ICMA Pakistan: Messages From Abdul Rahim Suriya FCA, FCMA Chairman, Evaluation Committee

TEXT: Organization can demonstrate accountability and stewardship of reporting entity to stakeholders through publishing transparent annual report.

• The Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountants of Pakistan (ICMAP) are organizing Best Corporate Report Awards for last 20 years and Sustainability Report Awards for last 10 years. This competition has developed a healthy competition and brought tremendous improvement in the annual reports of the listed companies, Public Sector Companies and NPOs.

• Annual reports are adjudged in accordance with the published evaluation Criteria through a transparent evaluation process. The Criteria aims to promote a cohesive approach t corporate reporting that will improve the quality of financial and governance information available to the capital providers and other stakeholders. It helps in elevating the level of accountability and stewardship of reporting organizations and enable effective decision making and increases level of trust and confidence among stakeholders.

• The BCR Criteria also matches the quality of financial and governance reporting in Pakistan in line with global best practices. The concept is to promote integrated thinking within the organization considering both financial and non-financial information so that the stakeholders can take effective business decisions.

Inspiration has been derived from the ‘Content Elements’ (disclosures) of the International Integrated Reporting Framework (IR). The participants of this award are encouraged to adopt (IR) fully, particularly the ‘Fundamental Concepts’, ‘Content Elements’ and ‘Guiding Principles’ into their corporate reporting.

• SECP is suggested to direct all Listed Companies, Public Sector Companies and NPOs to adopt ICAP BCR criteria for voluntary compliance for developing annual reports. The Evaluation Committee has been recommending to PSX for considering winners of BCR awards for some weightage in their criteria of the best performing companies.

• There is a separate criteria 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that NPOs in Pakistan are receiving substantial amount as Zakat and Donation but they usually lack in transparency, and do not publish annual reports.

I would like to thank participating organizations, Presidents of both the Institutes, BCR Evaluation committee members, Reviewers’ panel and Secretariat team led by Ms. Farheen Mirza and Mr. Asim Husain Khan.

Copyright Business Recorder, 2021