LIST OF WINNERS OF BEST CORPORATE & SUSTAINABILITY REPORT 2019 AWARDS

OVERALL TOP POSITIONS

The Joint Evaluation Committee of the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) is pleased to announce the winners of the Best Corporate and Sustainability Report (BCSR) 2019 Awards.

BEST CORPORATE & SUSTAINABILITY REPORT AWARDS 2019

www.icap.org.pk www.icmap.com.pk

1st Fauji Fertilizer Company Limited2nd Mari Petroleum Company Limited3rd Engro Fertilizers Limited

Sector Name

Sector Name

2019 Rank

2019 Rank

Company Company

1st Maple Leaf Cement Factory Limited 1st Fauji Fertilizer Company LimitedLucky Cement Limited 2nd Engro Fertilizers LimitedCherat Cement Company Limited 3rd Engro Polymer and Chemicals Limited

3rd Power Cement Limited 4th ICI Pakistan LimitedMerit Fauji Cement Company Limited 5th Arif Habib Corporation Limited

1st MCB Bank Limited 1st Takaful Pakistan Limited2nd Bank Alfalah Limited 2nd EFU Life Assurance Limited3rd Meezan Bank Limited 3rd Jubilee General Insurance Company Limited4th Allied Bank Limited 4th TPL Insurance LimitedMerit National Bank of Pakistan 5th EFU General Insurance LimitedMerit JS Bank Limited Merit Atlas Insurance Limited

1st Atlas Honda Limited 1st Mari Petroleum Company Limited2nd Aisha Steel Mills Limited 2nd Pakistan State Oil Company Limited3rd Pak Elektron Limited 3rd Attock Petroleum Limited4th Al-Ghazi Tractors Limited 4th Hi-Tech Lubricant Limited5th International Industries Limited 5th Pakistan Petroleum Limited Merit Synthetic Products Enterprises Limited Merit Shell Pakistan LimitedMerit Mughal Iron & Steel Industries Limited Merit Pakistan Oilfields LimitedMerit Atlas Battery Limited Merit Engro Powergen Qadirpur LimitedMerit Crescent Steel & Allied Products Limited Merit Oil and Gas Development Company LimitedMerit International Steels Limited Merit Attock Refinery Limited

Merit The Hub Power Company Limited1st First Habib Modaraba2nd Orix Modarba 1st Mirpurkhas Sugar Mills LimitedMerit JS Investments Limited Merit Jauharabad Sugar Mills Limited

1st Sadaqat Limited 1st GlaxoSmithKline Pakistan Limited2nd Gadoon Textile Mills Limited 2nd Abbott Laboratories (Pakistan) Limited3rd Kohinoor Textile Mills Limited 3rd AGP Limited

Salfi Textile Mills Limited 4th GSK Consumer Healthcare Pakistan LimitedGul Ahmed Textile Mills Limited 5th Sanofi-Aventis Pakistan Limited

Merit Island Textile Mills LimitedMerit Tata Textile Mills Limited 1st National Disaster Risk Management FundMerit Feroze1888 Mills Limited 2nd The Citizens Foundation

3rd Lahore University of Management Sciences1st Fauji Fertilizer Company Limited 2nd ICI Pakistan Limited 1st Cherat Packaging Limited3rd Sadaqat Limited 2nd Pakistan Tobacco Company LimitedMerit Attock Refinery Limited Merit Security Papers LimitedMerit Indus Motor Company Limited Merit Tri-pack Films Limited

Merit Cyan Limited

Others

NBFIs and Modaraba Sugar

Engineering & Autos Fuel & Energy

Chemical & Fertilizer

Insurance

CementJoint 2nd

Banks

Pharma- ceuticals

Textile

Not Profit Organizations

Joint 4th

Best Sustainability

Reports

Following companies secured positions / certificate of merit under respective sector of the BCSR 2019 Awards.

SECTOR WISE POSITIONS

SPECIAL REPORT

Institute of Cost & Management Accountants

of Pakistan

leMA Pakistan

BUSINESS RECORDER KARAC HI WEDNESDAY 14 OCT OBER 2020 I

The Institute 01 Chartered Accountanls

ofPakislan

CA PAKISTAN

Best Corporate & Sostainability Reports Awards 2019

Dr.i\bduIHlIfcczShaikh Advisor to the Prime ivlinistcr on Finance and Revenue

I am pleased to know that the Institute of Chartered Accountants of Pakistan and the Institute of Cost and ManagementAccountants of Pakistan have kept the tradition of giving Best Co-porate & SustainabilityRepcrt Awards. These 8'Nards are g-eatly valued and are encouraging companies to disclose maximum information in a timely organized manner.

