ICMAP, ICAP organize Best Corporate and Sustainability Report Award

KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP) jointly held the Award ceremony for the fifteenth consecutive year. The objective is to give recognition to excellence in corporate and sustainability reporting.

ICAP President Mr. Yacoob Suttar, who is also the Chairman of the Evaluation Committee (a sub- committee of the Joint Committee of ICAP-ICMAP) in his address, apprised that the Best Corporate Report award was launched in the year 2000 with the main objective of promoting excellence in and improving disclosure relating to corporate reporting in Pakistan. Another award namely ‘Best Sustainability Report’ was launched in the year 2011 aimed at creating awareness about social and corporate responsibility other than financial information.

He said that the annual report is a company’s most important strategic communication document, setting forth the company’s vision, values and operating philosophy as well as communicating its past performance and outlining its future opportunities and growth prospectus, enabling an investor making an informed decision about investment in that company.

Good corporate reporting, he said, has an important role to play in helping build trust with the stakeholders. Companies need to communicate more clearly, openly and effectively with investors and other stakeholders about how they plan to grow in a sustainable way.

He added that we are now moving from sustainability reporting to integrated reporting which is a new standard for corporate communication and while few issues relating to this have still to be resolved, A number of organizations take social initiatives but somehow these initiatives seem to be in isolation and are not linked to the organizational sustainable development. Sustainability reports serve to fill this gap and it was with this aim of encouraging wider circulation of sustainability reporting.

Kashif Mateen Ansari in his address said that the corporate sector expects the Management Accountants to play a vital role in formulation and effective implementation of corporate strategy and to ensure optimum utilization of resources in order to be competitive both in terms of price and quality for cross-border trade. ICMA Pakistan is fully alive to these expectations and striving hard to produce professionals who could assume the role of strategic managers. It is aggressively moving forward to enhance its capacity with respect to quality education, infrastructure development and various services to the economy.

He said that the Best Corporate and Sustainability Report Awards have now become a symbol of pride and honour for the corporate sector in appreciation of their efforts for timely and accurate publication of the financial statements. Since its inception, the BCSR Award has created a healthy competition between the companies in various sectors for maximum disclosures.

He applauded contestants are participating in this competition every year clearly demonstrates the popularity of the awards. I am extremely pleased that both ICAP and ICMA Pakistan have given due importance to Sustainability Reporting by the companies by initiating Best Sustainability Report Awards.

Guests of Honour were Syed Masoud Ali Naqvi, Past President, Mohammad Abdul Aleem, Secretary General OICCI, Mr. M. H. Asif and Badruddin Fakhri, Past Presidents, ICMA Pakistan.

In his concluding remarks Anis ur Rehman, Member National Council and member Joint Committee ICAP & ICMAP, Mr. Anisur Rehman thanked the participants for making the event successful with their participation and congratulated the winning companies and all other companies who participated in the competition for their endeavour to produce best report.

Fauji Fertilizer Company Limited received the overall winner. Following companies were given Awards for the Best Corporate Report 2014 Awards:

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