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1- REDUCING THE ELECTRICITY TARIFF
2- THE CHANGING FACE OF MOTORCYCLE MARKET
3- MORABAHA

4- BEST CORPORATE REPORT AWARDS 2002

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BEST CORPORATE REPORT AWARDS 2002

 

 

 


Aug 04 - 10, 2003
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The Joint Committee of the Institute of Chartered Accountants of Pakistan (ICAP), Institute of Cost and Management Accountants of Pakistan (ICMAP) and Securities & Exchange Commission of Pakistan (SECP) announced the final results for Corporate Report Awards 2002. Chief Guest Federal Minister for Finance & Economic Affairs, Shaukat Aziz, awarded the shields to Winners and Runner-ups. This programme was attended by luminaries of the corporate sector. The chief guest appreciated the efforts by both the Institute in launching this award and he spoke on Corporate Governance and other related subject of corporate affairs. Chairman SECP, Presidents of ICAP & ICMAP and Chairman Joint Committee also shared their views and informed the participants about the need and the objectives for arranging this ceremony and the criteria of the awards.

The companies, which were judged in six categories namely are position wise as follows:

SERVICES SECTOR

1st

Askari Commercial Bank Limited

2nd

Faysal Bank Limited

3rd

Orix Leasing Pakistan Limited

4th

Pakistan Industrial Credit & Investment Corporation Limited

5th

Crescent Leasing Corporation Limited

TEXTILE SECTOR

1st

Ibrahim Fibers Limited

2nd

Kohinoor Textile Mills Limited

CHEMICAL & FERTILIZER SECTOR

1st

Fauji Fertilizer Co. Limited

2nd

Engro Chemical Pakistan Limited

3rd

ICI Pakistan Limited

4th

BOC Pakistan Limited

5th

Highnoon Laboratories Limited

ENGINEERING SECTOR

1st

Millat Tractors Limited

2nd

Siemens (Pakistan) Engineering Company Limited

3rd

Al-Ghazi Tractor Limited

4th

Atlas Honda Limited

5th

Hinopak Motors Limited

FUEL & ENERGY SECTOR

1st

Attock Refinery Limited

2nd

National Refinery Limited

3rd

Pakistan State Oil Company Limited

4th

Shell Pakistan Limited

5th

Shell Gas LPG (Pakistan) Limited

MISCELLANEOUS SECTOR

1st

Rafhan Maize Products Company Limited

2nd

Packages Limited

3rd

Pakistan Tobacco Company Limited

4th

Unilever Pakistan Limited

5th

Century Paper & Board Mills Limited

 

 

OVER ALL FIRST POSITION FAUJI FERTILIZER CO. LIMITED.

Abdul Rehman Qureshi, Chairman SECP said a significant part of SEC's reform agenda was targeted an improving quality of information provided in companies' annual reports as well as improving the quality of the auditing process. All these efforts are aimed at fostering investor confidence that will provide the necessary stimulus for further development of the country's capital market. The SEC also introduced the Code of Corporate Governance in March 2002, based on internationally recognized principles and I am pleased to see that the criteria for this years' award has assigned adequate weightage to this issue.

He extended heartiest congratulations to the two accountancy bodies that have organized this event. This is the third year that these awards are being presented and we have noticed a marked improvement in the quality of Annual Reports over these three years. For those who were not able to receive the award this year, I encourage them to further improve the quality of their annual reports and to the winners, my felicitations and hope that they will continue to achieve excellence in corporate reporting.

Khaliq-ur-Rahman, President, ICAP welcomed the guests and, extended his heartiest congratulations to the winners of the awards in each of the six categories. "This achievement is due to dedication, commitment and teamwork of management of each company. I am confident that efforts will be made in future also to emerge out as winners not only in the country but also at large forums such as SAFA Best Presented Accounts Awards."

Sher Afgan Malik, President, ICMAP said that the Institutions ICAP, ICMAP & SECP have jointly initiated this award for the first time in Pakistan. The distribution of awards will be a regular feature each year and will go a long way in improving the corporate governance in Pakistan.

He said the corporate sector has shown keen interest in this competition. For the year 2000, around 150 companies had participated, whereas around 250 in 2001 and in 2002 around 300 have participated in the competition. I hope that next year almost all the listed companies will be participating in the competition.

The aim of introducing the award is to improve the disclosures in the Annual Accounts, to improve the information provided in the Annual Reports and to improve the Corporate Governance. The awards will help in narrowing down the credibility gap, which exists between the stakeholders and the corporate management. It is a serious problem, which needs to be addressed because it has been affecting the growth of corporate sector in the country. It is hoped that the level of reliance on Annual Reports will greatly improve in the years to come.

The improved Annual Reports will be of great assistance to the different stakeholders in different ways.

*Shareholders will be in a better position to evaluate the performance of the Company and the extent of adoption of good practices.

*Banks and DFIs will be able to analyze the companies with reference to their short-term and long-term business plans, which have significant impact on the viability of the companies.

*The government agencies will be better equipped to evaluate their revenues with reference to the profits of the companies. The reports will also help them in their future planning of revenues expected from these companies.

*The regulators will be facilitated in their task of ensuring the compliance of corporate loans as well as the code of corporate governance.

We sure that Federal Finance Minister and Chairman SECP will be pleased that this award will also help in improving the corporate governance which in turn will help the economy for which they have been working so hard. Under Federal Finance Minister's dynamic leadership the country has witnessed a visible change in the complexion of economy.

 

 

Muhammad Rafi, Chairman Joint Committee of ICAP & ICMAP briefly outlined the criteria of Awards in Pakistan in context of South Asian Federation of Accountants (SAFA) Awards are being held regularly among SAARC countries.

Mr. M. Ashraf Bawany, Member ICMAP-ICAP Joint Committee, informed that while ranking the nominated companies various criteria were considered which iter-ali included vision, mission, report of directors, discolours, stakeholder information, report presentation and timelines in issuing accounts holding AGMS. Mr. Bawany thanked the winning companies of corporate sector for sending their accounts for evaluation, to the organizers and to all those who attended the ceremony.