Quaid-e-Azam on Educational Policy

In the name of Allah, the Beneficent, the Merciful

f we are to make any real, speedy

and substantial progress, we
mustbring our educational
policy and programme on the
lines suited to the genius of our people,
consonant with our history and culture,
and having regard to the modern
conditions and vast development that
have taken place all over the world
What we have to do is to mobilize our
people In short, we have to build up
the character of our future generations
which means highest sense of honour,
integrity, selless service to the nation,
and sense of responsibility, and we have
to see that they are fully qualiied or
equipped to play their part in the various
branches of economic life in a manner
which will do honour to Pakistan.
Quaid-e-Azam
Excerpt from Message to All Pakistan
Education Conference,
Karachi, 27 November 1947

03

Allama Mohammad Iqbal

04

God! Grant me knowledge

The search for rational foundations in Islam may be
regarded to have begun with the Prophet (PBUH)
himself. His constant prayer was: God! Grant me
knowledge of the ultimate nature of things!
Allama Mohammad Iqbal
Excerpt from Reconstruction of Religious Thought In Islam,
Lecture 1: Knowledge and Religious Experience

Chairmans Message

PEEF empowering the youth of Punjab

The PEEFs guiding light was not

to be a mere scholarship fund
but to change the landscape and
the horizon of the deprived and
the under-privileged students by
afording them an opportunity to
move up the ladder in society by
educating themselves.

t the very outset, I want to express my pleasure at

the rapid strides taken by the Punjab Educational
Endowment Fund (PEEF) in just ive years since
its inception. More than 60,000 scholarships and
counting in only half a decade is a remarkable achievement
that any endowment fund anywhere in the world can be
proud of. All this has been accomplished by installing systems
that makes it impossible to disregard merit, is all the more
signiicant.
When the idea of PEEF was loated in late 2008, the Punjab Government immediately decided to adopt and
sponsor it because it was already focused on empowering the youth of the province by investing in education
and providing opportunities to the impoverished but deserving students to realize their potential and carve a
better destiny for themselves and this nation.
This exactly was the vision with which the PEEF was founded: its guiding light was not to be a mere
scholarship fund but to change the lives and the horizon of the deprived and the under-privileged students by
afording them an opportunity to move up the ladder in society by educating themselves.
I am quite positive that the PEEFs impact, which has already started to relect massively with its irst
graduates passing out from a variety of centres of excellence in this country and some from quality universities
abroad as well, shall be quite pronounced in the years to come.
Muhammad Shahbaz Sharif
Chief Minister, Punjab

05

Vice-Chairmans Message

Going from strength to strength

As PEEF embarks on its sixth year,

like always, it is resetting the bar
even higher. For the inancial
year 2014-15, it is envisaged that
the PEEF scholarships shall touch
the high watermark of 80,000
scholars.

rom naught to 60,000 in ive years, the igures speak

for themselves. But more than mere cold statistics, it
is by now quite obvious that the long-term efect of
PEEFs intervention in changing lives of not just the
recipients of scholarships but impacting their siblings
and families is likely to be tremendous. And, this point needs
to be noted, given that almost each of the deserving scholars
coming from inancially challenging circumstances, without PEEF reaching out to them, their educational
careers may have come to an abrupt end.
Another signiicant development is that the eicacy of its programme and transparency of its systems are
being acknowledged by highly reputed international donor agencies like DFID (UK Aid). The DFID has aligned its
educational assistance programme in this country with PEEF. The synergy thus created is providing meaningful
support to female education in the 11 most backward districts of Southern Punjab.
As PEEF embarks on its sixth year, like always, it is resetting the bar even higher. For the inancial year 201415, it is envisaged that the PEEF scholarships shall touch the high watermark of 80,000 scholars.
With empowerment of talented youth otherwise lacking resources to follow its dreams as its cornerstone,
this endeavour that aims at transforming the educational landscape in Punjab would not have materialized
without the unqualiied backing and patronage of its founding chairman, Chief Minister Muhammad Shahbaz
Sharif.
In conclusion, acknowledgement is due to the lean but highly motivated Team PEEF imbued with the spirit
of making a diference. They have all contributed towards the continuous and steep upwardly mobile trajectory
of the PEEF performance graph. May they continue to serve and meet organizational objectives in this vital
sector in national development with dedication!
Dr. Muhammad Amjad Saqib
Vice-Chairman

06

08

Objectives of PEEF
Governance Structure

09

General Body

10

Board of Directors

11

Functional Committees

12

Directors Report June 30, 2014

14

Key Operations & Financial Data

Statement of Compliance - Aug 2014

16
17

Proactive System for Awarding Scholarships

23

Scholarship Policy 2014

24

Scholarship Allocation 2014

25

Categories of Scholarship

26

E-Scholarship Payment

29

Master Level Scholarships

30

University Wise Scholarship Awarded

31

Scholarship Update

32

Chamalang Beneiciaries Education Program (CBEP)

33

Youth Development Centre (YDC), Punjab House, Murree

34

Detail of training sessions conducted July 2013 to June 2014

35

PEEF-DFID Scholarships

36

Finance

37

Contents

Vision/Mission Statement

07

Vision Statement

reation of a pool of talented Pakistani youth from less privileged

backgrounds; contributing towards economic and social
development to realize the dream of a moderate, progressive and
prosperous Pakistan.

Mission Statement

uilding a critical mass of human capital, participating in nation building;

through provision of equitable opportunities to less privileged but
academically brilliant boys and girls in Punjab.

08

Scholarship for talented and less privileged students to bring them at par with the more fortunate ones.

Creation of a critical mass of talented youth for the development of society.

Identiication and support to extremely marginalized students through special quotas.

Supporting the less privileged but outstanding students of other provinces, including AJK, ICT, FATA & Gilgit-Baltistan.

General Body

Governance Structure

In conformity with Articles

of Association of PEEF, the
Governance Model of PEEF
is illustrated below:

Objectives of PEEF

PEEF has been established with the following objectives:

(21 Members)

Board of Directors
(11 Members)

Executive Committee
(5 Members)

Functional Committee
(7 Committees)

09

General Body
10

General Body comprising of 21 members nominated by the Government of Punjab is the supreme
authority to act as the guiding force behind the Board of Directors. This body includes educationists,
elected representatives, retired civil servants, business individuals and representatives from
Government and civil society.

Following is the list of members of the General Body of PEEF:

Sr. No.

