Page 9 - Newsletter-Sep-2015

Governance, Transparency and Service to Members & Students www.icap.org.pk Best Corporate and Sustainability Report 2014 Awards Ceremony The Best Corporate Report (BCR) Awards was started in He said that the annual report is a company’s most important the year 2000 by The Institute of Chartered Accountants of strategic communication document, setting forth the Pakistan (ICAP) and the Institute of Cost and Management company’s vision, values and operating philosophy as well as Accountants of Pakistan (ICMAP). This award has been communicating its past performance and outlining its future instrumental in encouraging entities to follow transparency opportunities and growth prospectus, enabling an investor in preparing their annual reports according to international in making an informed decision about investment in that best practices. The objective of the awards is to encourage company. the publication of timely, accurate, informative and well- presented annual reports for shareholders, stakeholders, Good corporate reporting, he said, has an important role to play in helping build trust with the stakeholders. Companies employees and others who may have an interest in the need to communicate more clearly, openly and effectively performance and activities of the organisations in question with investors and other stakeholders about how they plan and to recognise and honour the organisations for their to grow in a sustainable way. exemplary achievement in producing such reports. He added that we are now moving from sustainability In 2011, another award namely, Best Sustainability Report reporting to integrated reporting which is a new standard for (BSR) Award was initiated by both the institutes with the corporate communication and while a few issues relating to aim to promote responsible reporting by entities covering this have still to be resolved, a number of organisations take economic, environment and social performance of the social initiatives but somehow these initiatives seem to be in business. The objective is to make local business aware of the isolation and are not linked to the organisational sustainable international best practices and to facilitate these businesses development. Sustainability reports serve to fill this gap and in obtaining investments by ethical investors. the aim is to encourage wider circulation of sustainability reporting. Annual reports are adjudged in accordance with the criteria through a transparent evaluation process, where marking ICMAP president Kashif Mateen Ansari in his address is done by staff of both the Institutes, and the results are said that the corporate sector expects the management accountants to play a vital role in the formulation and finalised by the Evaluation Committee (a sub-committee of the Joint Committee of ICAP and ICMAP). effective implementation of corporate strategy and to ensure optimum utilisation of resources in order to be competitive both in terms of price and quality for cross-border trade. This year 174 organisations participated for the BCSR Awards ICMAP is fully alive to these expectations and striving hard to competition in the following 10 categories (sector wise): produce professionals who could assume the role of strategic Banking; NBFIs; Chemical; Fuel & Energy; Engineering; managers. It is aggressively moving forward to enhance its Cement & Sugar; Textile; Mutual Funds; Others; and Non- capacity with respect to quality education, infrastructure Profit Organisations. development and various services to the economy. ICAP and ICMAP jointly held the award ceremony for the He said that the Best Corporate and Sustainability Report fifteenth consecutive year on September 4, 2015 at a Awards have now become a symbol of pride and honour for local hotel. The guests of honour included Syed Masoud the corporate sector in appreciation of their efforts for timely Ali Naqvi, past president ICAP, Muhammad Abdul Aleem, and accurate publication of the financial statements. Since its secretary general Overseas Investors Chamber of Commerce inception, the BCSR Award has created a healthy competition & Industry (OICCI), M. H. Asif and Badruddin Fakhri, past between the companies in various sectors for maximum presidents, ICMAP. disclosures. He applauded the participating contestants. In his concluding remarks, Anis ur Rehman, member ICAP president Yacoob Suttar, who is also the chairman National Council and member Joint Committee ICAP and of the Evaluation Committee in his address, apprised that ICMAP, thanked the participants for making the event the Best Corporate Report award was launched with the successful and congratulated the winning companies and main objective of promoting excellence in and improving all other companies who participated in the competition for disclosure relating to corporate reporting in Pakistan. And their endeavour to produce the best report. Fauji Fertilizer the other Best Sustainability Report was launched aimed at Company Limited was declared the overall winner. List of creating awareness about social and corporate responsibility winning companies of BCSR 2014 awards is available at other than financial information. http://www.icap.net.pk/bcrs September 2015 9