TEXT: The Best Corporate and Sustainability Report Awards 2023 are being organized on October 12, 2023, in Karachi to honor the listed companies recognized by ICMA and ICA Pakistan.

Recognizing their role and accountability to the general public, both professional accounting bodies have fostered healthy competition among companies concerning financial and non-financial disclosures, regulatory compliance, and adherence to global financial reporting standards.

Following a comprehensive and critical review by the Joint Committee of ICMA and ICA Pakistan, the Annual Reports of listed companies are selected for awards.

The dynamic global scenario of governance and transparency, while adhering to various regulations and laws, is central to future growth and access to capital. Therefore, the conferral of these awards is not only a matter of pride for the participating companies but also serves as certification of compliance with local regulations and International Financial Reporting Standards.

The longstanding tradition of these award ceremonies has attained the status of a touchstone.

The sheer number of participating contestants in the awards race year after year has been a source of promotion for responsible reporting culture and keeping pace with international best practices and standard reporting.

It is worth noting that the most compliant and detailed reports play a crucial role in building trust and making decisions for all stakeholders, such as regulators, lending agencies, financial institutions, and equity holders.

I may mention here that on June 26, 2023, the International Sustainability Standards Board (ISSB) released its inaugural standards, IFRS S1 and IFRS S2, signaling a transformative shift in financial reporting.

These standards establish precise guidelines for disclosing sustainability-related governance, strategy, risk management, and climate-related information. By following these standards, companies will enhance transparency and meet investor expectations.

This shift will emphasize sustainability in future financial reports, influencing how companies showcase their performance to stakeholders.

I am optimistic that Pakistani companies, especially those participating in BCSRA, will review and adopt these standards, ensuring their readiness for the future.

On behalf of ICMA and ICA Pakistan, I extend my thanks to all participating companies for their involvement in the BCSRA Awards 2023. I also express my sincere gratitude to the members of the Joint Committee of ICMA and ICA Pakistan for their valuable and dedicated cooperation, which has not only made this event possible but has also strengthened our determination to continue this legacy.

Given the environmental challenges faced by Pakistan specifically and globally, I encourage the corporate sector to invest in analyzing and reporting on this pressing issue.

I wish ICMA and ICA Pakistan a future filled with continued success in all their professional endeavors.

Copyright Business Recorder, 2023