Name

Profession / Designation

Mr. Muhammad Shahbaz Sharif

Chief Minister, Punjab

Dr. Muhammad Amjad Saqib

Vice Chairman

Mr. Ahsan Iqbal

Member National Assembly

Mr. Muhammad Baligh-ur-Rehman

Member National Assembly

Ms. Anusha Rehman Khan

Member National Assembly

Ms. Bushra Anjum Butt

Member Provincial Assembly, Punjab

Qazi Adnan Farid

Member Provincial Assembly, Punjab

Mr. Raja Muhammad Anwar

Chairman, Punjab Education Foundation

Justice (R) Aamer Raza Khan

Former Judge of the Lahore High Court

10

Lt. Gen. (R) Muhammad Akram Khan

Vice Chancellor, UET, Lahore

11

Mr. Mehr Jiwan Khan

Former Federal Secretary

12

Dr. Ali Cheema

University Professor

13

Dr. Shahid Siddiqui

University Professor

14

Ms. Seema Aziz

Business Lady/Philanthropist & Education Manager

15

Ms. Nusrat Jamil

Social Activist

16

Dr. Muhammad Ajmal Khan

COO, Punjab Healthcare Commission

17

Ex-Oicio

Additional Chief Secretary, Govt. of Punjab

18

Ex-Oicio

Secretary Finance, Govt. of Punjab

19

Ex-Oicio

Secretary Higher Education, Govt. of Punjab

20

Ex-Oicio

Secretary Education (Schools), Govt. of Punjab

21

Ex-Oicio

Chairman PITB

Board of Directors

he qualiications of members of the Board of Directors (BOD), their roles, responsibilities, functions,
term and the frequency of meetings of the Board, procedures to circulate minutes of meetings,
communication and requirements to attend Board meetings are in accordance with Memorandum
and Articles of Association of The Punjab Educational Endowment Fund.

At present, the Board of Directors consist of the following eleven members headed by
the Chairman, Mr. Muhammad Shahbaz Sharif, Chief Minister, Punjab:
1

Mr. Muhammad Shahbaz Sharif, Chief Minister, Punjab

(Chairman)

Dr. Muhammad Amjad Saqib

(Vice Chairman)

Mr. Muhammad Baligh-ur-Rehman, MNA

(Director)

Ms. Anusha Rehman Khan, MNA

(Director)

Ms. Bushra Anjum Butt, MPA

(Director)

Justice (R) Aamer Raza Khan

(Director)

Ms. Nusrat Jamil, Social Activist

(Director)

Dr. Muhammad Ajmal Khan, COO, PHC

(Director)

Secretary Finance, Govt. of the Punjab (Ex-Oicio)

(Director)

10 Secretary Higher Education, Govt. of the Punjab (Ex-Oicio)

(Director)

11 Chairman PITB (Ex-Oicio)

(Director)

11

Functional Committees

Introduction

he Board of Directors (BOD) has constituted various functional committees in accordance with the Articles of
Association to guide and advise the organization on various issues and policy matters. The rationale behind forming
these committees is to guide, assist, add value and strengthen the organization in its working and accomplishing
PEEFs Vision and Mission statements. These committees provide pedestal for good governance, transparency and check
& balance which are necessary for an efective system of internal control and risk management. They also capitalize on
the speciic expertise and experience of the individual members which contributes to the reinement of the operational
policies and expedites the decision making process on diferent issues.

Objectives & Working:

i. Executive Committee:
The main objective of this committee is to provide guidance and support to the company on strategic and tactical
issues as they arise from time to time between Board meetings.

ii. Procurement Committee:

Procurement Committee approves various management purchase requests as per the authority given in the Delegation
of Financial & Administrative Powers. Along with approval, the Committee monitors that the management has explored all
necessary ways and means of obtaining cost beneicial services or products.

iii. Recruitment & HR Committee:

Recruitment & HR Committee is constituted to assist the Board of Directors in fulilling its obligations relating to
recruitment including performance, compensation, succession and safety matters along with ensuring that it provides
strategic direction to the employees of the organization. The Committee also has to ensure that human resource of the PEEF
contributes efectively towards the achievement of the vision of the organization.

iv. Budget & Finance Committee:

The Committee is expected to make budget and inance related decisions, broad based and transparent with built
in controls, it aims to seek opinion from experts, staf and professional agents to review and analyze performance on a
quarterly basis and make recommendations to enhance eiciency.

v. Fund Management Committee:

Fund Management Committee oversees successful and prudent operation of the Punjab Educational Endowment
Funds current income and potential income sources. Its main responsibilities are divided into two domains i.e. Fund
Generation and Investment.

vi. Scholarship Management Committee:

Scholarship Management Committee oversees the management of the Scholarship Programs run under the umbrella
of PEEF. These scholarships are distributed among students of all districts of Punjab along with a special quota for
other provinces & Punjab Board of Technical Education (PBTE), which necessitates rigorous management and logistics
arrangements. This also involves timely coordination between PEEF and its stakeholders including Punjab Examination
Commission (PEC) and all Boards of Intermediate and Secondary Education (BISE) in Punjab, Focal Committees in each
district, participating institutions, students, etc.

12

vii. Rules, Procedures and Monitoring Committee:

Rules, Procedures and Monitoring Committee has been constituted for the purpose of developing, implementing and
review of administrative, operational, inancial and MIS policies, procedures and guidelines and further to monitor and
ensure compliance with all such policies in accordance with the Vision and Mission statements of PEEF.

viii. Audit Committee:

The primary function of the Audit Committee is to assist the Board of Directors in fulilling its iduciary responsibilities by
overseeing the organizations inancial reporting, its operational functions related in particular to scholarship management
and its disclosure activities, along with reviewing the overall policy framework from time to time.

Frequency of meetings (Status as on 30th June 2014):

Sr. No.

Particulars

No. of meetings held

1)

General Body

2)

Board of Directors

12

3)

Executive Committee

21

4)

Scholarship Management Committee

5)

Rules, Procedures & Monitoring Committee

(formerly Rules of Business Committee)

6)

Audit Committee

11

7)

Procurement Committee

8)

Fund Management Committee

11

9)

Recruitment & HR Committee

14

10)

Budget & Finance Committee

TOTAL:

102

13

Directors Report June 30, 2014

he directors are pleased to submit their statutory report together with audited inancial statements of
The Punjab Educational Endowment Fund (PEEF) for the year ended June 30, 2014.
During the year under review, the company has achieved another milestone of disbursement of
more than 60,000 scholarships, in aggregate, worth Rs.3,053 million.
The Company has also made signiicant development during the year by signing an agreement
with the Department for International Development (DFID), UK to support 27,500 needy and meritorious female
students of eleven (11) districts of Punjab for Intermediate level education and 500 students of Gradation level
education through following selected Centre of Excellences (CoEs). The total estimated amount of grant under
the agreement is Rs.1632.94 million spread over a period of ive years.
i.
ii.
iii.
iv.
v.
vi.
vii.

