CSAPL conducts business in a responsible manner - with honesty, transparency and integrity and expects the same from all partners and stakeholders. Guided by our Core Values, we insist on doing what is right and this underpins the functioning of our organization. We also insist that all transactions be open, transparent and within the legal framework culminating in responsible financial reporting.
We comply with the Pakistan Code of Corporate Governance and other applicable regulations of the Securities and Exchange Commission of Pakistan, as well as the listing regulations of the Pakistan Stock Exchange.
Everyone at CSAPL and everyone who acts on behalf of the Company is required to act in accordance with the highest standards of personal safety, environmental performance, governance and ethical business conduct.
The Company has a unitary board structure consisting of eight directors (including the CEO) of which four are independent. Crescent Steel gives due consideration to the qualifications and expertise of individuals when deciding on the Board’s composition. This ensures that a vast range of expertise and experience is represented on the Board in the best interest of stakeholders and the Company.
The Board has formulated policies which it reviews on a periodic basis including risk management, procurement of fixed assets, goods and services, investments, borrowings, donations, charitable giving and contributions, whistle blowing, delegation of financial authority, transactions with related parties and transfer pricing, provision for slow moving stores and spares and impairment of assets, Board charter etc. and such policies are implemented and monitored through delegation of duties to four standing committees of the Board: The Audit, Risk Management, Human Resource and Remuneration, and Governance and Nomination Committees
CSAPL does not use bribery as an instrument for any business or financial gain and prohibits the offer, payment, solicitation or acceptance of bribes, improper benefits and facilitation payments in any form. This includes the use of third parties, including agents and representatives. Crescent Steel also has controls over the provision and receipt of gifts and gratuities, to customers, suppliers, public officials or relatives or associates of public officials. The giving or receiving of gifts or hospitality is prohibited in all circumstances that may be regarded as compromising personal judgement, the judgement of others, or conflicts in any way with Crescent Steel’s purpose, values and behaviours. Employees are also required to avoid engaging in any personal activity or financial interests which would conflict with their responsibility to the Company.
The Board has a fiduciary responsibility for the proper direction and control of the Company activities. This responsibility includes such areas of stewardship as the identification and control of the Company’s business risks, the integrity of management information systems and transparent reporting to shareholders. The Board accepts its primary responsibility for the overall control architecture of the Company, however, it recognizes that the internal control system has to be cost effective and that no cost effective system will preclude all errors or irregularities.
The system is based on written procedures, policies, guidelines, an organogram that provides an appropriate division of responsibility, a programme of internal audit, manning of all key functions by qualified personnel and constant training.
The Board has adopted a code of conduct for its members, executives and staff, specifying the business standards and ethical considerations in conducting its business. The code includes:
The Company operates five distinct business units and two wholly owned subsidiaries:
Each division is managed independently by a Business Unit Head who is accountable for performance and bottom line of their respective business units.
The accounting for these units is done separately in an arm’s length manner to arrive at the true profit before tax for each unit. Five business unit heads and four corporate functional heads as defined in the management structure with clearly defined responsibility and authority matrices have direct reporting lines to the Chief Executive Officer. Limits of authority at all levels are clearly defined in our control manual. The Internal Audit function has been outsourced to a reputable Audit firm to monitor compliance with management systems and manage operational risks.
Our primary purpose is to run our business efficiently and profitably to enhance shareholders’ value with responsibility to all stakeholders. Profitability is essential to discharge this responsibility and the corporate resources are primarily deployed in the achievement of this end. However, the Company does not operate in isolation with its environment and accordingly feels responsible to all stakeholders, which are:
We are committed to being active as responsible corporate citizens. We believe in “giving something back” by addressing gaps in targeted areas including education, healthcare, public safety, environmental protection and stewardship – with a particular focus on education. A majority of our giving is allocated to primary and secondary schooling for less privileged children.
We believe that individual entities when working together can create powerful synergies and help to improve quality of life in the areas where they operate. These principles are not just put forth on paper but we have over the years actively strived to promote issues of education, health and the environment.
For more information about our CSR policies and initiatives, please visit our Corporate Social Responsibility page.
At CSAPL, compliance with workplace health and safety standards are of critical importance across all our locations. We are committed to actively managing health and safety risks associated with our business and are actively working towards improving our procedures to reduce, remove or control the risk of fire, accidents or injuries to employees and visitors. All our activities at all our campuses are required to conform to international standards for health and safety certified by ISO 14001 and ISO 45001.
We also ensure that our products are shipped in a safe manner complying with the safety standards and legal requirements.
For more information about our HSE policies and initiatives, please visit our Health, Safety and Environment page.
The Board aims to ensure that shareholders are informed of all major developments affecting the Company’s state of affairs. Information is communicated to the shareholders in the annual report, interim quarterly reports and through information portal of Pakistan Stock Exchange as and when required. The Board encourages the shareholders’ participation at the Annual General Meetings to ensure a high level of accountability. The Company’s financial statements are available on the Company’s website and an officer is designated to answer all shareholder enquiries.
