The Institute of Cost and Management Accountants of Pakistan (ICMAP) and the Institute of Chartered Accountants of Pakistan (ICAP), in addition to uplifting and regulating the Accountancy Profession, are fully committed to serving the public interest by promoting transparency & accountability, encouraging adoption of best corporate practices and supporting implementation of high ethical standards in the country.
Holding of "Best Corporate Awards Ceremony" on an annual basis is an important milestone in this direction. Over the past few years, the Best Corporate Report Awards have played a key role in raising the standard of financial and corporate reporting in the country. These Awards have been instrumental in generating a healthy competition among the companies to produce high-quality corporate reports, which are now comparable to the best reports in the Region.
Many of the award-winning Corporate Reports of Pakistani companies have been declared by the South Asian Federation of Accountants (SAFA) as the best reports of the whole SAARC Region. This process has significantly strengthened the good governance practices in the corporate sector of Pakistan and enhanced the level of reliance on the information disclosed in the Annual Corporate Reports.
Through these reports, the stakeholders and the users can get an in-depth knowledge on the operations of the company and better understanding of the financial results and future outlook of their companies. I congratulate the Chief Executive Officers (CEOs), Chief Financial Officers (CFOs) and the representatives of all those companies who have participated in the competition specially those who are declared award-winners for their corporate reports of 2008.
I am confident that the companies who have found a place in the winner's list will continue their dedicated efforts and can certainly be among the award-winners next year. I wish the "Best Corporate Report Awards" event a grand success.