Governance
Board of Directors
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Mr. Zahid Majeed
Chairman
Chairperson of the Board of Directors - National Foods Limited Known for his unique leadership qualities, which reflect an authentic drive towards innovation and agility, Zahid Majeed is the Chairperson of the Board of Directors at National Foods Limited. Zahid is a strong believer in an engaged board that effectively sets the tone from the top, steering the company towards achieving its mission and vision to become a global food brand. He has played a pivotal role in transforming the company from a modest spice maker to a leading multinational food leader, now serving more than 40 countries. Zahid started his journey in 1987 as Plant Director, later transitioning to Corporate Marketing Director. These roles and the leadership’s vision positioned National Foods as a trusted household name across Pakistan, blending cultural relevance with data-driven innovation to create products for younger, modern consumers across regions. In 2008, Zahid led the Group’s international expansion by establishing its first overseas subsidiary in FZCO, Dubai, UAE. This strategic milestone laid the foundation for the acquisition of majority shareholding in A1 Cash & Carry, Canada, which remains a key partner in National Foods' global growth strategy since the Group invested in it in 2017. The partnership of over eight years has been transformational in National Foods' journey of becoming a proud Pakistani MNC. Zahid works closely with the founding sponsors to accelerate expansion, foster a culture of continuous improvement, and leadership in the Food Service space across Canada. Economic Patriotism is a strong purpose driving National Foods’ Investment and Growth Plans across all geographies. With the Group’s historical strong ties to the Textile Industry, Zahid remains actively engaged with the Textile Institute Pakistan (TIP) and the National Textile Foundation. Women's education is prioritized through initiatives with TIP and TCF Aagahi, an adult literacy program. Additionally, National Foodpreneur, an initiative launched for the love of good, healthy food, empowers and provides international training to aspiring chefs; here again, the majority of graduates are female. His pioneering vision further extends to cultural production, notably through supporting the Karachi Biennale, and Claremont House was a key venue for the first Karachi Biennale in 2017. He studied Philosophy, Politics and Economics at Magdalen College, Oxford, and Textile Technology at the University of New South Wales, Australia. He is a Certified Director of the Institute of Directors, London. He also completed the Board Effectiveness Program at Harvard Business School. As National Foods continues to expand internationally and become a multinational company, Zahid remains committed to governance excellence and sustainable value creation.
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Ms. Saadia Naveed
Non-Executive Director
Having an experience of almost two decades, working at a senior executive position at English Biscuit Manufacturers Pvt. Ltd. (EBM), Saadia Naveed being the Director and Shareholder in the Company, is currently the Deputy Managing Director of EBM.
Saadia held the challenging position of Director Operations in the year 2002, prior to her appointment as Deputy Managing Director in 2008. Under her stewardship, EBM has witnessed remarkable achievements like exponential volume growth, enhancement of Production capabilities and Technical Advancements such as Oracle based ERP system in 2003-04 enabling the team to adapt quickly and be more responsive to the current and future challenges leading to the successful implementation of SAP along with its business intelligence and other value-added models. Saadia is a true team leader who works closely with Departmental Heads to further improve organizational systems, processes and policies. It is her contribution and sound knowledge of finance that made EBM a self-sufficient and debt-free organisation.
Saadia also represents the Boards of Hoechst Pakistan Limited (Formerly Sanofi-Aventis Pakistan Ltd.), Shield Corporation, Employers Federation of Pakistan (EFP), AKUH Corporate Committee for University Advancement, and Management Association of Pakistan (MAP). She was the first ever female President of MAP from June 2013 till March 2015. As President of MAP, she contributed significantly to raise the profile of what is already one of the most acclaimed management organisations in the country. She focused on creating greater awareness of good management practices, and promoted the recognition of companies who actively engaged in them.
Saadia is a great example of a dynamic leader and an inspiration for Pakistani women aspiring to take leadership roles. In 2012, she received Marketing Excellence & Wonder Women of the Year awards for her contributions to business excellence in Pakistan. Soft-spoken, a true friend and deeply interested in uplifting the lives of those around her, she is a keen supporter of various philanthropic initiatives in addition to her professional role. She is also an active member of several other professional organizations including Institute of Directors (IOD) London, National Academy of Performing Arts (NAPA), Korangi Association of Trade & Industry (KATI), and Karachi Chamber of Commerce & Industry (KCCI).