At CSAPL, we are committed to maintaining transparency while safeguarding sensitive information. All communications must align with our policies and uphold the highest standards of professionalism.
As a publicly traded company on Pakistan Stock Exchange, we adhere to communication and disclosure requirements set by Pakistan Code of Corporate Governance and other applicable regulations of the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange. We prioritize the accurate and timely disclosure of material information, adhering to all applicable laws and regulations. We regularly hold Investor Briefing Sessions to keep Stakeholders updated on our business operations and environment and to address any questions and queries. We also have a dedicated communication channels through which potential and existing shareholders can reach out to the Company Secretary. Non-public information, including financial results, sensitive information and strategic developments, is carefully managed to prevent unauthorized or selective disclosures.
By balancing a culture of confidentiality and transparency, we protect the interests of our stakeholders while maintaining our competitive advantage.
Risk management is an integral part of our business operations and is integrated into our corporate objectives, plans and management systems.
The Board thorugh its Risk Management Committee is responsible for the review of the Company’s material business risks and to oversee the implementation of an effective system of risk management, compliance and control across the organization.
Our risk management framework establishes clear ownership of risks, evaluates their significance, and assesses the adequacy of controls implemented to mitigate them. All managers accross the organization are risk managers in their respective functions and manage operational risks in their day to day work by building mitigating controls and testing their adequacy. The risk management system also ensures that contingency plans are in place to secure business continuity where there is a potential for an event to have a major impact on the organization’s ability to function in a business as usual environment.
This proactive approach ensures we are well-prepared to address challenges and seize opportunities, supporting our mission and long-term objectives while delivering value to our stakeholders
Crescent Steel and Allied Products Limited (CSAPL) is committed to high standards of ethical, moral and legal business conduct. To uphold the standards of transparency and foster an environment of integrity and accountability, the organization promotes employees to Speak Up when they see any violations of the Code of Conduct, including suspected unethical behavior, incorrect financial reporting, fraud, bribery, conflicts of interest, discrimination, or harassment.
Reports can be made confidentially or directly to the Head of Internal Audit, Human Resources, and/or the CEO and there are dedicated communication channels available through which both anonymous and named reports can be made.
We are committed to protecting the confidentiality of reportees and ensuring that all grievances/reports are addressed promptly and impartially, in accordance with our policies. This approach empowers employees to report concerns with confidence, knowing they can do so without fear of retaliation.
At CSAPL, we are committed to building a work environment where every individual is valued, respected, and empowered to contribute to their best. We provide equal opportunity in all aspects of employment, ensuring that decisions related to hiring, promotion, and career development are based on merit. We strive to create a workplace where individual differences are embraced, and everyone feels a sense of belonging - to us belonging is a shared effort.
Our zero-tolerance policy towards any form of harassment (including sexual harassment) or discrimination ensures that all employees can work in a safe and respectful environment, free from intimidation, harassment, or bias without regard for race, color, religion, national origin, gender, age, marital status, disability, military status or any other differences.
The Company has clear procedures in place for reporting incidents of harassment, and all reports are handled with strict confidentiality and thorough investigation. We believe that a respectful and safe workplace is essential for business success and this remains a core commitment to our employees and stakeholders.
The Company has implemented a comprehensive internal control system designed to safeguard assets, ensure compliance with applicable laws and regulations, maintain the accuracy and reliability of financial and operational records and monitor and ensure the implementation of internal processes and systems.
This system is designed and executed with continuous oversight by the Internal Audit Function and other monitoring mechanisms. The internal audit function against a comprehensive scope reports directly to the Board audit committee flagging any material non-conformances and concerns. Additionally, our quality management and HSE functions are subject to annual audits. Regular evaluations and improvements are carried out to adapt to changing needs and challenges, ensuring the systems remain robust and effective.
Our commitment to strong internal controls reflects our focus on transparency, accountability, and operational excellence, enabling us to meet the highest standards of corporate governance.
The Company is committed to sustainable practices through well-defined policies and processes that ensure compliance with regulatory requirements and reflect our dedication to Environmental, Social, and Governance (ESG) principles.
Overseen by the board through its governance and nomination committee, our ESG initiatives aim to create long-term value by addressing social, economic, and environmental impacts across all aspects of our operations. Sustainability, at its core, is about managing these impacts—whether positive or negative, actual or potential—both within and beyond the organization for long-term value creation.
By balancing financial and non-financial considerations and through transparent ESG reporting, we strive to deliver meaningful value to all stakeholders while buidling a future rooted in responsibility, resilience, and shared prosperity.
All directors of the Company are Non-Executive except for the Chief Executive Officer (CEO). The CEO is paid a fixed salary as determined by the Board; the performance of CEO is evaluated against approved criteria by the HR & R Committee and recommended to the Board for approval. All the other directors are paid the Director’s fee for attending Board meetings which is also fixed considering applicable laws and regulations. The Chairman of the Board is paid honorarium for his services to the Company as approved by the Board.