ICMA Pakistan Awards 2019: Message from Abdul Rahim Suriya FCA, FCMA (Chairman, Evaluation Committee)
TEXT: Good annual report helps to elevate the level of accountability and stewardship of reporting organizations.
• The Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountant of Pakistan (ICMAP) organizing Best Corporate and Report Awards for last 20 years and Sustainability Report Awards for last 8 years.
• The high quality of financial information is important because it influences capital providers and other stakeholders in making informed decisions and increases levels of trust and confidence.
• This competition has developed a healthy competition among the listed companies and also brought tremendous improvement in the annual reports.
• Evaluation Process: Annual reports are adjudged in accordance with the published Criteria through a transparent evaluation process. The criteria is based on Disclosure contents of the International Integrated Reporting Framework
• From this year a separate criteria has been issued for Non Profit Organizations (NPOs). It is noted that NPOs in Pakistan are receiving substantial amount as Zakat and Donation but they usually lack in transparency, and usually they do not publish annual reports.
• It is further suggested to SECP to direct all Listed, Public Sector Companies and NPOs to adopt our BCR criteria for voluntary compliance for developing Annual Reports. Our Evaluation committee has been recommending to PSX for considering winners of this award for some weightage in their criteria of the best performing companies. I would like to thank participating organisations, committee members, reviewers’ panel and secretrait team particularly Mr. Asim Husain Khan, Ms. Farheen Mirza, Mr. Shams Bhimani and Mr. Babar Badal.