The Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountants of Pakistan (ICMAP) organized a ceremony for Best Corporate and Sustainability Report 2016.awards. The award is primarily aimed at promoting effective communication of financial and other information by companies to their stakeholders through the publication of timely, informative, factual and reader friendly annual reports.
The event was held at a local hotel the other day. Yaqoob Sattar, Chairman Joint Evaluation Committee in his welcome speech said the annual report is the company's most important strategic communication document, setting forth the company's vision, values and operating philosophy as well as communicating its past performance, outlining future opportunities, growth prospects, enabling an investor to make informed decision about investment in the respective company.
Governor of Sindh Muhammad Zubair while addressing as chief guest applauded both the accounting institutes for keeping the tradition of organizing the event since 2000, encouraging companies to present their annual reports as per global best practices. The Governor said that as organizations fully depend on their stakeholders for sustainable success, it is in their best interest to provide them with high-quality reports. Effective and transparent business reporting allows organizations to present a detailed and cohesive explanation of their business's performance which helps them engage with internal and external stakeholders, including customers, employees, shareholders, creditors, and regulators.
He added that High-quality information is integral to the successful management of the business, and is one of the major drivers of sustainable organizational success. Promoting culture of high-quality disclosures in Annual Reports enhances the confidence of existing investors and is beneficial for the organizations to attract local as well as foreign investors. In the present complex corporate world, he said, the profession of accountancy has attained a key place in the concept of accountability and transparency in the public and private undertakings.
This profession is regarded as one of the most important players in the economic development of the country. Government fully supports initiatives and activities which support economic growth and stability. Nadeem Yousuf Adil, President ICAP said that ICAP is committed to promoting transparency and accountability in Pakistan's corporate sector.
He added that ICAP has been playing a key role in developing the profession at the national as well as at regional and international level in bodies like SAFA, CAPA and IFAC, through its ongoing contribution towards enhancing the quality of disclosure and transparency aspects of Corporate Governance.
Mohammad Iqbal Ghori, President - ICMA Pakistan said that the contribution of Pakistan's manufacturing sector in the economic growth of the country cannot be over-emphasized. He said that one major factor which is impeding growth of our industry and corporate sector is 'high cost of doing businesses'. This has not only hampered our industrial productivity but also made our exports uncompetitive in the international market. He added that there is a dire need to have an independent 'Financial Reporting Council' to regulate the accounting and auditing profession in Pakistan.
This should be independent from the accounting profession so that it could play its role in upholding quality and standard of financial reporting in Pakistan and safeguarding the interests of all the stakeholders, including the business, trade, industry, professionals and public at large. Several advanced and emerging economies such as USA, UK, Canada, Hong Kong, Australia, Mauritius, Sri Lanka and Japan have already established such financial reporting authorities which have resulted in strengthening their financial sectors and attracting global investments.
The creation of an independent financial watchdog in Pakistan would also stimulate private sector growth and foreign investments. It is therefore in the larger interest of our national economic growth and prosperity. Anis-ur-Rehman in his vote of thanks complemented the role of both the Institutes towards the accounting profession and strengthening corporate governance in Pakistan.
Fauji Fertilizer Company limited was declared the overall top winner, whereas other companies received the awards under respective categories. Banking Sector Category, MCB got first position, Allied Bank limited secured 2nd, Meezan Bank Limited got 3rd whereas Bank Alfalah Limited secured 4th position.
In NBFIs category, Habib Modaraba and Jubilee General Insurance Company Limited jointly secured 1st, EFU General Insurance Limited held 2nd, while EFU Life Assurance Limited got 3rd position. In Cement and Sugar category, Cherat Cement Company Limited and Maple Leaf Cement Factory Limited jointly held first position, Lucky Cement Limited 2nd and Thatta Cement Company Limited got 3rd position.
Engineering and Autos sector, Crescent Steel and Allied Products Limited and Atlas Battery Company Limited shared first position, Atlas Honda Limited held 2nd position, Pak Electron Limited and Mughal Iron & Steel Industries Limited jointly secured 3rd, whereas the International Industries Limited got 4th position.
Fuel and Energy sector, Mari Petroleum Company Limited got first position, Attock Petroleum Limited 2nd, Pakistan State Oil Company Limited 3rd, while the Oil and Gas Development Company Limited secured forth position. In other categories, Cherat Packaging Limited secured 1st, Synthetic Product Enterprises Limited 2nd, Rafhan Maize Products Company Limited 3rd, Avanceon Limited and Thal Limited jointly got 4th position and Tri-Pack Films Limited got fifth position.
Textile Sector, Kohinoor Textile Mills Limited 1st, Sadaqat Limited and Gadoon Textile Mills Limited jointly held 2nd position, Gul Ahmed Textile Mills Limited 3rd, whereas Nishat Mills Limited got the 4rth position. Non Profit Organization category, The Citizens Foundation got first position. Chemicals and Pharmaceutical category, Fauji Fertilizer Company Limited got 1st, ICI Pakistan Limited and Engro Polymers and Chemicals Limited jointly held 2nd, Abbot Laboratories (Pakistan) Limited 3rd, while the Fauji Fertilizer Bin Qasim Limited secured 4th position.
Sustainability report, Fauji Fertilizer Company limited secured 1st, ICI Pakistan Limited 2nd, Crescent Steel and Allied Products Limited 3rd, whereas Attock Refinery Limited and Atlas Honda Limited jointly held 4th position. Meanwhile, the Governor congratulated all the winners and hoped that they will continue to achieve excellence in corporate/sustainability reporting in future.