best corporate & sustainability report 2016 awards … · best sustainability report bsr award...

The Best Corporate & Sustainability Report 2016 Awards Ceremony was held on Friday, 25th of August, 2017 ata local hotel at Karachi.Mr. Mohammad Zubair, Governor Sindh was the Chief Guest. Mr. Kashif Mateen Ansari, Former President, ICMAPakistan, Mr. Mohammed Hanif Ajari, Former Vice President, ICMA Pakistan, Mr. Asad Ali Shah, Former President,ICAP and Mr. Zafar Iqbal Sobani, Former President, ICAP were Guests of Honour during the Ceremony. Mr. Anisur Rehman, Chairman, Joint Committee of ICMA Pakistan & ICAP and Vice President, ICMA Pakistan deliveredvote of thanks on the occasion.

Best Corporate & Sustainability Report 2016Awards Ceremony


Muhammad Zubair, the Governor Sindh said that as organizations fullydepend on their stakeholders for sustainable success, it is in their interest toprovide them with high-quality reports. Effective and transparent businessreporting allows organizations to present a detailed and cohesive explanationof their business’s performance and helps them engage with internal andexternal stakeholders, including customers, employees, shareholders, creditors,and regulators.

Mr. Mohammad Iqbal Ghori, President, ICMA Pakistan in his speech saidthat the contribution of Pakistan’s manufacturing sector in the economic growthof our country cannot be over-emphasized. This sector contributes around 13.5percent to GDP and 58 percent in total tax revenues. However, despite itspotentials, the manufacturing sector is retarded with slowness and inefficiencydue to variable factors. I would like to point out here one major factor whichis impeding growth of our industry and corporate sector and that is ‘high costof doing business’. This has not only hampered our industrial productivity butalso made our exports uncompetitive in the international market.

Best Corporate & Sustainability Report 2016 Awards Ceremony

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Friday, 25th of August, 2017, Karachi

Chief Guest

Group Photograph of Winners with Chief Guest and Dignitories

Mr. Mohammad ZubairGovernor Sindh




Mr. Yacoob Suttar Chairman Joint Evaluation Committee welcomed all the dignitariesand esteemed guests at the ceremony, which over the years has become a hallmark in promotingexcellence in corporate reporting. He also congratulated all the participants for their consistentendeavors to achieve excellence.


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He added that today there is a dire need to have an independent ‘Financial Reporting Council’ to regulate theaccounting and auditing profession in Pakistan. This should be independent from the accounting profession so thatit could play its role in upholding quality and standard of financial reporting in Pakistan and safeguarding theinterests of all the stakeholders, including the business, trade, industry, professionals and public at large. Severaladvanced and emerging economies such as USA, UK, Canada, Hong Kong, Australia, Mauritius, Sri Lanka andJapan have already established such financial reporting authorities which have resulted in strengthening their financialsectors and attracting global investments. The creation of an independent financial watchdog in Pakistan would alsostimulate private sector growth and foreign investments. It is therefore in the larger interest of our national economicgrowth and prosperity.

Mr. Asad Ali ShahFormer President, ICAP

Mr. Kashif Mateen AnsariFormer President, ICMA Pakistan

Mr. Mohammed Hanif AjariFormer Vice President, ICMAP

Mr. Zafar Iqbal SobaniFormer President, ICAP

Guests of Honor




Mr. Anis ur Rehman, Chairman Joint Committee of ICAP-ICMAP and Vice PresidentICMA Pakistan, complemented the role of ICAP and ICMAP towards the accounting professionand strengthening corporate governance in Pakistan. ICAP is playing a key role in promotingaccounting and auditing profession whereas ICMA Pakistan has created a niche for itself in costand management accountancy profession. He further said that Voluntary disclosures have manybenefits for the companies. It brings transparency and helps them in making sound economicdecisions. It enhances the level of reliance by different stakeholders like shareholders, investors,regulators etc. on the annual reports of companies. The shareholders are in better position toevaluate the performance of the company and judge the extent of adoption of good practices. Hethanked all participating companies, the media and the Secretariats of both ICAP and ICMAPakistan for putting in their best efforts to make this event a success.


Mr. Anis ur RehmanChairman Joint Committee of ICMA Pakistan

& ICAP and Vice President ICMA Pakistan

Mr. Nadeem Yousuf Adil President – ICAP in his speech said that ICAP iscommitted to promoting transparency and accountability in Pakistan’s corporatesector. With due adherence to professional ethics, professionalism and discipline,the profession has brought about a marked improvement in corporate governanceand high quality corporate reporting in Pakistan. . The President ICAP congratulatedthe companies for participation in the competition.