LUMS
NUST
GIKI
FAST- Lahore
COMSATS - Lahore
COMSATS - Islamabad
NAMAL, Mianwali

With the budgetary allocation of additional Rs.2.00 billion by the government of Punjab for the FY 2014-15,
PEEF is going to reach more than 80,000 scholarships by the end of next Financial Year.

The Directors are pleased to state that:

a) The Board has complied with relevant principles of Corporate Governance, and has identiied the rules that
have not been complied with, the period in which such non-compliance continued, and reasons for such
non-compliance;
b) The inancial statements, prepared by the management of the Company, present its state of afairs fairly, the
result of its operations, cash lows and changes in funds and reserves;
c) Proper books of account of the company have been maintained;
d) Appropriate accounting policies have been consistently applied in preparation of inancial statements and
accounting estimates are based on reasonable and prudent judgement;
e) The system of internal control is sound in design and has been efectively implemented and monitored; and
f) The appointment of the Chairman and other members of the Board and the terms of their appointment are
in the best interests of the Company as well as in line with the best practices. None of the Director is being
paid any remuneration.
g) PEEF has received funds amounting to Rs.9.00 billion from the Govt. of Punjab upto 30th June, 2014;
h) Key operating and inancial data of last six (5) years is annexed;
i) The value of investments (at cost) of Gratuity Fund as at June 30, 2014 is Rs. 14,297,192/j) During the year under review two (2) meetings of the Board of Directors were held and the attendance of
each Director is as under:

14

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.

Mr. Muhammad Shahbaz Sharif, Chief Minister, Punjab (Chairman)

Dr. Muhammad Amjad Saqib, Vice Chairman
Mr. Muhammad Baligh-ur-Rehman, MNA
Ms. Anusha Rehman Khan, MNA
Ms. Bushra Anjum Butt, MPA
Justice (R) Aamer Raza Khan, Former Judge
Ms. Nusrat Jamil, Social Activist
Dr. Muhammad Ajmal Khan, COO, PHC
Secretary Finance, Govt. of Punjab (Ex-oicio)
Secretary Higher Education, Govt. of Punjab (Ex-oicio)
Chairman, PITB (Ex-oicio)

No. of Meetings
Attended
1
2
2
1
2
1
2

(The Board granted leave of absence to the directors who could not attend the meetings due to preoccupation.)
Ms Bushra Anjum Butt, MPA and Dr. Umar Saif, Chairman, PITB were nominated as Directors in place of Mr.
Shahjahan Ahmad Bhatti, Ex-MPA and Dr. Jawaid Abdul Ghani, Ex-Chairman, PITB, respectively, on 28-012014

Directors Report June 30, 2014

Name of Directors

Auditors
The auditors, M/s. Ernst & Young Ford Rhodes Sidat Hyder, Chartered Accountants, retire and being eligible, ofer
themselves for re-appointment for FY 2014-15. The Audit Committee and the Board of Directors have endorsed their reappointment for Members consideration at the forthcoming Annual General Meeting.

Acknowledgement
We are grateful to Allah, The most Merciful, with whose benevolence we have collectively been able to progress and
achieve the objectives of the Company. We would also like to thank all our stakeholders who have helped us come this far.
For and on behalf of the Board
Place: Lahore
Date: November 21, 2014

Dr. Kamran Shams

Chief Executive Oicer

15

Key Operations & Financial Data

Punjab Eductional Endowment Fund (PEEF)
Key Operating and Financial Data Since Inception years
Rs. in 000
Year

2008-09

2009-10

2010-11

2011-12

2012-13

2013-14

Endowment Fund

2,000,000

4,041,681

4,114,692

6,191,762

7,284,772

9,377,772

Income Proceeds from

Endowment Fund

79,633

456,426

736,493

816,435

923,921

927,937

Amount of Scholarships Disbursed 22,461

250,887

361,605

706,681

748,370

790,313

Number of Scholarships Awarded

5,484

6,982

13,345

9,952

18,621

Particulars

16

5,326

Statement of Compliance

Statement of Compliance with the Public Sector Companies (Corporate Governance) Rules, 2013
Name of company:
Name of the line ministry:
For the year ended:

The Punjab Educational Endowment Fund (PEEF)

Higher Education Department, Govt. of Punjab
30th June, 2014

I.
This statement is being presented to comply with the Public Sector Companies (Corporate Governance)
Rules, 2013 (hereinafter called the Rules) issued for the purpose of establishing a framework of good
governance, whereby a public sector company is managed in compliance with the best practices of public sector
governance.
II.

The company has complied with the provisions of the Rules in the following manner:

Sr. No. Provision of the Rules

Rule

1.

2(d)

2.

The independent directors meet the criteria of independence,

as deined under the Rules
The Board has the requisite percentage of independent directors.
At present the board includes:
Category

Names

Date of
appointment

Independent
Directors

1) Dr. Muhammad Amjad Saqib

2) Justice (R) Aamer Raza Khan
3) Ms. Nusrat Jamil
NIL

29-06-2010
-do-do-

1) Mr. Muhammad Shahbaz Sharif, CM, Punjab

2) Mr. Muhammad Baligh-ur-Rehman, MNA
3) Ms. Anusha Rehman Khan, MNA
4) Ms. Bushra Anjum Butt, MPA
5) Dr. Muhammad Ajmal Khan
6) Secretary Finance, Govt. of Punjab
7) Secretary Higher Education, Govt. of Punjab
8) Chairman PITB, Govt. of Punjab

29-06-2010
-do-do28-01-2014
29-06-2010
-do-do28-01-2014

Executive
Directors
NonExecutive
Directors

3.
4.

5.

6.

A casual vacancy occurring on the board was illed up by the

directors within ninety days
The directors have conirmed that none of them is serving as a
director on more than ive public sector companies and listed
companies simultaneously, except their subsidiaries
The appointing authorities have applied the it and proper criteria
given in the Annexure in making nominations of the persons for e
lection as board members under the provisions of the Ordinance
The chairman of the board is working separately from the
chief executive of the Company

3(2)

3(4)

3(5)

3(7)

4(1)

17

Sr. No. Provision of the Rules

Rule

7.
8.

4(4)
5(2)

5(4)

5(5)

5(5)(b) (ii)

5(5)(b) (vi)

5(5)(c) (ii)

5(5)(c) (iii)

5(6)

5(8)

9.

10.

11.

12.
13.

14.

15.

16.

17.

18.

