TEXT: It is pleasure to know that the ‘Best Corporate and Sustainability Report Awards 2019’ is being organized jointly by ICMA Pakistan and CA Pakistan. It is a matter of much satisfaction that over 20 years, these awards have not only become a symbol of pride and honor for the corporate sector in Pakistan; but also provided a useful benchmark and set guidelines to business entities to follow transparency in preparing their annual reports according to international best practices.

I would give credit to both the professional accounting bodies i.e. ICMA Pakistan and CA Pakistan who, through consistent conferment of BCSR Awards every year, have created a healthy competition amongst companies for maximum disclosures which indirectly has raised the standards of corporate governance in the country in accordance with the SECP’s Code of Corporate Governance 2012. The disclosure of information is now a global phenomenon to ensure governance and transparency. The Regulators need to play a vital role in driving sustainability disclosure in private and public sector. Sustainability reporting is an essential management tool for enhancing accountability, transparency and engagement, whereas sustainable development helps in meeting the needs of present without compromising the ability of future generations to meet our own needs. Similarly, Integrated reporting is also one of the criteria on which the financial statements of the companies are judged. In this context, I may add here that ICMA Pakistan is the only participant of International Integrated Reporting Council (IIRC) in Pakistan. I am confident that the level of reliance on Annual Reports will greatly enhance in future along with the improvement in the corporate governance, which in turn will help the economy to prosper.

It is good to see that over the years quality of the annual reports have enhanced which shows the significance of BCSR Awards. On behalf of ICMA Pakistan, I would like to thank all the companies who have taken part in this year’s BCSRA Awards 2019. I place on record my appreciation of the efforts of the members of Joint Committee of ICAP and ICMA Pakistan and the Evaluation Committee to make the BCSRA even a resounding success.

In the end, I wish ICMA Pakistan and CA Pakistan a future full of continued success in all professional pursuits.

Copyright Business Recorder, 2020