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Mr. Ali H. Shirazi
Independent Director
Mr. Ali H. Shirazi graduated with a BA from Yale University, U.S.A. in 2000 and thereafter completed his Masters in Law from Bristol University, U.K. in 2005. During this period, he worked for the Bank of Tokyo-California.-Mitsubishi in New York as well as American Honda in Torrance, California. He is Atlas Group Director Financial Service and President/Chief Executive of Atlas Battery Limited. He serves on the Board of Atlas Asset Management Limited, Atlas Insurance Limited, Shirazi Investment (Pvt.) Limited, National Management Foundation (sponsoring body of LUMS), Techlogix International Limited, Cherat Packaging Limited, Pakistan Cables Limited and Pakistan Society for Training and Development. Previously he has also served on the Board of National Clearing Company of Pakistan Limited (NCCPL).
He is a ‘Certified Director’ from the Pakistan Institute of Corporate Governance and in 2018 completed the Owner / President Management Program (OPM) from Harvard Business School. -
Mr. Adam Fahy Majeed
Non-Executive Director
Adam Fahy-Majeed received his Master’s degree in Modern and Contemporary Art History, from the School of the Art Institute of Chicago in 2021.
He graduated from the University of Leeds in 2019, receiving a first class Joint Honours BA in History of Art and Italian. Adam has been involved in a wide variety of artistic projects relating to his field of academic expertise, including: the first Karachi Biennale in 2017 (curatorial team member); Amin Gulgee’s 7 and 7.7 solo-exhibitions, Rome, 2018 (assistant curator); He was the curator of Amin Gulgee’s most recent solo-exhibitions. The Spider Speaketh in Tongues, at the South Asia Institute, Chicago, 2022 and Spooky Action at a distance at Canvas Gallary, Karachi, 2023 . His writing has been included in numerous publications, as well as in the form of feature-length articles for The Friday Times.
Adam is the Chief Growth Officer of ATC Holdings, a role which allows him to traverse all aspects of the group in the endeavour of maximising growth opportunities and expanding the business internationally. This includes innovations, expansion into the international mainstream, and the pursual of new business ventures.
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Mr. Abrar Hasan
Chief Executive Officer
Mr. Abrar Hasan is the Global Chief Executive Officer (CEO) at National Foods Limited (NFL) and has been a Director on the Board of NFL since 2000.
In 1993, Mr. Hasan joined NFL as Plant Director; in 1997, he was elected Deputy Managing Director, and shortly thereafter assumed the role of CEO. He has steered the company to deliver steady growth year on year, from PKR 200 million in 1993 to a PKR 125 billion leading multi-category food company in Pakistan, with over 250 different products, marketed in Pakistan and exported to 40 countries.
Reflecting his leadership commitment to food excellence, food safety, ethical practices, workplace safety, and environmental sustainability, the company holds a range of certifications such as Global Food Safety BRCGS (Version 9), HALAL certifications (GSO, PS3733, MS 1500), Social Compliance SEDEX – Costco Wholesale Audit, Quality Management System ISO 9001, Food Safety Management System ISO 22000, Food Safety System Certification FSSC 22000, YUM (KFC) Audit, and Environment, Health & Safety certifications ISO 45001 and ISO 14001, as well as an ISO/IEC 17025 accredited laboratory by Pakistan National Accreditation Council (PNAC).
Recognizing the vital role of technology, under Mr. Hasan’s leadership, National Foods has taken decisive strides in digital transformation, operational excellence, and commercial innovation. Through initiatives like Wisaaq’s Shariah-compliant financing, real-time e-invoicing, and CRM integration, the company has enhanced agility, strengthened compliance, and unlocked trade and customer value, positioning National Foods for sustainable growth in a rapidly evolving market.
A firm supporter of Corporate Social Responsibility (CSR) and Environmental Social Governance (ESG), Mr. Hasan intentionally embeds CSR and Sustainability across National Foods’ workforce, organization, production facilities, and offices.
Additionally, he is a Director at National Foods FZCO (NFFZCO), a wholly owned subsidiary of NFL; a Director at National Epicure Inc. Canada (NEI) and National Foods Pakistan UK Ltd.; and a Director at A-1 Bags & Supplies Inc. Canada, a subsidiary of NEI.
