Karachi, September 03, 2015 (PPI-OT):The Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP) have been awarding the Best Corporate Report Awards since the year 2000. This award has been instrumental in encouraging entities to follow transparency in preparing their annual reports according to international best practices.
In 2011, another award namely, ‘Best Sustainability Report Award’ was initiated with the aim to promote responsible reporting by entities covering economic, environment and social performance of the business. The objective is to make local business aware of the international best practices and to facilitate these businesses in obtaining investments by ethical investors.
The objective of the Awards is to encourage the publication of timely, accurate, informative and well-presented annual reports for shareholders, stakeholders, employees and others who may have an interest in the performance and activities of the organizations in question and to recognize and honour the organizations for their exemplary achievement in producing such reports.
Annual reports are adjudged in accordance with the Criteria through a transparent evaluation process, where marking is done by staff of both Institutes, and the results are finalized by the Evaluation Committee (a sub-committee of the Joint Committee of ICAP and ICMAP). This year 174 organizations have participated for the BCSR Awards competition in the following categories:-
1. Banking sector
2. NBFI sector
4. Fuel and Energy
6. Cement and Sugar
8. Mutual Funds
10. Non-Profit Organizations
Syed Najmul Hussain, Vice President – South ICAP highlighted role of corporate reporting in building trust with the stakeholders. He said that companies need to communicate more clearly, openly and effectively with investors and other stakeholders about how they plan to grow in a sustainable way.
The report should, he emphasized, be made a more vital tool for investors enabling them to understand the underlying factors relating to the position and future prospects of a company. The value of reporting to investors can be achieved by providing a greater focus on forward looking information, risk management, and integrating these in a more coherent way.
Over the years, he said there has been significant improvement in the standard of Corporate Reports. This is because directors and managers have come to realize that they owe a responsibility to all stakeholders for more relevant and transparent information.
He said that BCSR awards are aimed at creating healthy competition amongst companies in various sectors for quality disclosures. Reporting these efforts will indeed educate general public about environmental issues and this awareness will hopefully benefit our future generations. He lauded the efforts of both the institutes to improve the standard of corporate reporting in Pakistan.
Speaking on the occasion Mr. Kashif Mateen Ansari, President ICMA Pakistan said that the criteria for evaluating companies are reviewed by the Joint Committee of ICAP and ICMAP every year based on latest trends. Every year all listed companies are requested to send their annual reports for the Competition.
The Best Corporate Report Award is a good vehicle to enhance awareness and appreciation of the profession’s capability and contribution. that in the accounting profession the reporting standards has ever lasting impact on business and will affect our operations in the time to come while it poses a challenge to the standard setters to meet the varying issues and difficulties.
The international standards of financial reporting are facilitating many businesses and will meet universal demands of corporate governance while it also putting threats to free style business operators.
This initiative of Corporate Report Awards by ICMAP and ICAP has contributed towards better performance and cost efficiency in the region, making it more competitive. It also encourages and motivates the industrial sector in Pakistan to make serious efforts at cost optimization thereby enhancing their operational excellence. This year BSCR Awards will be held on September 4, 2015 at a local hotel.
For more information, contact:
Institute of Chartered Accountants of Pakistan (ICAP)
Chartered Accountants Avenue, Clifton