18

The chairman has been elected from amongst the independent directors
The Board has evaluated the candidates for the position of the chief
executive on the basis of the it and proper criteria as well as the
guidelines speciied by the Commission
The company has prepared a Code of Conduct and has ensured that
appropriate steps have been taken to disseminate it throughout the
company along with its supporting policies and procedures, including
posting the same on the companys website. (www.peef.org.pk)
(b) The Board has set in place adequate systems and controls for the
identiication and redressal of grievances arising from unethical practices.
The Board has established a system of sound internal control, to ensure
compliance with the fundamental principles of probity and propriety;
objectivity, integrity and honesty; and relationship with the stakeholders,
in the manner prescribed in the Rules
The Board has developed and enforced an appropriate conlict of interest
policy to lay down circumstances or considerations when a person may be
deemed to have actual or potential conlict of interests, and the procedure
for disclosing such interest
The Board has developed and implemented a policy on anti- corruption to
minimize actual or perceived corruption in the company
(a) The Board has ensured equality of opportunity by establishing open
and fair procedures for making appointments and for determining terms
and conditions of service.
(b) A Committee has been formed to investigating deviations from the
companys code of conduct.
The Board has ensured compliance with the law as well as the companys
internal rules and procedures relating to public procurement, tender
regulations, and purchasing and technical standards, when dealing with
suppliers of goods and services, in accordance with the PPRA Rules
The board has developed a vision or mission statement, corporate strategy
and signiicant policies of the company. A complete record of particulars of
signiicant policies along with the dates on which they were approved or
amended has been maintained
The board has quantiied the outlay of any action in respect of any service
delivered or goods sold by the Company as a public service obligation, and
has submitted its request for appropriate compensation to the Government
for consideration
a) The board has met at least four times during the year.
b) Written notices of the board meetings, along with agenda and working
papers, were circulated at least seven days before the meetings.
c) The minutes of the meetings were appropriately recorded and circulated
The board has carried out performance evaluation of its members, including
the chairman and the chief executive, on the basis of a process, based on
speciied criteria, developed by it. The board has also monitored and assessed
the performance of senior management on annual/half-yearly/quarterly
basis.

6(1)
6(2)
6(3)
8

Sr. No. Provision of the Rules

Rule

19.

10

20.

21.

22.

The board has reviewed and approved the related party transactions placed
before it after recommendations of the audit committee. A party wise record
of transactions entered into with the related parties during the year has been
maintained
The board has approved the proit and loss account for, and balance sheet as
at the end of, the irst, second and third quarter of the year as well as the
inancial year end, and has placed the annual inancial statements on the
companys website. Monthly accounts were also prepared and circulated
amongst the board members
All the board members underwent an orientation course arranged by the
company to apprise them of the material developments and information
as speciied in the Rules.
(a) The board has formed the requisite committees, as speciied in the Rules.
(b) The committees were provided with written term of reference deining
their duties, authority and composition.
(c) The minutes of the meetings of the committees were circulated to all
the board members.
(d) The committees were chaired by the following non-executive directors:
Committee
Number of
Name of
members
Chair
Audit Committee

Ms. Bushra Anjum Butt

Risk Management
Committee

Senator Mohammad Ishaq Dar

Human Resources
Committee

Dr. Muhammad Amjad Saqib

Procurement
Committee

Justice (R) Aamer Raza Khan

Nomination Committee
23.

24.

25.

26.
27.

28.

11

12

13/14

16

17

18

19

20

Not Applicable

The board has approved appointment of Chief Financial Oicer, Company

Secretary and Chief Internal Auditor, with their remuneration and terms and
conditions of employment, and as per their prescribed qualiications
The company has adopted International Financial Reporting Standards
notiied by the Commission under clause (i) of sub- section (3) of section
234 of the Ordinance
The directors report for this year has been prepared in compliance with the
requirements of the Ordinance and the Rules and fully describes the salient
matters required to be disclosed
The directors, CEO and executives do not hold any interest in the shares of the
company other than that disclosed in the pattern of shareholding
A formal and transparent procedure for ixing the remuneration packages of
individual directors has been set in place. The annual report of the company
contains criteria and details of remuneration of each director
The inancial statements of the company were duly endorsed by the chief
executive and chief inancial oicer, before approval of the board

19

Sr. No. Provision of the Rules

Rule

29.

21

22

23

23(4)

23(5)

The board has formed an audit committee, with deined and written terms
of reference, and having the following members:
Name of
member
Ms. Bushra Anjum Butt
Mr. Ahsan Chughtai,
Mr. Muzafar Hashmi,
Mr. Farooq Hameed
Secretary, Finance Department

30.

31.
32.

33.

34.

Professional
Background
Law
Finance
Chartered
Accountant
Chartered
Accountant
MBA

The chief executive and chairman of the Board are not members of the
audit committee.
The board has set up an efective internal audit function, which has an
audit charter, duly approved by the audit committee, and which worked
in accordance with the applicable standards
The company has appointed its external auditors in line with the
requirements envisaged under the Rules.
The external auditors of the company have conirmed that the irm and
all its partners are in compliance with International Federation of
Accountants (IFAC) guidelines on Code of Ethics as applicable in Pakistan
The external auditors have not been appointed to provide non- audit
services and the auditors have conirmed that they have observed
applicable guidelines issued by IFAC in this regard.
The company has complied with all the corporate and inancial reporting
requirements of the Rules.

Dr. Kamran Shams

Chief Executive Oicer

20

Category

Dr. Amjad Saqib

Vice Chairman/Director

Explanation for Non-Compliance with the

Public Sector Companies (Corporate Governance) Rules, 2013
We conirm that all other material requirements envisaged in the Rules have been
complied with except for the following, towards which reasonable progress is being
made by the company to seek compliance by the end of next accounting year:
Sr.
No.

Rule /
Sub-Rule No.

1)

3(2)

Reasons for
non-compliance
All directors are nominee of the Govt.
of Punjab.

Future course
of action
The Govt. of Punjab will be requested to
appoint Independent Directors to attain
the requisite percentage.

As per Rules, the Board shall have 40%

of its total members as Independent
Directors within the irst two year of
this notiication i.e. up to August 2015.
2)

3(5)

Ex-Oicio Directors of the Company

hold directorships in other Public
Sector Companies by virtue of their
oice.

Fresh conirmations will be obtained

from a Director as and when a new
appointment is made.

3)

3(7)

All directors are nominee of the

Govt. of Punjab and are appointed
/ nominated in accordance with
Section(s) 163 and 183(b) of the
Companies Ordinance, 1984 and
Articles of Association of the Company.

Fit and proper criteria as given in the

Annexure will be communicated to
the nominating authority for future
nominations.

4)

4(4)

Chief Minister Punjab is the ex-oicio

Chairman of the Company.

5)

6(1)

Two (2) Board meetings were held

during the year 2013-14.

