The Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost & Management Accountants of Pakistan (ICMAP) have been awarding the Best Corporate Report Award since the year 2000. The objective is to encourage the publication of timely, accurate, informative and well-presented annual reports for shareholders, investors, regulators, employees and stakeholders who have an interest in the performance and activities of the organisations in question, and to recognise and honour those organisations for their exemplary achievement in producing such reports. This award has been instrumental in encouraging entities to follow transparency in preparing their annual reports according to the international best practices.
Another award namely the Best Sustainability Report Award which was initiated in 2011, is aimed to promote responsible reporting by entities covering 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.
EVALUATION PROCESS Annual reports are adjudged in accordance with the Criteria through a transparent evaluation process, where marking is done by technical staff, and the results are reviewed by the Evaluation Committee (a sub-committee of the Joint Committee of ICAP and ICMAP). The Criteria are regularly reviewed by the Committee in order to update in line with the international best practices. The Criteria is available to download at the website of both the Institutes. Qualifying marks (benchmark) is 75 marks out of total 140 marks, distributed as under:
BCR awards are given in the following sectors/ categories:
1. BANKS
2. NBFIS (INCL. INSURANCE AND MUTUAL FUNDS)
3. CHEMICALS & PHARMACEUTICALS
4. FUEL & ENERGY
5. ENGINEERING & AUTOS
6. CEMENT & SUGAR
7. TEXTILE
8. NON-PROFIT ORGANISATIONS
9. OTHERS
PARTICIPATION FOR BCSR 2016 AWARDS This year 151 companies submitted their reports for the competition as under:
SAFA BEST PRESENTED ACCOUNTS (BPA) AWARDS Companies from amongst the BCSR winners of last year were nominated for South Asian Federation of Accountants (SAFA) Best Presented Accounts (BPA) awards annual competition. Fauji Fertilizer Company Limited secured the overall top position. Following companies received the Awards/Certificates at the SAFA Award Ceremony held on January 27, 2017 at Dhaka, Bangladesh:
WINNERS
-- Crescent Steel & Allied Limited
-- Fauji Fertilizer Company Limited
-- K-Electric Limited
-- Oil & Gas Development Company Limited
-- The Citizens Foundation
RUNNERS UP
-- Maple Leaf Cement Factory Limited
-- Pakistan Petroleum Limited
MERIT CERTIFICATES - (Category wise)
Private Sector Banks
-- Allied Bank Limited
-- MCB Bank Limited
-- Meezan Bank Limited
Insurance
-- EFU General Insurance Limited
-- EFU Life Assurance Limited
-- Jubilee General Insurance Limited
Manufacturing
-- Cherat Packaging Limited
Public Sector Entities
-- Pakistan State Oil Limited
Financial Services
-- First Habib Modarba
Corporate Governance
-- First Habib Modarba
-- Fauji Fertilizer Company Limited
Integrated Reporting
-- Fauji Fertilizer Company Limited
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ALLOCATION Marks Weightage
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1. Introductory 6 4%
2. Management Review 34 24%
3. Disclosures 21 15%
4. Stakeholder's Information 35 25%
5. Report Presentation 7 5%
6. Corporate Governance 37 27%
Total 140 100%
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CATEGORIES/SECTORS 2016 2015
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BEST CORPORATE REPORT BANKS 13 12
NBFIs (incl. INSURANCE AND MUTUAL FUNDS) 17 21
CHEMICALS & PHARMACEUTICALS 14 18
FUEL & ENERGY 15 17
ENGINEERING & AUTOS 21 18
SUGAR & CEMENT & SUGAR 18 17
TEXTILE 21 17
NPOs 1 1
OTHERS 24 26
BEST SUSTAINABILITY REPORT 7 5
TOTAL REPORTS 151 152
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