The Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost & Management Accountants of Pakistan (ICMAP) have been awarding the Best Corporate Report (BCR) Awards for the last seventeen years. This award has been instrumental in encouraging entities to follow transparency in preparing their annual reports according to the international best practices.
The objective of the award is to make local businesses aware of the international best practices and to facilitate these businesses in obtaining investments by ethical investors.
The best corporate report award for 2017 was won by Cherat Packaging Limited, while best sustainability report award was won by ICI Pakistan.
Mughal Iron and Steel, Attock Petroleum, Cherat Cement, MCB Bank, Jubilee Insurance, Kohinoor Textile Mills and Fauji Fertilizer won the best corporate awards in their respective sectors.
The event was jointly organized by the Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountants of Pakistan (ICMAP).
ICMAP President Zia-ul-Mustafa said that excellence in reporting encourages better governance. It increases levels of trust and confidence in the governance arrangements between companies and their shareholders and other stakeholders.
ICAP President Riaz A Rehman Chamdia said that this competition has brought tremendous improvement in the annual reports of the companies over the period.
This fact has also been acknowledged at the regional level, as the number of winning Pakistani companies of SAFA awards has increased he said
“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 corporate governance and high-quality reporting in Pakistan,” he added.
PSX Taking Steps to Improve Investor Confidence:
The Pakistan Stock Exchange (PSX), in collaboration with the regulator, is taking measures to improve and boost investor confidence through better regulations and new rules of material information, enabling corporate transparency, said the PSX’s Chief Executive Richard Morin on Tuesday.
Speaking at the Best Corporate and Sustainability Report 2017 Award ceremony, Morin said, “There is ample evidence that companies that are more transparent and keep a simpler structure are rewarded with higher valuation, which is good for all shareholders, especially the sponsors.”
Morin said that PSX would play an active role in increasing investor education and awareness to build confidence on the corporate sector.