A signi ficant part of government reform agenda is targeted at improving the quality of Infcrmation disclosed in companies' annual reports as well as enharcing the quality of the auditing process. These effcrtsare aimed at fostering investor"s confidence that will provide necessay stimulus for flXther develop­ment of the country's capital market and corporate sector. In order to ensure concerted efforts by all concerned. the government has also instituted coordination with ICAP and CMA Pakistan which will help to further augment transparency in rerxxting as well as oversight of the accounta-1Cy and auditing professions

I wish to extend my heartiest cong-atulations to both the accountancy bodies

ContinlJO'd on Page III

lililililuUah Shaikh H~\

President. Institute of Chartered Accoulltants of Pakistan (leAP)

Excellence in report ing encourages better governancE'. It increases level of trust and confidence in the governance 01 companies for their sharE'holders and other stakeholders II also encou rages good qua li ty investor engagement. The magnitude at disruption and uncerta inty caused by COVID-19 is quite unprecedented. These uncertain t imes have further enhanced the importance of excellence in f inancial report ing

As the resil ience of business models is being tested in th is cr isis, going forward it would be important not just for businesses and investors but standard setters and regulators as we ll to adapt to new situat ions with greater agil ity. This would also require more hol ist ic and high quality corpo­rate reporting for both financ ial and non-financial information f rom corporate world. to enable stakeholders understand how companies are adapting to new rea lities.

The annua l report is a very important strategic communication document of the company which sets forth

COrlt irllJO'd Oil Page III

zia-ul-~lus"dil ),"0 \11\

President. Institute of Cost & Mallagtmt llt i\eoolilltants of Pakistan (I (AIA Pakistan)

It is pleasure to know that the ·Best Corporate and Sustainability Report Awards 2019· is being organized jointly by ICMA Pakistan and CA Pakistan. It is a matter of much satisfaction that over 20 years. these awards have not only become a symbol of pride and honor for the corporate sector in Pak istan; but also provided a useful benchmark and set guidelines to business entities to follow transparency in preparing their annual reports according to international best practices.

I would give credit to both the professional accounting bodies i.e. ICMA Pakistan and CA Pakistan who. through consistent conferment of BCSR Awards every year. have created a healthy competition amongst companies for max imum disclo­sures which indirectly has ra ised the stand­ards of corporate governance in the country in accordance with the SECp·s Code of Corpo­rate Governance 2012. The disclosure of information is now a global phenomenon to ensure governance and transparency TheRegulators need to playa vital role in driving sustainabi lity disclosure in private and

COIltinlJO'd 00 Page III

Overall Top 3 Positions Best Corporate Report Award 2019

FAUll FERTILIZER COMPANYLTO.

Leader in Fertilizer Sector

Diversified in Wind Energy, Banking and Food Processing 151 Position in PSX Top 25 Companies Award for Consecutive 9th Year

Quality & Environment Conscious Company One of the Highest Taxpayers

Shchzad Ahmed ~lalik I'C\I/\

Chaimmn.Joint Committee of ICAP & leMA Pakistan

High quality and transparent presentation of information in annual re]Xlrts is important for the listed companies in achieving business success, The quality of information presented in annual reports also influences investors' and other stakeholders· decisions. Moreover. the disclosure of accurate. comprehensive and timely in formation is critical for the function ing of an efficient capital market

Realizing their social res]Xlnsibili­t ies towards public in general and towards investors,lCMA Pakistan and CA Pakistan play a role of bridge between both the sides. As such th is year also. as done continually for last 19 years. both the organizations are hold ing a ceremony to confer awards to companies whose financials are found most elaborative and compliant to various local and global standards under banner of Best Corpo­rate and Sustainability Awards (BCSRA). To make this practice fair and undisputed, all segments of corporate world are given chance and after thorough and critical reviews from different angles by Joint Evaluation Committee

Cootinued on Page III

j.~~~t~suriy .. Chai.rman. Evaluation Committee

Good annual report helps to elevate the level of accountability and stewardship of reporting organizations.