Compliance of quarterly Board

meetings will be ensured in future.

6)

Board has carried out performance

evaluation of the CEO and senior
Management on annual basis.

Performance evaluation criteria for the

Members of the Board of Directors, is
being developed.

7)

11

Material information about training

program was circulated amongst
the Board, however, due to other
commitments, the Directors could not
attend the course.

Orientation courses for Board Members

will be arranged, next year.

Dr. Kamran Shams

Chief Executive Oicer

Dr. Amjad Saqib

Vice Chairman/Director

21

Review Report to the Members

On Statement of Compliance with the Public Sector Companies (Corporate
Governance) Rules, 2013

e have reviewed the Statement of Compliance with the Public Sector Companies (Corporate Governance)
Rules, 2013 for the year ended 30th June, 2014, prepared by the Board of Directors of M/s The Punjab
Educational Endowment Fund (PEEF) to comply with the provisions of the Rules.
Based on our review, nothing has come to our attention, except the following, which causes us to believe that
the Statement of Compliance does not appropriately relect the Companys compliance, in all material aspects with
the Public Sector Companies (Corporate Governance) Rules, 2013, as applicable to the Company for the year ended
30th June, 2014

City: Lahore
Dated: November 21, 2014
Signature (s)
Chartered Accountants
Engagement Partner

22

From selecting to awarding scholarships to the deserving students PEEF adheres to the
following process, all along ensuring transparency, accuracy and convenience of the candidates:
a. The PEEF obtains data of students from PEC, all BISEs, FBISE, PBTE, and Provincial Education Departments
based on the eligibility criteria outlined by the organization.
b. On receipt of students names, the PEEF dispatches letters to all shortlisted scholarship candidates.
c. A Scholarship Application Form accompanies the letter, to be illed by the short-listed students, veriied
by the institution where he/she is currently enrolled and dispatched back to PEEF.
d. All the received student information forms are scrutinized by PEEF for the inal selection and award of
scholarship.
e. The PEEF enlists selected candidates and conirmation letters are sent out with copies to respective
educational institutions and District Focal Committees for information and further necessary action.
f. The name of scholarship recipients are simultaneously uploaded on the PEEF website.
g. Scholarship stipend is disbursed on biannual basis through the educational institution where the scholar
is enrolled.
h. The second tranche of scholarship stipend is released once the institution provides a satisfactory
performance report about the students academic record, attendance and general conduct, etc.

Proactive System for Awarding Scholarships

rom acquiring data from a diverse range of sources [Punjab Examination Commission (PEC), all Boards of
Intermediate & Secondary Education (BISEs) of Punjab and Federal Board of Intermediate & Secondary
Education (FBISE), Islamabad], sifting through it with a ine toothcomb, compiling, checking, rechecking,
verifying and inally award of scholarships, the entire system is carefully crafted and diligently implemented.
This system was indigenously developed by PEEF at its inception in 2009 and since then has been
continuously improved and perfected, with each year adding to the experience, thus ensuring delivery with
ever greater eiciency.
The PEEF approach is uniquely proactive, identifying prospective recipients on its own, strictly in
accordance with prescribed systems and then delivering the scholarship to the deserving at his or her doorstep.
The PEEF reaches out to talented yet inancially disadvantaged student right down to Tehsil level, in
order to ensure that inancial challenges do not deprive the meritorious youth from pursuing and fulilling
their academic ambitions. As a matter of policy, the PEEF facilitates both genders equally and without
discrimination, afording them opportunities to fulill their dreams and aspirations so that every solution can
play a pivotal role in national development.

23

Scholarship Policy - 2014

The salient features of the scholarships policy 2014 are briefed as under:

20,000 scholarships (Approx.)

Proactive approach for the identiication of PEEF scholars
Scholarships awarded on the basis of the annual examination conducted at following FOUR levels;
Graduation
-to study at Master level
Intermediate
-to study at Graduation level
Matriculation
-to study at Intermediate level
Middle -to study at Matriculation level
More scholarships to 16 Less Developed Districts (LDDs) as compared to 20 Developed Districts of Punjab
Determination of merit at tehsil level
Equal number of scholarships to all tehsils in a district
Equal number of scholarships for boys and girls
20% Special quota scholarships allocated to:
Orphan Children
Children of government servants in BPS 1 4
Children belonging to minority religion
Special Children
694 Scholarships allocated for other provinces, Azad Jammu Kashmir (AJK), Federally Administered Tribal
Areas (FATA), Islamabad Capital Territory (ICT) & Gilgit-Baltistan (GB)
468 scholarship for Punjab Board of Technical Education (PBTE)
1095 scholarships for Centers of Excellence (CoEs)

Eligibility criteria

24

In order to be considered eligible for scholarship, the student must have:

At least 60% marks in 2014 (annual) examinations
Secured admission in a regular educational institution as a full time student in the current academic
year (2014-15)
Monthly family income of parents from all sources is equal to or less than Rs.15,000/-

Punjab
Secondary Level
Intermediate Level
Graduation Level
Master level
Punjab Board of Technical Education (PBTE)
Sub Total (A)
Other Provinces/ Territories
Baluchistan
Khyber Pakhtunkhwa
Sindh
Gilgit Baltistan
FATA
AJK
Islamabad Capital Territory (ICT)
Sub Total (B)
Centre of Excellence (CEOs)
Air University, Islamabad
Bahria University, Islamabad
Cadet College, Hassan Abdal
COMSATS, Islamabad
COMSATS, Lahore
COMSATS , Lahore Dual Degree
Daanish School Authority, Lahore
Directorate of Staf Development (DSD), Lahore
FAST University, Lahore
FC College University, Lahore
Ghulam Ishaq Khan Institute, Swabi
Institute of Business Administration, Karachi
Institute of Chartered Accountants of Pakistan (ICAP)
Institute of Cost Management Accountants of Pakistan (ICMAP)
Information Technology University (ITU) Punjab
Lahore University of Management Sciences (LUMS)
Military College, Sui-Balochistan
Military College, Jehlum
NAMAL College, Mianwali
National University of Science & Technology, Islamabad
Pak Turk Inc. Public School & College, Lahore
Pakistan Air Force Public School, Sargodha
Pakistan Institute of Fashion Designing, Lahore
Sadiq Public School, Bawalpur
University of Veterinary & Animal Sciences, Lahore
Total
Sub Total (C)
Grand Total (A+B+C)

