA Annual Report 2004 24
The Stock Exchanges of Pakistan under the directives received from the Securities and Exchange Commission of Pakistan
(SECP) have notified the best practices on transfer pricing.
The Corporation has complied with the best practices on Transfer Pricing as contained in the Listing Regulations of Stock
Exchanges in Pakistan in the following manner:
1. Related parties comprise of Corporation’s subsidiaries, associates, directors and the companies under common directorship,
key management personnel and employee benefit funds. Government of Pakistan (GoP), despite being a major shareholder
of the Corporation is not considered as related party and separate records of transactions with GoP were not maintained
nor they were placed before the Board of directors for separate approval.
2. The normal transactions with related parties include provision of transportation and other services and procurement of
materials and services. These transactions, other than those relating to issuance of tickets at concessional rates to the
employees and directors according to terms of employment/regulations, are carried out at prices similar to third parties
under “Comparable Uncontrolled Price Method”.
3. In addition the Corporation has advanced certain amounts to associated companies. These transactions were carried out
at agreed rates and presently are above the current market rates. These agreements were entered into before promulgation
of transfer pricing regulations and the rates are in accordance with the market rates prevailing at the time funds were lent.
4. The transfer pricing policy for all related party transactions was approved by the Board in their meeting held on March 30,
2004.
5. The Corporation does not keep separate records for sales of transportation services to subsidiaries and associates as these
are carried out under normal terms through various agents/stations. The Corporation has prepared and maintained statements
to record the method for determining transfer pricing of other transactions with related parties and the transactions were
entered into on these basis.
6. No intimation has been received from any officer of the Corporation regarding any transaction, which was proposed to be
entered questioning the method and basis of such transaction.
For and on behalf of the Board
Ahmad Saeed
Chairman
April 04, 2005
STATEMENT OF COMPLIANCE WITH THE BEST PRACTICES ON TRANSFER PRICING
25 PIA Annual Report 2004
STATEMENT OF COMPLIANCE WITH BEST PRACTICES OF CODE OF CORPORATE GOVERNANCE
The Corporation, notwithstanding, the applicability of all the Sections of Companies Ordinance & Regulations made thereunder,
whilst discharging its functions, for the general direction and administration of the affairs of the Corporation, exercised all its
powers and acted in a judicious manner to ensure adherence / careful regard to business principles, corporate fairness,
transparency, accountability, setting / attaining / monitoring of corporate objectives to determine the performance, as spelled
out in the Code of Corporate Governance [the Code]. However, in order to concentrate more to provide and further develop
safe, efficient, adequate, economical and properly coordinated air-transport internal / international services, number of provisions
as spelled out in the Code are not practicable for PIA, therefore, the Securities and Exchange Commission of Pakistan (SECP)
vide letter No.EMD/233/472/2002-3790 dated 22nd December, 2004, has exempted the Corporation from the applicability of
inter alia clauses (ii), (iii), (iv), (v), (vi), (viii)(a), (xxiii), (xxv) and clause (xxvi) of the Code.
The adherence to the Corporate Governance provides comfort to the Board and the Corporation functionaries for all / any
function(s) performed by it / them, therefore, notwithstanding the exemptions granted by the Securities and Exchange Commission
of Pakistan, the Corporation during FY 2004, being a listed Corporation on all three Stock Exchanges in Pakistan has complied
with the Code set out in their Listing Regulations, in the following manner.
1. According to PIAC Act, 1956 the Board of Directors consists of Chairman and ten Directors. Chairman and eight Directors
are nominated by the Federal Government and two Directors are elected by the shareholders other than the Federal
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