• The Institute of Chartered Accountants of Pakistan (leAP) and Inst itute of Cost and Management Accountant of Pakistan (ICMAP) organizing Best Corporate and Report Awards for last 20 years and Susta inability Report Awards for last 8 years • The high quality of f inancial information is important because it influences capital providers and other stakeholders in making informed decisions and increases levels of trust and confidence • This competition has developed a healthy compet it ion among the listed companies and also brought tremendous improvement in the annual reports. • Evaluation Process: Annual reports are adjudged in accordance with the published Criteria through a transparent evaluation process. The criteria is based on Disclosure contents of the Internat ional Integrated Repor t ing Framework ( IR) The concept is to

Continued on Page III

Complete Result on Page II

II BUSINESS RECORDER KARACHI WEDNESDAY 14 OCTOBER 2020 SPECIAL REPORT

Institute of Cost & Management Accountants

of Pakistan

leMA Pakistan

Best Corporate & Sustainability Reports Awards 2019

@ The ln"iluleol

C h'tteted~cgunt,nt' OIP, ktstan

CA PAKISTAN

Sector-wise positions of

award ~ wmnmg

f '" comparnes Best Corporate Report Award 2019

BANKS I "' MCB Bank Limited 2'" Bank Alfalah Limited 3'~ Meezan Bank limited 4'h Allied Bank Limited Certificate of Merit · National Bank of Pakistan ·]S Bank Limited

ENGINEERING Ii AUTOS 1" Atlas Honda Limited 2"'Aisha Steel Mills limited 3" Pak Elektron Limited 4'hAI Ghazi Tracto rs Limited 5'"lnternationa llndustries Limited Certificate of Merit · Synthetic Products Enterprises Limited · Mughal Iron & Steel Industries Limited · Atlas Battery limited · Crescent SteelS Allied Products limited . International Steels limited

NBFls 6; MOOARABA l " First Habib Modaraba 2""DRIX Modaraba Certificate of Merit · JS Investments limited

CEMENT I" Maple Leaf Cement Factory Limited loint 2n• Lucky Cement Limited loint 2n~Cherat Cement Company Limited

3"Power Cement limited Certificate of Merit . Fauji Cement Company Limited

FUEL 6; ENERGY I"' Mari Petroleum Company limited 2"" Pakistan State Oil Company Limited 3'"Attock Petroleum Limited 4'" Hi -Tech Lubricants limited 5'"Pakistan Petroleum Limited Certificate of Merit · Shell Pakistan limited · Pakistan Dilfields limited · Engro Powergen Oadirpur Limited · OilS Gas Development Company Limited • Attock Refinery limited · The Hub Power Company limited

NON-PROFIT ORGANIZATION l "'National Disaster Risk Management Fund 2""The Citizens Foundation 3"'Lahore University of Management Sciences (LUMS)

CHEMICAL Ii FERTILIZER l " Fauji Fertilizer Company limited 2nd Engro Fertilizers Limited 3'~ Engro Polymer and Chemicals limited 4'" ICI Pakistan Limited SthArif Habib Corporation Limited

INSURANCE l"Takaful Pakistan Limited 2'" EFU Life Assurance Limited 3" Jubilee General Insurance Co. Limited 4'trrPL Insurar£:e Limited SthEFU General Insurance Limited Certificate of Merit . Atlas InsUfar£:e Limited

OTHERS l "'Cherat Packaging Limited 2"'Pakistan Tobacco Company Limited Certificate of Merit · Security Papers Limited · Tri-pack Films U1lited · Cyan Limited

SUGAR l "'Mirpurkhas Sugar Mills limited Certificate of Merit . ]auharabad Sugar Mills limited

TEXTILE l "'Sadaqat Limited 2"'Gadoon Textile Mills Limited 3'" Kohinoor Textile Mills Limited Joint 4'"Salfi Textile Mills Limited 10int4'"Gul Ahmed Textile Mills Limited Certificate of Merit · Island Textile Mills Limited · Tata Textile Mills limited · FerozelB88 Mills Limited

PHARMACEUTICALS I"' GlaxoSmithKline Pakistan Limited 2"" Abbott Laboratories (Pakistan) Limited 3'" AGP Limited 4th GSK Consumer Healtrcare Pakistan Ltd S'"Sanof i-Aventis Pakistan limited

