I am pleased to learn that the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accounts of Pakistan (ICMAP) are holding the Best Corporate and Sustainability Report Awards this year, in keeping with their tradition. These awards are greatly valued as they encourage companies to disclose maximum information in a timely and organized manner.
I would like to mention here that Companies Act 2017 is replacing Companies Ordinance, 1984 which has been in place for 33 years. The new Act encourages more autonomy for the corporate managers and looks to further simplify various corporate procedures. It aims to improve overall corporate governance.
A significant part of government reform agenda is targeted at improving the quality of information disclosed in companies' annual reports, as well as enhancing the quality of the audit process. Such measures will boost investors' confidence and provide stimulus for development of Pakistan's capital market and corporate sector. The Government is also actively coordinating with ICAP and ICMAP to augment transparency in reporting, and keep oversight of the accountancy and auditing professions.
I take this opportunity to extend my warm felicitations to ICMAP and ICAP for organizing this prestigious event. I also congratulate those who have received awards for their professional excellence, and hope that all award winners and nominees will continue their efforts for the prosperity of our country.