ICMA Pakistan: Messages From Iftikhar Taj FCA President, Institute of Chartered Accountants of Pakistan (ICAP)

TEXT: Effective reporting is vital in supporting accountability and transparency. Excellent reporting does not necessarily mean providing more information, but ensuring that the key insights and issues are communicated clearly, in a way that is accessible, balanced and transparent.

In a dynamic and complex global economy, organizations are facing a critical shift in investor expectations with more demand for an integrated, holistic approach to performance and value creation and this in turn is shaping the corporate reporting landscape. Strong corporate reporting inspires trust, enhances accountability and helps protect the public interest.

The Institute of Chartered Accountants of Pakistan (ICAP) is committed to promoting transparency and accountability in Pakistan’s corporate sector. With due adherence to professional ethics, professionalism and discipline, the profession has brought about a marked improvement in the quality of reporting and corporate governance in Pakistan. The Best Corporate & Sustainability Report (BC&SR) Awards is an example of the Institute’s commitment towards improving and enhancing the quality of financial reporting in Pakistan. The BC&SR Awards are the most prestigious and popular national awards that recognize excellence and best practices in corporate reporting. This year marks our 21st celebration of the BC&SR Awards.

Our ultimate goal with the BC&SR Awards is to raise the bar for quality corporate reporting in Pakistan. It is indeed welcoming to see that our award winning companies are clearly demonstrating that the bar is definitely climbing.

I congratulate the companies which have participated in the competition and won the awards and hope that they will continue to achieve excellence in corporate reporting in future.

I would also like to acknowledge the efforts of the members of the Evaluation Committee and the Institute’s staff for sharing their time, expertise in developing comprehensive criteria for evaluation of annual reports and finalizing results, and above all, commitment to high-quality reporting in Pakistan.

Copyright Business Recorder, 2021