I Best Sustainability Report Award 2019 I l"Position Fauji Fertilizer Company Limited 2"'Position ICI Pakistan Limited 3"'Position Sadaqat Limited Certificate of Merit . Attock Refinery Limited ·Indus Motor Company Limited

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SPECIAL REPORT BUSINESS RECORDER KARAC HI WEDNESDAY 14 OCTOBER 2020 ill

Institute of Cost & Management Accountants

of Pakistan

leMA Pakistan

Best Corporate & Sustainability Reports Awards 2019

@ The ln"~ule ot

Cha,te'edAllounta nts ot Pl klstan

CA PAKISTAN

Joint Committee of ICAP&ICMAPakistan

Mr. Shehzad Ahm ed Malik, Chairman

Mr. Muhammad Yasin, FCMA

Mr. Ashfaq Tola, FCA

Mr. Ather Saleem eh., FCMA

Mr. Khalld Rahman, FCA

Mr. Abid lateef lodhl, FCMA

Syed Fahim UI Hassan, FCA

Mr. Abdul Rahim Suriya, FeA, FCMA

Evaluation Committee rIl!!!m!!!!I

AFTAB Q. MUNSHI

AI Habib Capital Market ltd

ABDUL RAHI M SURIVA Partner- Surlya Nauman Rehan Co

MUHAMMAD FARID ALAM

AKD Securities ltd

MONEEZA USMAN BUTT Partner, Audit and Assurance KPMG Chartered Accountants

KAMRAN AHMED HASHMI NAVEED ABDUL HAMEED Head of Transformat ion Dol lar Industries (Pvt.) Ltd

CFO and Company Secretary Institute of Bankers Pakistan (lBP)

NARESH KUMAR SYED FAHIM UL HASAN Audit PartnN Assurance Partner 5 Sustainabi lit y Practice Leader Deloitte Yousuf M il . Chartered Accountants AF Ferguson. Chartered Accountants

~==~A~H~SA~N~G~HA~F~FA~R~M~EH~A~N=TI---------­Managing Director 5 CEO

INTISAR M. USMANI EVP 5 Head of Cred it First Habib Modaraba

KHALID MEHBOOB

Ari! Habib Commodities

FAROUGH ALI NAVEED Senior Director Exam 5 legal Affairs ICMA Pakistan

Head of Academ ic 5 Examinat ion Institute of Bankers Pakistan (lBP)

SHAFOATALI Managing Partner Afras5 Co.

Reviewers' Panel FARHEEN MIRZA, FCA

Senior Manager Technical Services ICAP

SHAHID ILYAS, FCMA CEO

V4 Global Consulting (Pvt.) Limited

WASIF SAllAD, FCA CFO

Master Builders Solutions (Pvt.) limited

SUMAIR SALEEM Manager Operation & Systems

TPL Logistics & Distribution

AMAN ULLAH KHAN Manager Finance. Risk & Compliance

The Citizens Foundation

A separate criteria has been issued for Non Profit Organizations (NPOs) from 2019.

ThiS year following 10 NPOs have pariclpated in this competition

· All Pakistan Women's Association (APWA)

· APHA Trust

· Children Foundation

· Institute of Business Administration (lBA)

· Lahore University of Management Sciences (LUMS)

· Layton Rahmatullah Benevolent Trust (LRBT)

· Memon Medical Institute Hospital

· National Disaster Risk Management Fund

· Overseas Investors Chamber of Commerce & Industry (OICCI)

· The Citizens Foundation

Continued: Messagefrom Dr. Abdul HafeezShaikh

that have organized th is event. Forthosewho wish to extend my feliCitation and hope that were not able to receive the award this year. I they will cont inue to achieve excellence in encruagethemtofurther imj)"ovethequal ity corporate reporting in the years to come of the;r annual reports and to the winners. I

u mtinlleU: Messagefrom Khalilullahshaikh

the company's viskm. values and its operat­ing performances. The Best Corporate 5 Sustainability Report Award is an example of the Institute's commitment towards improv­ing and enhancing the quality of financ ia l reporting in Pakistan. With due adherence to professional ethics. professionalism and discipl ine. the profession has brought about a marked improvement in the quality of reporting and corpora te governance in Pakistan.

I appreciate the fact that in th is hard t ime. despite economiC. financ ial and societal disturbances. the companies have

managed to f ina li ze and publ ish their annual reports and also participated in the BCSR Awards 2019.