Mr. Abrar Hasan studied Industrial Management and Industrial Engineering from Purdue University, Indiana, USA, and is a Certified Director from the Pakistan Institute of Corporate Governance.
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Ms. Aminah Zahid Zaheer
Independent Director
Ms. Aminah Zaheer is the Managing Director of Zahid Zaheer & Associates, a multi-disciplinary management consultancy firm based in Karachi. Prior to relocating to Pakistan, Ms. Zaheer was employed with The Body Shop International Pte Ltd as Regional Finance Director for Asia Pacific, based out of Singapore. Ms. Zaheer holds over 30 years of diverse working experience with some of the world’s largest FMCG firms – namely Unilever, Johnson Wax, Johnson & Johnson, L’Oreal SA, and The Body Shop. In addition to her vast working experience across a sector of Industry, she holds diverse geographic and cultural exposure, having worked in several geographies within the Asia Pacific, including Dubai, China, Australia, and Singapore.
Ms. Zaheer completed Masters in Business Administration from The Institute of Business Administration (IBA) Karachi in 1990 with a major in Finance and has also completed innumerable training courses with INSEAD in France, CFA Institute in Singapore, The Johnson Learning Institute, and Cornell University in the USA. Certified by PICCG on Corporate Governance Leadership Skills, Ms. Zaheer completed the Directors Training Program on Corporate Governance from PICG as early as 2007, and followed this up with a refresher course in 2018. A passionate advocate of Corporate Governance, Ms. Zaheer is a specialist in the areas of Business Start Ups, Acquisitions, Mergers & Joint Ventures, Restructuring & Integration, Corporate Strategy, and Brand Creation.
Over the last two decades, she has served on diverse boards of renowned Private Limited and Public Listed companies in the capacity of an Executive Director as well as an Independent Director. She is an integral member of the Board Executive Committee, Board Audit Committee, Board IT & IS Committee, Board ESG Committee, Board Capital Increase Committee, and chairs the Board Human Resource & Remuneration and Board Risk committees.
Ms. Zaheer is a certified Trainer and has conducted several training sessions on Corporate Governance at PICG & various modules on Directors Training at LUMS, Pakistan. She is committed to the cause of promoting Sustainability and Gender Equality in Pakistan. An integral member of the Patients Aid Society (JPMC Karachi) as well as the Behbood Association Pakistan, she is actively involved in philanthropy, devoting a good part of her time to give back to the community.
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Mr. M. Hamza Hasan
Executive Director
Mr. Mohammed Hamza Hasan has been appointed as a Executive Director of the Company with effect from 12 January 2026
Hamza Hasan holds a Bachelor of Arts (Honours) in Business and Management from Durham University, England. He joined National Foods Limited as a Corporate Manager in 2022, and in 2023 his role grew to Project Manager. Currently, he is an Executive Director - Projects, Supply Chain, at National Foods Limited. In Supply Chain, he leads strategic and operational projects, driving execution and ensuring cross-functional alignment, and oversees governance, timelines, and delivery outcomes for high-impact initiatives.
During his tenure at National Foods Limited, he has contributed to corporate planning, enterprise-wide process improvement, and the execution of management committee priorities. He brings a disciplined and reflective approach to organizational decision-making, focusing on how structures, processes, and decision-making frameworks influence organizational growth, behavior and long-term results. His emphasis remains on clarity of purpose, internal coherence, and the design of systems that remain effective beyond individual initiatives. This approach enables change to be embedded consistently across the organization.
Hamza Hasan also founded MungWow, a cloud-kitchen start-up, where he oversaw operations, brand development, and team formation, building scalable processes and managing execution.
| Auditors | |
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| Messrs. KPMG Taseer Hadi & Co. Chartered Accountants | Sheikh Sultan Trust Building No.2, Road, Karachi |
| Legal Advisor | |
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| Mr. Jawad Ahmed Qureshi | 153-K, Sufi Street, Block 2, PECHS, Karachi |
Policies
Permissible Fee for Non-Executive Directors including Independent Directors
The policy aims to ensure fair remuneration for non-executive directors, including independent directors, maintaining their independence while supporting the Board in overseeing contributions to the company's objectives, corporate governance, and long-term shareholder value creation.
