ICMA Pakistan Awards 2019: Message from Khalilullah Shaikh FCA (President ICAP)

TEXT: Excellence in reporting encourages better governance. It increases level of trust and confidence in the governance of companies for their shareholders and other stakeholders. It also encourages good quality investor engagement. The magnitude of disruption and uncertainty caused by COVID-19 is quite unprecedented. These uncertain times have further enhanced the importance of excellence in financial reporting.

As the resilience of business models is being tested in this crisis, going forward it would be important not just for businesses and investors but standard setters and regulators as well to adapt to new situations with greater agility. This would also require more holistic and high quality corporate reporting for both financial and non-financial information from corporate world, to enable stakeholders understand how companies are adapting to new realities.

The annual report is a very important strategic communication document of the company which sets forth the company’s vision, values and its operating performances. The Best Corporate & Sustainability Report Award is an example of the Institute’s commitment towards improving and enhancing the quality of financial reporting in Pakistan. With due adherence to professional ethics, professionalism and discipline, the profession has brought about a marked improvement in the quality of reporting and corporate governance in Pakistan.

I appreciate the fact that in this hard time, despite economic, financial and societal disturbances, the companies have managed to finalize and publish their annual reports and also participated in the BCSR Awards 2019.

I congratulate the companies which have participated in the competition and won the awards and hope that they will continue to achieve excellence in corporate reporting in future.

I would also like to acknowledge the efforts of the both the Institutes’ executive staff and the Evaluation Committee in finalizing the results and regularly updating the criteria to keep it in line with international best practices.

Copyright Business Recorder, 2020