I congratulate the companies which have participated in the competition and won the awards and hope that they will continue to achieve excellence in corporate reporting in futlXe.

I would also like to acknowledge the efforts of the both the Institutes' execu­tive staff and the Evaluat ion Committee in finalizing the results and regu larly updating the criteria to keep it in line with international best pract ices.

wntinllt'd Messagefrom Zia ul Mustafa

publiC sector. Sustain<Jbility reporting is an essent ial management tool for enhancing accountability. transparency and engage­ment. whereas sustainable development helps in meeting the needs of present w ithout compromising the ability of future generations to meet our own needs Simi larly. Integrated reporting is also one of the cr iteria on wh ich the financial statements of the companies are judged. In this conte~t. I may add here that ICMA Pakistan is the only par itcipant of Intema­t ion<Jllntegrated Reporting CounCil (IIRC) in Pakistan. I am conf ident that the level of reliance on Annual Reports will greatly enhance in future along with the improve-

Continued Shehzad AJuned Malik

of ICMA Pakistan and ICAP the winning companies are declared, The very purpose of th is exercise is to nurture the culture of good governance. documentation. respon­sible reporting. and r ight to know and encourage best performers and induce others towards improvement in this direction

I wish success to both of these Accounting bodies in their endeavors towardS ensuring culture of good govern­ance. adherence to regu lat ions of local and global regulators w ith the sole purpose of

Continued: Abdul Rahim Suriya

ment in the corporate governance. which in turn wi ll help the economy to prosper.

It is good to see that over the years quality o f the annual reports have enhanced which shows the sign ificance of BCSR Awards. On behalf of lCMA Pakist<Jn. I would like to thank all the companies who have taken part in this year's BCSRA Awards 2019. I place on record my appreciation of the efforts of the members of Joint Commit­tee of ICAP and ICMA Pa~istan and the Evaluation Committee to make the BCSRA even a resounding success

In the end. I wish ICMA Pakistan and CA Pakistan a future lull of continued success in a ll professional pursuits.

betterment of corporatized Pakistan I would like to thank all the

companies taking part in th is year's BCSRA Awards 2019 . all the members of Joint Committee of ICMA Pakistan and ICAP and Evaluation committee whose elforts made this ceremony a record of corporate history of Pakistan

Let's wish for a day when we become leaders in governance standards and world follow our lead. I know it 's hard to imagine but if one dream then and only then it can become reality.

promote integrated th inking within the Compan ies and NPOs to adopt our BCR org<mization so tha t the stakeholders can criteria for voluntary compliance for take effective business decisions w hile developing Annual Repor ts. Our Evalua-cons idering both financia l and non-financ ial tion committee has been recommending information in a holist ic way. to PSX for considering winners of this

• Fromthisye8( aseparatecriteria award for some weightage in their criteria has been issued for Non Profit Organizations of the best performing companies (NPOs}.lt is noted that NPOs in Pakistan are I would like to thank partic ipating receiv ing substantial amount as Zakat and organisat ions. committee members. Donation but they usually lack n transparency. reviewers' panel and secretrait team and usually they do not publ ish annual reports. particular ly Mr, Asim Husain Khan. Ms

• It is further suggested to Farheen Mirza. Mr. Shams Bh imani and SECP to direct all Listed. Public Sector Mr. Babar Badal.

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IV BUSINESS RECORDER KARACHI WEDNESDAY 14 OCTOBER 2020 SPECIAL REPORT

Institute of Cost & Management Accountants

of Pakistan

leMA Pakistan

Best Corporate & Sustainability Reports Awards 2019 Th. ln.tiM • • '

Ch"I.'.~ Ae •• untanl$ . t Pakistan

CA PAKISTAN

Lead the Business World with leMA Pakistan The Institute 01 Cost and Management Accountants of Pakistan (lCMA Pakistan) is one of the pioneer professional accountancy organisation in the country. Establ ished in 1951 and given statutory status in 1966. the Institute has signifi­cantly grown to reach to a sizeable strength of around 7.000 members. over 15,000 students. and a nationwide network. With this strength. the Institute is in the list of one of the largest profes­sional accountancy organisations 01 Pakistan. It is serving the country by producing high ly skilled and tra ined professional accountants who have been contributing their due role towards the development of public and private sectors. With their core competency in cost control techniques. cost manage­ment and f inancial management. the management accountants, have been quite instrumental in helping out the businesses to become cost compet it ive and sustainable in national and interna­tional markets