Scholarship
Allocation DFID

1,564
2,346
2,346
1,564
468

8,500
16,788

480
63
63
25
21
21
21

694

20
20
20
10
10
6
605
50
30
20
10
8
15
15
76
30
20
20

Scholarship Allocation - 2014

Scholarship
Allocation PEEF

25
25
25
25
10
15
25
150

20
20
20
10
20
20
1095
1245
18,727

25

Categories of Scholarship

The Punjab Educational Endowment Fund (PEEF) scholarships have been classiied into
three major categories:
1.
Outreach Scholarship
2.
Special Quota Scholarship
3.
Scholarships for students of private ailiated institutions

1. OUTREACH SCHOLARSHIPS:
Process for
Secondary Level

Process for
Intermediate & Graduation Level

The data obtained from Punjab

Examination Commission (PEC) is
sorted out on the basis of PEEF policy

The data obtained from Boards of Intermediate and

Secondary Education (BISE) Punjab and Federal Board
of Intermediate & Secondary Education (FBISE), Islamabad
is sorted out on the basis of PEEF policy

The data is sorted out on institution, Tehsil, District, and Gender wise to shortlist the eligible meritorious students
Intimation letters & scholarship application
forms are sent to the shortlisted students
through the institutions last attended
(top merit holders in each Tehsil)

Intimation letters & scholarship application forms are

sent to the shortlisted students at their home address
(top merit holders in each Tehsil)

All the received scholarship application forms are recorded and scrutinized for further processing
The meritorious and deserving students are selected and Tehsil, Gender and Educational group wise merit award lists
are prepared for the award of scholarships. The selected students are also intimated about their PEEF scholarship
through intimation letters.
Lists of awardees are shared with District & Divisional Education Oices and also uploaded on PEEF website
(www.peef.org.pk).
Scholarships are awarded through the respective educational institutions where PEEF scholars are currently enrolled.

26

These scholarships are awarded in the below mentioned categories:

Orphan Children

Children of government servants in BPS 1 4

Children belonging to minority religion

Special Children

Process for
Secondary Level

Process for
Intermediate & Graduation Level

The District Focal Committee, Oice of the

EDO (Edu.) and DEO (SE) are requested to
identify students falling in the above
mentioned Special Quota categories.

Newspaper advertisement is released for identiication

of meritorious students who have passed Matric and
Intermediate Annual Examination Punjab

Categories of Scholarship

2. SPECIAL QUOTA SCHOLARSHIPS:

The applications received are scrutinized and eligible students are shortlisted against scholarships allocated
for each category.
Intimation letters & scholarship
application forms are sent to the respective
district/ focal oice.

Intimation letters & scholarship

application forms are sent to
all shortlisted students.

All the received forms are scrutinized and veriied.

District, Category & Gender wise merit/ award lists are prepared for the award of scholarships.
Scholarships are awarded through the respective educational institutions where PEEF scholars are currently enrolled.

27

Categories of Scholarship

3.

SCHOLARSHIP FOR PRIVATE INSTITUTIONS:

Process for
Secondary Level

Process for
Intermediate & Graduation Level

The data obtained from Punjab

Examination Commission (PEC) is sorted
out on the basis of PEEF policy

Passed Matriculation or Intermediate Examination

held by Board of Intermediate and Secondary Education
(BISE) Punjab or Federal Board of Intermediate &
Secondary Education (FBISE), Islamabad in 2014 (annual)

All students of private ailiated institutions

are eligible for PEEF scholarships.
Schools Ailiated with Punjab Education
Foundation (PEF)

Only those students of private ailiated institutions are

eligible for PEEF scholarships who have studied/availed
scholarship/fee exemption from the institution.
Schools Ailiated with Punjab Education
Foundation (PEF)

Data is sorted District and Gender wise

Intimation letters & scholarship application forms are sent to the shortlisted students through the institutions last
attended.
District, Category & Gender wise merit/ award lists are prepared for the award of scholarships.
Lists of awards are shared with District & Divisional Education Oices and also uploaded on PEEF website
(www.peef.org.pk)
Scholarships are awarded through the respective educational institutions where PEEF scholars are currently enrolled.

SCHOLARSHIP STIPEND RATE:

FOR STUDENTS STUDYING IN:

DAY SCHOLARS

BOARDERS

800

1,500

INTERMEDIATE

1,500

3,000

GRADUATION LEVEL (B.A, B.SC.)

2,500

4,000

PROFESSIONAL DEGREES, (MBBS, ENGINEERING)

3,000

4,500

PEEF Scholars enrolled under the category of Boarders in 9 Divisional Head Quarters of Punjab and Sialkot are
entitled to 10% additional boarding allowance.

28

MONTHLY SCHOLARSHIP (RS.)

SECONDARY LEVEL

Salient Feature of e-payment system are:

Scholars are issued PEEF scholarship card with picture and PEEF code number
Separate pin code are issued to scholars
The head of institutions hand over the scholarship card & sealed envelope bearing pin code to the selected
scholars
The scholars present the scholarship card at the nearest branch of Bank of Punjab and tell the pin code to the
teller/cashier
The teller after veriication of the credentials of the scholars pay the cash as requested
To prevent mishandling of the card/pin code/cash, the scholar and the family member accompanying will sign the
scholarship payment ledger.

E-Scholarship Payment

In the year 2013-14 PEEF awarded scholarships to DFID funded students through E-payment System.
On successful and trouble free award scholarships through E-payment Board of Directors approved to follow
E-payment mechanism for all the PEEF scholars for FY 2014-15.
The scholarship stipend to the selected students will be paid electronically through Bank of Punjab.

E-Scholarship payments ensure:

Eiciency
Transparency
Empowerment of the scholars

29

Master Level Scholarships

PEEF Master level scholarships are awarded to pursue Master degree from the Partner universities/
degree awarding institutions.

Eligibility Criteria:
i.
ii.



iii.



iv.

v.

vi.

Students having Punjab domicile.

Must have secured at least 60% marks or minimum CGPA 2.5 in BA/B.Sc./B.COM/BBA/BCS/BS (Hons.) etc.
examinations held in 2014 (annual) in Punjab.
Students who have already passed / possessed MA / MSc. / MS / M.PHIL etc. degree are not eligible for
PEEF Master Level Scholarship
Marks improvers or students who have passed examination in supplementary session are not eligible
Students who have passed the aforementioned examination with grace marks (*) are also not eligible
for PEEF scholarships
Passed the aforementioned examination from:
Government Institution, (OR)
Private Ailiated Institution, (OR)
As Private Candidate
Secured admission as a full time student in the current academic / Degree year (2014-15) in one of the partner
universities.
Students enrolled in spring/fall session (where applicable) and morning/ afternoon / evening sessions
are also eligible to apply for PEEF scholarships
Declared monthly income of parents from all sources is equal to or less than Rs. 30,000/ Children of Govt. employees of Grade 1-4 are exempted from condition of income if salary is only
source of income
Not receiving any other scholarship for Masters Level studies.