Mr. Nadeem Yousuf AdilPresident – ICAP

About Best Corporate & Sustainability Report AwardsInstitute of Cost & Management Accountants of Pakistan ICMAP and the Institute of Chartered Accountants ofPakistan ICAP have been organizing the Best Corporate Report BCR Awards ceremony since the year 2000. Thisaward has been instrumental in encouraging entities to follow transparency in preparing their annual reports accordingto the international best practices.Best Sustainability Report BSR Award was initiated in 2011, with the aim to promote responsible reporting byentities covering economic, environment and social performance of the business. The objective is to make localbusiness aware of the international best practices and to facilitate these businesses in obtaining investments byethical investors.Annual reports are adjudged in accordance with the Criteria. Evaluation is done by the technical staff of both theInstitutes, and the results are reviewed by the Joint Evaluation Committee under the chairmanship of Mr. YacoobSuttar FCA, FCMA. BCR Awards are given under following sectors:

1 BANKS2 NBFIS (INCLUDING INSURANCE)3 CHEMICALS & PHARMACEUTICALS4 FUEL & ENERGY5 ENGINEERING & AUTOS

6 CEMENT & SUGAR7 TEXTILE8 NON-PROFIT ORGANIZATIONS9 OTHERS

Companies from amongst the BCSR winners are nominated for South Asian Federation of Accountants (SAFA)Best Presented Accounts (BPA) awards annual competition.





List of Winners of Best Corporate & Sustainability Report 2016 Awards with Sectors

Best Corporate Report Award 2016 Winners

Overall 1st Position - Fauji Fertilizer Company LimitedBANKS1st - MCB Bank Limited2nd - Allied Bank Limited3rd - Meezan Bank Limited4th - Bank Alfalah Limited

NBFIs

Joint-1st - First Habib ModarabaJoint-1st - Jubilee General Insurance Company Limited2nd - EFU General Insurance Limited3rd - EFU Life Assurance Limited

CEMENT & SUGARJoint-1st - Cherat Cement Company LimitedJoint-1st - Maple Leaf Cement Factory Limited2nd - Lucky Cement Limited3rd - Thatta Cement Company Limited

ENGINEERING & AUTOSJoint 1st - Atlas Battery Company LimitedJoint 1st - Crescent Steel and Allied Products LimitedJoint 2nd - Al-Ghazi Tractors LimitedJoint 2nd - Atlas Honda LimitedJoint 3rd - Mughal Iron & Steel Industries LimitedJoint 3rd - Pak Elektron Limited4th - International Industries Limited

FUEL & ENERGY1st - Mari Petroleum Company Limited2nd - Attock Petroleum Limited3rd - Pakistan State Oil Company Limited4th - Hub Power Company Limited5th - Oil and Gas Development Company Limited

OTHERS1st - Cherat Packaging Limited2nd - Synthetic Product Enterprises Limited3rd - Rafhan Maize Products Company LimitedJoint 4th - Avanceon LimitedJoint 4th - Thal Limited5th - Tri-Pack Films Limited TEXTILE1st - Kohinoor Textile Mills LimitedJoint 2nd - Gadoon Textile Mills LimitedJoint 2nd - Sadaqat Limited3rd - Gul Ahmed Textile Mills Limited4th - Nishat Mills Limited NON-PROFIT ORGANIZATIONS NPO

1st - The Citizens Foundation

CHEMICALS & PHARMACEUTICALS1st - Fauji Fertilizer Company LimitedJoint 2nd - Engro Polymer and Chemicals LimitedJoint 2nd - ICI Pakistan Limited3rd - Abbott Laboratories Pakistan Limited4th - Fauji Fertilizer Bin Qasim Limited5th - Lotte Chemical Pakistan Limited





From ICAPMr. Yaqoob Suttar, FCA (Chairman)Mr. Syed Fahim-ul-Hasan, FCAMs. Hena Sadiq, FCAMr. Ahsan Ghaffar Mehanti, FCAMr. Naresh Kumar, ACAMr. Naveed Abdul Hameed, ACA

Joint Evaluation CommitteeFrom ICMAPMr. Mohammad Iqbal Ghori, FCMAMr. Anis ur Rehman, FCMAMr. Khawaja Ehrar ul Hassan, FCMAMr. Saghir ul Hassan Khan, FCMAMr. Waqar Ali Khan, FCMAMr. Intisar Muhammad, FCMA

1st - Fauji Fertilizer Company Limited2nd - ICI Pakistan Limited3rd - Crescent Steel and Allied Products LimitedJoint 4th - Atlas Honda LimitedJoint 4th - Attock Refinery Limited

Best Sustainability Report 2016 Award Winners

Fauji Fertilizer Co. Ltd. Overall 1st Position Winner of Best Corporate Report 2016 Award





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