Corporate compliances: Former FBR chairman explains how higher growth can be achieved

KARACHI: The Management Association of Pakistan (MAP) has organised 36th Corporate Excellence Awards here at local hotel on Thursday. Addressing the awards ceremony, former chairman Federal Board of Revenue (FBR) Shabbar Zaidi said Pakistan is one of the countries which could achieve tremendous economic growth by reducing the size of corporate compliances.

He said future of Pakistan lies on family owned companies and inheritance law should be aligned with these companies. He said businessmen should be given due respect because without it country could never made progress.

MAP distributed corporate excellence awards in different sectors. Allied bank was declared winner of Top Trophy Contest in financial sector, while Engro fertilisers winner in industrial sector. Standard Charted Bank was declared best commercial bank.

In insurance category, Jubilee Life Insurance and Jubilee General Insurance received best companies award while EFU Life managed to receive excellence certificate.

Oxix Leasing Pakistan won in leasing company category. Habib Metropolitan Modaraba and Oxix Modaraba jointly won in Modaraba category. In textile composite category, Feroz 1888 Mills Limited received the corporate award. Al Abbas Sugar Mills, Lucky Cement and Pakistan Tobacco Company received awards in sugar & allied industries, cement and tobacco sectors respectively. Attock Cement Pakistan Private Limited received excellence certificate.

In power generation and distribution sector HUBCO won the award while KAPCO was bestowed with excellence certificate.

Pakistan State Oil (PSO) received award on oil and gas marketing sector and Mari Petroleum Company Limited received excellence certificate in same category. Toyota - Indus Motors, Millat Tractors Limited Agriauto Industries were declared winner in automobile sectors.

Al-Ghazi limited also received excellence certificate. Fauji Fertilisers Company, Abbott Pakistan and Archroma won awards in fertilisers, pharmaceuticals and chemical sectors respectively. PICT won award in transport sector. Security Papers Limited, Colgate Palmolive Pakistan and Shifa International Hospital also won awards in their respective sectors. Earlier Talib Syed Karim, President MAPO also spoke to the gathering.

Copyright Business Recorder, 2021