Basis for scholarship allocation:

Scholarship quota is allocated on the basis of enrollment data provided by the Partner Universities.

Scholarship stipend:
Following cost and stipends are paid to the selected scholars:
a. Total tuition fee
b. PEEF also pays scholarship stipend to the selected scholars at the following rates:
i. Day Scholar Rs. 3,000/- per month
ii. Boarder
Rs. 5,000/- per month

Scholarship allocation:
Scholarships allocation in the Partner Universities of the Punjab is as follows:

30

70% of the scholarships are allocated for science subjects.

30% of the scholarships are allocated for arts subjects.

Name of University

1.

THE ISLAMIA UNIVERSITY, BAHAWALPUR

90

2.

UNIVERSITY OF AGRICULTURE, FAISALABAD

81

3.

PUNJAB UNIVERSITY, LAHORE

284

4.

GOVERNMENT COLLEGE UNIVERSITY, FAISALABAD

119

5.

BAHA UD DIN ZIKRYA UNIVERSITY, MULTAN

109

6.

UNIVERSITY OF EDUCATION, LAHORE

116

7.

PIR MEHR ALI SHAH ARID AGRICULTURE UNIVERSITY, RAWALPINDI

168

8.

UNIVERSITY OF SARGODHA

134

9.

UNIVERSITY OF ENGINEERING AND TECHNOLOGY, LAHORE

36

10.

UNIVERSITY OF GUJRAT

66

11.

FATIMA JINNAH WOMEN UNIVERSITY, RAWALPINDI

18

12.

GOVERNMENT COLLEGE UNIVERSITY, LAHORE

27

13.

UNIVERSITY OF VETERINARY AND ANIMAL SCIENCES, LAHORE

27

14.

LAHORE COLLEGE FOR WOMEN UNIVERSITY, LAHORE

13

15.

COMSATS UNIVERSITY, ISLAMABAD

21

16.

UNIVERSITY OF ENGINEERING AND TECHNOLOGY, TAXILA

17.

KINNAIRD COLLEGE FOR WOMEN UNIVERSITY, LAHORE

18.

NATIONAL TEXTILE UNIVERSITY, FAISALABAD

19.

UNIVERSITY OF HEALTH SCIENCES, LAHORE

20.

THE WOMEN UNIVERSITY OF MULTAN

Total

Scholarship Awarded
(Year 2013)

University Wise Scholarship Awarded

Sr. No.

1327

31

Scholarship Update

Year

No. of
Scholarships
Awarded

Active
Scholarships

Scholarship
Disbursements
(Rs. in million)

Educational Level

2008 09
2009 10
2010 11
2011 12
2012 13

5,326
5,484
6,982
13,345
9,952

85
994
2,159
9,952

22
250
362
707
750

Intermediate & Graduation

Secondary, Intermediate & Graduation
Secondary, Intermediate, Graduation & Master
Secondary, Intermediate, Graduation & Master
Secondary, Intermediate, Graduation & Master

2013-14 PEEF
DFID

9,468
9,153

9,468
9,153

775
187

Secondary, Intermediate, Graduation & Master

Intermediate & Graduation

2014-15 PEEF
(In process) DFID

10,077
8,650

10,077
8,650

845*
355*

Secondary, Intermediate, Graduation & Master

Intermediate & Graduation

Total

78,437

50,538

4,253

* Estimated amount

Annual Scholarship Disbursement (Rs. in million)

32

Currently 276 students of CBEP have been enrolled in the following ive (5) Punjab Based Divisional Public
Schools (DPS)/ Boarding Schools:

Sr. No

Name of DPS

Enrollment

Total Disbursement (Rs.)

1
2
3
4
5

DPS & College, Sargodha

DPS & College, Faisalabad
Chenab College, Jhang
DPS & Inter College, Lahore
Multan Public School & College

100
24
20
20
112

30,371,296
8,992,548
10,670,000
7,042,020
42,899,552

TOTAL:

276

99,975,416

Chamalang Beneiciaries
Education Program (CBEP)

he Honorable Chief Minister, Punjab while approving the request of Chamalang Beneiciaries
Education Program (CBEP) to accommodate their students in the Divisional Public Schools (DPS)/
Boarding Schools of Punjab, has desired that PEEF may administer/coordinate with Education
Department, Govt. of Baluchistan, CBEP, School Education Department and Finance Department, Govt.
of Punjab and inalize all modalities regarding admissions of students of CBEP in the Divisional Public
Schools (DPS)/Boarding Schools of Punjab and disbursement of scholarships to their respective school.

33

Youth Development Centre

(YDC), Punjab House, Murree

he Honorable Chief Minister, Punjab/Chairman-PEEF has allocated the newly built S-Block,
Punjab House, Murree, to PEEF to be used as residential training facility for brilliant students.

The premises is being used for the training of the brilliant students through the following training
programs:
i.
ii.
iii.
iv.
v.
vi.
vii.
viii.
ix.
x.

High Achievers Development Program (HADP)

Orientation and personality development program for students selected for PEEF
Foreign Scholarships Program
Provincial Youth Council (PYC) Development Program
Training of Trainers (TOT) of selected teachers to facilitate District wise training
of PEEF scholars
CM Essay Finalist Training
CM Debate Finalist Training
Capacity Building workshops for PEEF scholars
Inter Provincial Exchange Program
Entrepreneurial Skills Development workshops
Capacity building programs for Special Children

Since its establishment in Oct. 2010, 153 training cohorts have been held in YDC for 3,688 high
achievers, including students from other provinces.

34

Training Programs

1. Entrepreneurial Skills Development

2. Inter Provincial Board Toppers
3. High Achievers Development Program
4. IBA (STHP and NTHP)
5. Special Capacity Building Program for
Physically Challenged Children
6. PEEF Scholarship Training Program
7. PEEF Scholars Baluchistan 2014
8. Centre of Excellence
9. Training of Trainers(TOT)
10. Knowledge Literacy & Skill Development
YDC PEEF Introduction.
11. Punjab Board of Technical Education(PBTE)
12. Strategic Planning workshop for PEEF 2014-2015
TOTAL

