It gives me immense pleasure to know that the 'Best Corporate and Sustainability Report Awards 2016' is being organized jointly by ICMA Pakistan and ICA Pakistan on 25th August 2017. It is satisfying since it's launching in the year 2000, these Awards have now become a symbol of pride and honor for the corporate sector in Pakistan.
The BCSRA awards have, over the years, created a healthy competition amongst companies for maximum disclosures and contributed to raise the standards of corporate governance in the country in accordance with the Code of Corporate Governance 2012, promulgated by the Securities and Exchange Commission of Pakistan. These awards have also been quite instrumental in encouraging the business entities to follow transparency in preparing their annual reports according to international best practices.
The BCSR Awards have also resulted in further improving the disclosures and level of compliance of Pakistani companies with the applicable financial reporting standards. It has also helped in promoting corporate accountability and transparency as well as enhancing the confidence on business reporting in general and businesses in particular.
I am further pleased that both ICAP and ICMA Pakistan initiated the Best Sustainability Report Awards in 2011 which has paved the way for promoting responsible reporting by Pakistani business entities on economic, environment and social performance. This is indeed a positive initiative as sustainability is critical to both society and business. I think both the accounting bodies need to play an effective role in ensuring that our corporate sector follows the GRI guidelines as an essential management tool to enhance accountability and transparency.
We are confident that the level of reliance on Annual Reports will greatly enhance in the future along with the improvement in the corporate governance, which in turn will help the economy. On behalf of ICMA Pakistan, I would like to thank all the companies who have taken part in this year's BCSRA Awards and all the members of Joint Committee of ICAP and ICMA Pakistan and Members of Evaluation Committee for their efforts to make this possible.
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