The concepts of Sustainability is critical for the society and business henceforth accounting bodies need to play an effective role to implement GRI guidelines to gauge the sustainability development for all stakeholders. A robust sustainable reporting system provides benefits internally and externally to all the reporting organisation. Now 'Sustainability Reporting' is relevant to both private and public sector organisation. It provides information on the economic, environmental, and social performance of private, governments, public agencies, and corporations to all stakeholders.
The disclosure of information is now a global phenomenon to ensure governance and transparency. The Regulators play a pivotal role in driving sustainability disclosure in private and public sector. In several countries, especially South Africa in electricity sector, state owned companies are required to report on different aspects of their non-financial performance. Sustainability reporting is an essential management tool for enhancing accountability, transparency and engagement, and advancing sustainability within any private or state owned enterprises. Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs. (Brundtland 1987).
It is pleasure to know that the 'Best Corporate and Sustainability Report Awards 2015' is being organized jointly by ICMA Pakistan and ICA Pakistan on 7th October 2016. It is a matter of utmost satisfaction that since its launching in the year 2000, these Awards have now become a symbol of pride and honour for the corporate sector in Pakistan and have been quite instrumental in encouraging the business entities to follow transparency in preparing their annual reports according to international best practices.
This annual feature of the two professional accounting bodies - ICMA Pakistan and ICAP has created a healthy competition amongst companies for maximum disclosures and also 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. The BCSR Awards have also resulted in further improving the disclosures and level of compliance of Pakistani companies with the applicable financial reporting standards. Hence, these Awards have helped in promoting corporate accountability and transparency as well as enhancing the confidence on business reporting in general and businesses in particular.
I am extremely pleased that both ICAP and ICMA Pakistan have also given due importance to Sustainability Reporting by the companies by initiating Best Sustainability Report Awards since 2011. These Awards were initiated with the aim to promote responsible reporting by Pakistani entities with regard to economic, environment and social performance of the business. The objective is to make local business aware of the international best practices and to facilitate these businesses in obtaining investments by ethical investors.
It is good to see that more and more contestants are now participating in this competition every year which shows the significance of BCSR awards 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 2015, all the members of Joint Committee of CA and ICMA Pakistan and Members of Evaluation Committee who have made this ceremony possible once again. In the end I wish ICMA Pakistan and CA Pakistan a future full of continued success in all professional pursuits.