Over 40 companies awarded for best reporting

President, Institute of Cost and Management Accountants of Pakistan (ICMAP), Zia-ul-Mustafa Tuesday said that excellence in corporate and sustainability reporting encourages better governance. It increases levels of trust and confidence in the governance arrangements among companies, their shareholders and other stakeholders.
Addressing an award ceremony, “Best Corporate and Sustainability Report 2017 (BCSR)” here at a local hotel organized by the joint committee of the Institute of Chartered Accountants of Pakistan (ICAP) and ICMAP, he said that disclosure becomes an essential process for building confidence that the company will deliver value over the longer term and, at the same time, manage its risks and its reputation.
ICAP President Riaz A. Rehman Chamdia felicitated all the companies who participated in the competition and in particular to those who were adjudged the best.
He said 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.
The Evaluation Committee Chairman Abdul Rahim Suriya in his briefing said that the criteria for the year 2018 has been revamped and it is based on International Integrated Reporting Framework which aims to improve the quality of information available to providers of financial capital to enable a more efficient and productive allocation of capital.
He observed that in Pakistan there are number of NPOs/NGOs receiving substantial amount as Zakat and donation but they usually lack in transparency, one of the reason being that their annual reports are neither published nor placed on their websites. The Committee recommends Securities and Exchange Commission of Pakistan (SECP) to direct all public interest companies and NPOs to follow the 2018 BCR criteria in their annual reports. It also recommends Pakistan Stock Exchange (PSX) to consider it for giving some weightage in their criteria for selecting best performing companies at PSX.
Chief Executive Officer (CEO) PSX Richard Morin said that PSX in collaboration with the regulator was taking measures to improve investor confidence through better regulations and new rules of material information enabling corporate transparency. “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,” he stressed. He said that such awards would promote corporate transparency, which leads to more capital formation something a country with a very low savings rate like Pakistan sorely needs and better allocation of capital in the economy.—APP

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