The Institute has the privilege of being the founding member ol lnterna­tional Federation of Accountants (IFAC). Confederation of Asian and Pac ific Accountants {CAPA}. South Asian Federa­tion of Accountants (SAFA) and the only current partiC ipant of Internat ional Integrated Reporting Council (IIRC) in Pakistan . The Institute has so far produced innumerable CEQs, COOs, CFOs. Directors, GMs. and Company Secretaries serving in almost every sector of the industry. trade and business w ith in the country and in over 40 countr ies abroad. The National Council of ICMA Pakistan is committed and determined to playa dynamic role to lead the Institute as one of the best professional accountancy organisation in the world. imparting professional accounting education. The Institute provides its professional input

(.) I~A

AFFILIATE FINANCIAL ACCOUNTANT TITLE opportunities for the members of both BY ICMA PAKISTAN the professional bodies ICMA Pakistan w ith an objective to The agreement allows new pathways for enhance the recogn ition and employabil- the fellow members of both the bodies to ity of its students has introduced the get mutual recogni tion by applying for 'Affiliate Financial Accountant ' scheme in additional membership on reciprocal

basis.

Mr. Zia ul Mustafa, President, ICMA Pakistan receiving 8th FPCCI Excellence Award from H. E. Or. Ar il Alvi. President. Islamic Republic of Pakistan

Practicing firm by awarding them the MOU BETWEEN ICMA PAKISTAN AND ASIA 'Affiliate Financial Accountant' status UNIVERSITY OF MALAYSIA

The curriculum of ICMA A Memorandum of Understanding {MoU} Professional Qual ification is developed in has been signed between ICMA Pakistan accordance with the guidelines of and Asia e University of Malaysia to offer International Federation of Accountants PhD program and provide career develop-(IFAC) to ensure the students are t rained ment pathways to the members of ICMA as professionals having technica l Pakistan. The signing ceremony was held

~~o~!.!. !I!!'~~!_ .., --

at the Malaysian High Commission off ice ICMA Pakistan and ACCA signs MoU to jointly tra in publ ic sector professionals in Pakistan on International Public Sector Account ing Standards (IPSAS) on July 02 2020 to enhance the quality. consistency and transparency of public sector f inancial report ing in Pakistan and to help rebuild the publ ic trust in public services m £

7 0 00+ SOO C a rtlfla d M e m ber s Direct o r s

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S t u dents DIPLOMA IN BUSINESS PROCESS OUTSOURCING (BPO) For the f irst time. leMA Pakistan along with

t ions in the international employment Members. Affiliates and St udents in market The Government of UAE is invest- Austra lia. The Institute w ill be working on ing heavily to further develop the region enhancing employment opportunities, over the coming years. It is considered networking, better recognition and w ill as a strategic economic hub and a play an active role in capacity building of stepping stone for the entities that are its fraternity through more frequent aspiring to be global. With more than 1/3rd Continuous Professional Development of Institute's overseas Members popula- activi t ies tion based in the UAE, through this initiative the Institute w ill be able to provide ready support needed by Members, Affiliates and Students in the Gulf Region. The Insti t ute through this registration wi ll be working on enhancing employment opportunities. networking better recognition in UAE and will play an active role in capaci ty building of its fratemity through more freQUent Continu­ous Professional Development activities

ICMA PAKISTAN REGISTERED IN AUSTRALIA ICMA Pakistan is now registered under the Corporations Act 2001 , in Australia. As a developed country with a good reputation for being w elcoming to migrants, a strong economy and many SELECTION ON INTERNAL AUOIT POLICY well· paid jobs. Austral ia is frequently BDARD OF MINISTRY OF FINANCE, GOveRN-featured as one of the best countries in MENTOF PAKISTAN the world for immigration. Through th is ICMA Pakistan Member. Mr. Shahzad init iative. the Instit ute w il l be able to Ahmed Awan. FCMA , has been selected provide ready support needed by on Internal Audit Policy Board of Ministry

of Finance. Government of Pak istan on the basis of his ICMA Pakistan Qualifica­t ion and relevant experience in this sector. This prestigious Board has been formed in pursuance of Section 29{2} of the Publ ic Finance Management Act. 2019 and is responsible for overall policy making and setting scopes/ standardS for internal audit in public sector

