Message from President, Islamic Republic of Pakistan

I wish to congratulate the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP) for raising awareness about best corporate practices by arranging such events to recognise and honour the stakeholders for observing standards of best corporate governance in Pakistan.
Good corporate governance is based on, among other things, adequate and timely disclosure of material information with high level of transparency to consumers, indeed to all stake holders. It is therefore important that the annual reports of the companies clearly state what they have done to achieve maximum compliance with all regulatory requirements and best corporate practices.
The government is also playing its role in ensuring disclosure of full and complete information with regard to important activates that bear on public welfare. It has already directed that all procurements by the provincial government for the flood relief measure in Sindh be placed on the web for transparency. Indeed recently the National Disaster Management Authority (NDMA) has placed entire record of procurements on the internet.
I am pleased to learn that both ICAP and ICMAP are striving to contribute to the country's progress by supporting and rewarding companies for practising best practices. The Best Corporate and Sustainability Report Award instituted by them will hopefully motivate and encourage the companies to follow best corporate practices in all areas of their activities. I wish ICMAP and ICAP success in their professional endeavours to promote best corporate governance.