The Board, in consultation with the HR&RC, establishes remuneration for Directors, ensuring alignment with expertise, market standards, shareholder interests, and long-term company success. If HR&RC cannot decide, the matter will be referred to the Board. Directors do not determine their own remuneration; it is annually benchmarked by the HR&RC or independent consultants. They receive meeting fees based on their roles.
Investors / Shareholders - Relation and Communication Policy
The purpose of this policy by National Foods Limited is to ensure transparency in disclosing material information to shareholders, potential investors, stakeholders, public, and regulators in a timely manner. The aim is to provide a level playing field for all investors to make informed investment decisions. This policy aligns with applicable laws, regulations, including those of the Pakistan Stock Exchange, the Listed Companies (Code of Corporate Governance) Regulations 2019, Companies Act 2017, and leading industry practices.
The company prioritizes timely disclosure of information affecting share price and designates specific individuals for communication with stakeholders. Non-Disclosure Agreements are implemented for future-oriented information, and responses to market rumors are made only when necessary for investors. Investor participation in general meetings is encouraged, with board and management attendance to address queries. A grievance handling channel for investors is established, ensuring provision of accurate information to shareholders, investors, and regulators as required by law. Closed periods are announced before significant announcements to prevent insider trading, and employees are trained accordingly. All necessary information is made available on the company's website, with strict adherence to applicable laws, regulations, and corporate governance standards.
Conflict of Interest Policy
The purpose of this policy is to maintain stakeholders' trust by identifying, disclosing, and managing conflicts of interest effectively to uphold the Company's reputation and integrity. It covers personal and business conflicts and applies to all directors, officers, managers, employees, their immediate/close family members, and any other individuals or entities working for or on behalf of the Company.
The company defines conflicts of interest as actual, potential, or perceived situations where individuals' interests diverge from the Company's, including examples like holding interests in competing organizations or accepting gifts that may compromise the Company's interests. Employees are obligated to act in the Company's best interests and promptly disclose all conflicts. Business is conducted to uphold stakeholders' rights and interests, with a focus on prioritizing and internally escalating conflict disclosures. Conflicts of interest are reported to Human Resources and records are kept, with disciplinary actions in place for policy violations, including potential dismissal.
Determination and Delegation of Financial Powers Policy
The purpose of this policy is to establish guidelines for financial and other authorities defined in the Limit of Authority (LOA) schedule. The main objectives are to ensure smooth operations, prevent duplication of efforts, decentralize authority to an appropriate level, and enable employees to focus on their core responsibilities. This aims to streamline routine operational tasks in a controlled and efficient manner, reducing time spent on such matters.
The policy outlines guidelines for delegating financial powers within the company, emphasizing materiality's impact on operations and financial health. Financial powers are delegated to the CEO and direct reporters via the Schedule of Authority (SOA) for statutory, banking, and vendor approvals. Activities not covered require review by the CFO or MANCOM, and approval by the CEO for legal or ethical risks. Board-granted powers are limited and periodically reviewed by the CEO for alignment with organizational changes. Signing authority reassignment during vacancies or withdrawals adheres to laws and regulations.
Marketing Policy
The purpose is to align marketing strategies with the company's vision, aiming to promote the brand consistently for positive public perception and stakeholder relationships, fostering brand advocacy. The marketing policy emphasizes alignment of strategies with the corporate vision, annual plan approval by the Board, and informed decisions backed by market research. It stresses the importance of maintaining brand integrity, truthful advertising, and nutritionally sound health benefit claims.
Procurement of Goods and Services Policy
The policy aims to drive long-term growth and competitive advantage by focusing on value creation, leveraging technology to enhance supply chain operations, and fostering strong partnerships with vendors and internal stakeholders.
The procurement policy prioritizes competition and total cost consideration, promoting fairness, integrity, and transparency. It emphasizes a resilient supply chain and transparent vendor selection based on predetermined criteria and a vendor Code of Conduct. Zero tolerance for non-compliance and corruption is enforced, with consideration for vendor interests. Competitive bidding, reduced reliance on single sourcing, and adaptation to technological changes are key goals. Centralized procurement management ensures cost efficiencies, supported by valid purchase orders and contracts while protecting proprietary information. The policy establishes a compliant procurement framework, with oversight possibly through a Procurement Committee, adhering to laws and regulations.