ICMA PAKISTAN AND PAAA WING OF DEPARTMENT OF THE AUDITOR GENERAL OF PAKISTAN JOIN HANDS TO STRENGTHEN PUBLIC SECTOR GOVERNANCE Institute of Cost and Management Accountants of Pakistan (lCMA Pakistan) and Department of the Auditor General of Pakistan through its Pakistan Audit S Accounts Academy {PAAA} entered into an MOU on September 09. 2020. The purpose of this MOU is to mutual ly explore opportun it ies to strengthen public sector governance and productivi ty, promote education and training in aUdi t ing and accounti ng areas in order to further improve the standards of pub lic sector auditing arxl accounting func tions

Cootinuedon Page VI

I ICMA Textile Leadership Conversation 2019

atTEXPO 2019

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200+ 10 C a m p u ses 220 Faculty Emplo y ees M e m bers

m - ~ 150 Pub lic Presen ce In

1200 Practic ing m o r e than 40 Employers Firms C o untries

INTERNATIONAL AFFILIATIONS

q R> BUSINESS NETVIIORK

to the government in the shape 01 pre-budget recommendations for inclusion in the Federal Budget. Pre and Post Budget Seminars are conducted where members give their valuable input with regards to taxation structure and required policy changes and adjustments ResearCh & Publ ications Department play an active pa rt in developing the policy recommendations. The regUlatory bodies including SECP. FBR and SBP regularly approaches the institute to provide its professional input on proposed drafts of Rules and Regulations. The Institute gives its technical input and feedback on them after research and consultation with its members. The Institute has developed draft Cost Accounting Record Rules for different industries and has forwarded these to the Securities and Exchange Commission of Pakistan (SECP) for consideration and promulgation.

ICMA PAKISTAN AWARDED EXCELLENCE AWARD BY FPCCI IN THE 8TH FPCCI ACHIEVEMENT AWARDS ICMA Pakistan outstanding performance in the fie ld of professional development and tra ining has been recognized by an FPCCI Achievement Award in the category ·Education. Trainings and Development". The Federation of Pakistan Chambers of Commerce and Industry {FPCCI} organized the 8th Achievement Awards Ceremony for the year 2020 in recognition of the praiseworthy contributions in develop­ment of different sectors of national economy. Zia ul Mustafa. FCMA. President of ICMA Pakistan received the award on behalf of ICMA Pakistan from Chief Guest of the ceremony Honourable President of Pakistan. Or. Alif Alvi and Guests of Honour including Advisor to PM on Finance. Dr Hafeez Sheikh, Minister of Industries and Production, Hammad Azhar and President of FPCCI, Mian Anjum Nisar

ICMA PAKISTAN QUALIFICATION IS NOW IN THE LIST OF RECOGNIZED QUALIFICATIONS OFSOCPA. This recogni tion is a continuation of National Council efforts focused on better recognition of ICMA Pakistan in overseas market and is in line with th e recent registration of ICMA Pakistan in UAE, Austra lia and before that in the UK

Recogni t ion by SOCPA will open new avenues for ICMA Pakistan Members. Affiliates and students and wi ll increase employment prospects for the Members in KSA Market

C~'pA

-;~ bUSiness acumen and leadership ski lls in order to meet the employability needs of businesses and students.

Students who have success­fully completed Managerial Level of CMA Professional Oualification are recognized by employers for the value they may add as 'Professionals' in any organizational hierarchy. Such s tudents are mostly employed by organisations owing to their specialist skills due to high quality of education and examination systems 01 ICMA Pakistan.

Hence, owing to response from industry identifying a need lor a formal recognit ion the scheme of 'Affiliate Financial Accountant' has been introduced. This scheme would further enhance the recognition 01 managerial/ inter level quali f ied stud~ts of ICMA Pakistan. giving them a head start in their career by allowing them to use recognized design<lt ion along with their names, thereby enhancing career growth opportunit ies for them.

