The 'Best Corporate and Sustainability Report (BCSR)' awards ceremony is being held today (September 4) under the joint auspices of Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost & Management Accountants of Pakistan (ICMAP). Talking to media persons at ICAP office on Thursday, ICAP (South) vice president Syed Najmul Hussain highlighted the role of corporate reporting in building trust with stakeholders. Such reports, he added, are vital tool for investors as through which they understand the underlying factors relating to the position and future prospects of a company.
He pointed out that over the years there has been significant improvement in the standard of `Corporate Reports' as directors and managers have come to realise that it was their responsibility to provide relevant information to all stakeholders. He said the objective of the awards is to encourage timely publication of accurate, informative and well-presented annual reports for shareholders, employees and others, who may have an interest in the performance and activities of the organisations, in question and to recognise and honour the organisations for their exemplary achievements in producing such reports.
He said that the BCSR awards are aimed at generating healthy competition amongst companies in various sectors for quality disclosures. He lauded the efforts of both the ICAP and ICMAP in improving the standard of corporate reporting in Pakistan. Speaking on the occasion, ICMAP's president Kashif Mateen Ansari said that the criteria for evaluating companies are reviewed by a joint committee of ICAP & ICMAP, every year. "The BCSR Award is a good vehicle to enhance awareness and appreciate the profession's capability and contribution," he added. He said the international standards of financial reporting not only facilitate many businesses, but also meet universal demands of corporate governance.
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