Related Party Transactions Policy
The Board of Directors of National Foods Limited intends to implement this Policy in accordance with relevant laws and regulations, including the Companies Act 2017 and Listed Companies (Code of Corporate Governance) Regulations 2019. The Policy aims to ensure proper identification, review, approval, governance, monitoring, and reporting of transactions between the Company and its Related Parties.
The policy mandates directors to declare interests, employees to identify related parties, and ensures commercially viable documentation for such arrangements. It outlines approved pricing methods for arm's length transactions and requires justification for non-arm's length ones. Related party transactions are reviewed by the Board Audit Committee and approved by the Board, with unapproved transactions reviewed within 90 days. Compliance with internal policies, laws, and accounting standards is emphasized, along with mechanisms for disclosure and review by the Financial Reporting department. Additionally, local laws take precedence in case of conflicts with the policy.
Annual Evaluation of Board and its Members, and Committees Policy
The policy aims to assess the accountability, transparency, and effectiveness of the Board of Directors and its committees at National Foods Limited, ensuring their dedication to effective corporate governance and alignment with the company's strategy and objectives.
The policy establishes a formal mechanism overseen by the Board Secretary to evaluate the performance of the Board, individual members, and committees. This evaluation aims to assess behavioral attributes, cultural aspects, and overall effectiveness through a comprehensive questionnaire covering areas such as Board composition, leadership, planning, effectiveness, accountability, company strategy, and committee performance. Evaluations will be conducted annually by the Company and facilitated by an external independent evaluator at least once every three years.
Governance of Risk, Internal Control Measures and Risk Management Policy
The policy aims to help National Foods Limited achieve its strategic goals and business objectives by establishing an integrated risk management framework. This framework will facilitate the proactive identification, mitigation, and monitoring of business risks in a collaborative manner.
The Board sets risk appetite and oversees the framework, with possible assistance. Business Units manage risks and make decisions, while Risk Management designs and monitors the framework, escalating issues. Internal Audit provides assurance. The company adopts a structured approach, defining risk appetite to achieve objectives. It maintains systems, provides training, maintains registers, and establishes monitoring/reporting mechanisms. Management analyzes roles, and employees participate in minimizing risks, ensuring adherence to laws/regulations.
Corporate Social Responsibility and Sustainability Policy
National Foods Limited is committed to sustainable development through business practices and partnerships, aiming for a sustainable and equitable future. The CSR and Sustainability policy guides ethical culture and a sustainable business model. Management drives sustainable development goals through environmental, social, and governance priorities, funded from profit after tax with Board approval. Stakeholder collaboration and innovative, regulation-compliant CSR initiatives are encouraged. Monitoring, reporting, and communication systems ensure compliance and progress tracking, with initiatives disclosed in the Annual Report.
Health, Safety and Environment Policy
National Foods Limited prioritizes the safety of employees, vendors, contractors, and the public. They aim to integrate effective environmental, health, and safety programs into their business to minimize risks and ensure compliance with international standards. The company commits to providing resources and support for continuous improvement in health, safety, and environmental management.
The company's HSE policy prioritizes a safe work environment and environmental responsibility through continuous improvement. It fosters a culture of accountability, transparency, and dialogue, integrating HSE considerations into all decisions and operations. The goal is zero accidents through HSE training at all levels. Supervisors and managers ensure health and safety, with all expected to work safely and environmentally friendly. Robust reporting and monitoring, along with a management system, improve HSE performance. Non-compliance results in disciplinary action, with communication ensuring stakeholder compliance.
Capital Expenditure
The purpose of this policy is to guide National Foods Limited in effectively planning, sanctioning, monitoring, and controlling capital expenditure to ensure the enduring benefits of such investments.
The company's capital expenditure policy focuses on strategic planning and management of assets. It aligns with overall strategic direction, supported by feasibility studies and financial projections, following accounting standards. It evaluates projects against management disciplines, distinguishes between capital and operating expenditure, and adopts a cost model. Proper asset management includes unique identification numbers, asset registers, and physical verifications. Emphasis is placed on physical security, procurement policy compliance, and maintaining a framework aligned with the policy.