CM Sindh Confers Best Corporate And Sustainability Report Awards

KARACHI, (UrduPoint / Pakistan Point News - 08th Oct, 2016 ) : Sindh government intends to have partnership with private sector and accountancy professionals for economic growth to help improve the economy of the province as well as that of the country.

This was said by the Chief Minister Sindh, Syed Murad Ali Shah, at the 15th Best Corporate and Sustainability Report (BCSR) Awards here Friday night. The Chief Minister appreciated the Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountants of Pakistan (ICMAP) for jointly organizing these awards every year for the enhancement of corporate reporting system and said that high quality financial reports of the companies are pivotal for the development of the country.

He urged the corporate sector to invest in the province as it has potential of robust economic growth. President Institute of Chartered Accountants of Pakistan, Nadeem Yousuf Adil, offered felicitations to all the companies which participated in this competition and in particular to those that were adjudged the best.

Over the period, this competition has brought tremendous improvement in the annual reports of the companies. This fact has also been acknowledged at the regional level as the number of winning Pakistani companies of SAFA awards has increased, he added.

Nadeem said the awards are aimed at promoting greater and more effective communication of financial and other information by companies to their stakeholders through the publication of timely, informative, factual and reader friendly annual reports.

He further stated that the stakeholders especially investors equate high quality annual reports with high quality management, and this demonstrates a company's subscription to the ethic of transparency-the full and timely disclosure of information.

Vice President Institute of Cost and Management Accountants of Pakistan Anis-ur-Rehman in his speech said that the aim of initiating sustainability award category in 2011 was to encourage wider circulation of sustainability reporting.

From sustainability reporting we are now moving on to integrated reporting which is a new standard for corporate communication, he added. He appreciated the Chairman Joint Evaluation Committee of ICAP-ICMAP, Yacoob Suttar, and his team for holding this Awards Ceremony for the sixteenth consecutive year while also applauded the efforts and enthusiasm of the members the BCSR Evaluation Committee which made it possible.

Yacoob Suttar said that this is a yearly award ceremony launched by the ICAP and the ICMAP- the two bodies that are carrying forward and regulating the accounting profession in the country. As many as 50 companies were conferred the awards in 10 categories such as banks, NBFIS including insurance, chemical and pharmaceuticals, fuel and energy, engineering and autos, cement and sugar, textiles, mutual funds, nonprofit organizations and others.

Fauji Fertilizer Company Limited won the overall sector's award as well as for the sectors of chemicals & pharmaceutical and sustainability reports. The other winners and categories were: MCB Bank Limited (banks); First Habib Modarba (NBFIs & insurance); Maple Leaf Cement Factory Limited (sugar & cement); Fauji Fertilizer Company Limited (chemicals & pharmaceutical); Nishat Mills Limited (textiles); Pakistan State Oil Company Limited (fuel & energy); Cherat Packaging Limited (others); The Citizens Foundation (NPO); Atlas Honda Limited and Mughal Iron And Steel Industries Limited ((engineering & autos); and Fauji Fertilizer Company Limited (sustainability reports).