I am glad to know that the Institute of Cost and Management Accountants of Pakistan (ICMAP) and the Institute of Chartered Accountants of Pakistan (ICAP) have been regularly organising Best Corporate Report Awards and is also bringing out a special newspaper supplement to coincide with the event this year.
The world is moving towards openness and transparency. Just as good governance rests on transparency, so does good corporate practices also rest on transparency in the system of accounting and reporting to the stakeholders. The institution of the Best Corporate Report Awards is therefore a stimulus to improve the standard of corporate governance in the country and is welcomed.
On this occasion I wish to congratulate the companies that have been selected for the Best Corporate Award this year. I also urge all the companies to fully comply with the regulatory requirements for timely disclosures of material information with a high level of transparency.
Accountants play an important role in making available to stakeholders disclosures and financial information. The ICMAP and ICAP deserve to be complemented for playing this important role. I wish them greater success in the future.
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