Participants
Male Female

Total

No. of
Batches

Training
Duration

155
76
107
20

107
65
86
5

262
141
193
25

9
3
9
1

3 Days
4 Days
3 Days
4 Days

64
140
18
36
30

39
56
16
8
15

103
196
34
44
45

4
8
1
2
2

2 Days
3 Days
4 Days
3 Days
4 Days

17
63
18

2
5

17
65
23

1
3
1

1 Day
3 Days
2 Days

744

404

1248

44

Detail of training sessions conducted July 2013 to June 2014

Sessions conducted July 2013 to June 2014

35

PEEF-DFID Scholarships

Scholarship Program in Collaboration with DFID-UK Aid

unjab Educational Endowment Fund (PEEF) and Department for International Development (DFID) UK Aid have
signed Memorandum of Understanding (MOU) to provide 28,000 scholarships to meritorious and needy students
for Intermediate and Graduation Level Education.
Under the proposed 5-year scholarship program; PEEF will provide 28,000 scholarships worth Rs. 1.625 billion.
Out of the total allocated scholarships, 27,500 will be awarded to girls students of eleven (11) less developed districts
of Punjab to continue Intermediate level education while 500 scholarships will be awarded to meritorious students to
peruse Graduation Level education through partner Centre of Excellences (COEs).
The target districts for intermediate Level Scholarships for girls students under the PEEF DFID
Scholarship Program are:
Chiniot

Layyah

Muzafar Garh

Lodhran

Bahawalnagar

Bhakar

Vehari

Dera Ghazi Khan

Rajanpur

Bahawalpur

Rahim Yar Khan

_______

The partner COEs to provide Graduation Level Scholarships are:

LUMS

COMSATS Lahore

FAST Lahore

Namal Mianwali

Giki Swabi

COMSATS Islamabad

NUST Islamabad

______

Progress 2013-14:
During the FY 2013-14 9153 Scholarships were awarded which include 8,903 for female students for
completion of their intermediate level education in 11 less developed districts of Punjab. 250 scholarships were
awarded to the meritorious students of centre of excellence (COEs) for graduation level education.
Way Forward:
During the current year (2014-15) PEEF will award 8650 additional scholarships 8500 for intermediate Level
Education and 150 for Graduation Level Education. The process of short listing the students has already started and
PEEF will complete the process of awarding 8650 additional scholarships by Jan. 2015. The total amount of the
additional scholarships is estimated at Rs.355 million.

36

Financials

Finance

i). Investment of Endowment Fund

The Government of Punjab has provided Rs.9.00 billion for the Endowment Fund of PEEF, which have been
invested in Term Deposit Receipts (TDRs) with The Bank of Punjab (BoP).
For the FY 2010-11, the Govt. of Punjab allocated Rs. 1.94 billion which is parked with the Punjab Cooperatives
Board for Liquidation (PCBL) and only the proits of this amount are forwarded to PEEF. So far, Rs. 590.014 million
has been received from PCBL, being the investment proceeds from August, 2010 to June, 2014.
The detail of investment of Endowment Fund is given below:
Sr. No.

Period of TDRs

Date of Maturity

Rate of Interest
p.a.

1
2
3
4
5

1 Year
December 29, 2014
10.20%
1 Year
March 31, 2015
9.83%
1 Year
May 27, 2015
9.70%
1 Year
June 25, 2015
10.10%
Rs. 1.94 billion for the FY 2010-11 is parked with the Punjab
Cooperatives Board of Liquidation (PCBL)

TOTAL (A)

TDR Amount
(Rs. In Billion)
2.00
2.50
1.00
3.50
1.94

10.94

ii) Reinvestment of 10% of the investment proceeds

To ofset the impact of inlation on the Endowment Fund, Executive Committee in its 4th meeting held on
August19, 2009, approved the allocation of 10% of investment proceeds to the Endowment Fund. Thereafter, Rs.
330 million has so far been re-invested to the Endowment Fund being the 10% of the investment proceeds earned
by the Company till Dec. 29, 2013.
Detail of re-investment is as follows:
Sr. No.

Period of TDRs

Date of Maturity

Rate of Interest p.a. TDR Amount (Rs.)

1 Year

December 29, 2014

10.20%

TOTAL (B)
TOTAL AMOUNT OF ENDOWMENT FUND (A+B)

330.00 Million
330.00 Million
11.27 Billion

iii). Summary of Financial Performance during the year 2013-14:

Description
Program Cost
Operational Expenditures
Total
Operational Costs to Total cost Ratio

38

Amount (Rs. In Millions)

801,146
49,231
850,377
5.79%

iv).Internal Audit

v). Scholarship Batch Audit

a) For the year 2009-10:
The Executive Committee in its 12th meeting held on 23rd February, 2011, approve the proposal to carry out
batch Audit and Policy and process review exercise of PEEF for the Year 2009-10 by M/s. A.F. Ferguson & CO,
Chartered Accountants.
b) For the Year 2010-11:
The Chairman PEEF / Chief Minister Punjab, Mr. Muhammad Shahbaz Shareef desired in the 7th meeting of the
Board of Directors, held on 12TH November, 2011, that PEEF may acquire the services of Ernst & Young Ford
Rhodes Sidat Hyder, Chartered Accountants for another batch audit of its policy and process. The batch audit for
the mentioned period has been carried out by Ernst & Young Ford Rhodes Sidat Hyder, Chartered Accountant.

Finance

100% internal audit is carried out by the Internal Audit Section to monitor the afairs of all sections of PEEF.
Internal Audit Reports are reviewed by the Audit Committee and Executive Committee and are then forwarded to
the Board of Directors.

vi). ISO 9001:2008 Certiication

1st Surveillance Audit for ISO-9001:2008 Quality Management System for the year 2013-14 was conducted by
M/s. TUV Austria and considering satisfactory performance of PEEF, they have extended the Continuation of
Certiication for ISO 9001:2008.

vii). Annual Audit 2013-2014

For the Year Ended

June 30, 2014

During of Audit

One year (1st July, 2013-30th June, 2014)

External Auditors

Ernst & Young Ford Rhodes Sidat Hyder, Chartered Accountants

External Auditors Ranking

i. One of the leading irms of Pakistan.

ii. Category A irm as per list issued by the State Bank of Pakistan.
iii. Approved audit irm of FBR and SECP.
Satisfactory quality control review rating being issued by
the institute of Chartered Accountant of Pakistan (ICAP).

Auditors Report

Unqualiied (clean report)

Financial Statements including balance sheet, income and expenditure statement and notes to the inancial
statements are prepared on monthly bases and in accordance with the requirement of the international
inancial reporting standards.
Quarterly accounts are presented to the audit committee.
All bank accounts are reconciled on regular basis.
Regular physically veriications of ixed assets are carried out. All ix assets are properly coded. Fix asset
register is maintained and is regularly reconcile with the general ledgers in physically assets.
Finance books of accounts/ records/ vouchers /documentations have been maintained in accordance with the
bet parties.
Monthly tax statements have been properly illed in compliance with the requirements of Income Tax or Sell
Tax Laws. No pending tax liabilities.

Audited accounts along with auditors Report thereon for the year ended June 30th, 2014 is as follows:

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

52