The Insti tute will publish an annual directory for 'Affiliate Financial Accountant' title holders to officially recognize them as part of Institute's fraternity. Tit le Holders will be allowed to use 'AFA' designation in front of their names in addition to the ACMA/FCMA designations acqu ired later on in their

ICMA PAKISTAN AND ACCA MEMBERSHIP PATHWAY PROGRAMME

accounting and finance professionals. ICMA Pakistan is well known for equipping graduates with relevant skills in account­ing and finance. The BPO diploma wi ll be <l platform for all talented individuals as it will help Pakistan to grow into the BPO sector and wi ll br ing benefits to the local BPO industry by producing Market Ready Resources

ICMAADVISORY FORUM AND ICMA WORLD TV ICMA Pakistan has launched a higilly insightful corporate ta lk series titled 'ICMA Advisory Forum' at ICMA World TV - An online Business Channel and the Institute's official Youtube channel. In ICMA Advisory Forum, an industry leader from a particular sector of economy is invi ted to discuss issues that are 01 national signif icance in Order to compi le suggestions that may be used by t he regulators or t he governing body for better performance and smooth function ­ing of the econom ic segment. So far programs been on aired on the

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ICMA PAKISTAN REGISTERS ITS BRANCH OFFICE IN UAE ICMA Pakistan is now registered as a Foreign Branch Office in the United Arab Emir<ltes. The registration gives ICMA Pakistan legal privileges to conduct its activities in UAE Region.

This registration of UAE Foreign Branch Offi ce is a continuation of National Council efforts as ICMA Pakistan registered its f irst Foreign Branch Off ice in 2014 in the United Kingdom. National Council will continue its efforts in this direction as we aspire to be a Global Professional Accountancy Organisation and register more branch offices to assist our Members. Aff iliates and Students based in 40 countries outside Pakistan

THE NEW LOOK OF PASSION

Keeping up with the changing times, our identity has evolved. It is reflective of our renewed passion, utmost commitment, and a never-ending pursuit for the growth and prosperity of

those we serve.

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SPECIAL REPORT BUSINESS RECORDER KARACHI WEDNESDAY 14 OCTOBER 2020 V

Institute of Cost & Management Accountants

01 Pakistan

leMA Pakistan

Best Corporate & Sustainability Reports Awards 2019

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o' Paklsla.

CA PAKI STAN

leAP Profile The Institute of Chartered Accountants of Pakistan (leAP). a self-governing, autooo­mous body, was formed under the Chartered Accountants Ordinance, 1961 (CAO) for the purpose of regu lating the accountancy profession. It operates under the provisions of the CAD and the CA Bye- laws, 1983 (Bye-laws).

The governance of the Institute vests with the Counci l under the provisions of CAD and CA Bye-laws. The Council provides strategic direction to the Institute. formulates policies on educa­tion, training and examination of students membersh ip of the Institute and other governance and regulatory matters

ICAP sets forth and enforces the higllest standards of qualification, education, training, professional develop­ment, service qua lity and ethical practices. The Institute is committed to promote the profession in the best public interest. ICAP promotes professional excellence through developing. monitor­ing and enforcing the highest standards of competence and ethical conduct

The Inst itute has firmly established itself as a premier institution which produces qua lified accountants who are not only in high demand with in the country but have also made a mark for themselves outside Pakistan

In addition.ICAP plays a vital ro le in strengthening the regulatory framework in Pakistan through coopera­tion and collaboration with important policymaking institutions and regulators. including the State Bank of Pakistan (SBP). t he Securit ies and Exchange Commission of Pakistan (SECP). the Federal Board of Revenue (FBR) and other ministries

OUR MEMBERS ICAP has nearly 9.000 members who are playing a pivotal role in creating a high quality image of the Institute and the profession. ICAP members are key decision makers and strategists: contrib­uting directly to achieve sustainable, adaptive and resil ient organizations business and economies.

Our members have presence in almost all sectors both locally and internationally. working in over 44 countries of all major economies around the world. Overseas members account for approximately 26% of overall member­ship

PROFESSIONAL DEVELOPMENT The Institute realises that apart from professional education, values and ethics are critical attributes for a professiona l

~ LJP:KISTAN

accountant. It upholds excellence in ClJre competel1Cies of the accounting profes­sion adding value to the businesses and economy. safeguarding public interest. and aiding corporate governance in line with International best practices. Professional development activit ies are provided through seminars. conferences and workShOps and this year mostly through webinars

ANTI-MONEY LAUNDERING SUPERVISORY BOARD Under the AML Act 2010, the Institute has been designated as an AML! CFT Regula­tory Authority. In this respect. the Institute has issued "Anti-Money Laundering and

Combating Financing of Terrorism Regula­tions for Chartered Accountants Reporting Firms' (ICAP AMLI CFT Regulations) under the authority given by the AML Act 2010

In this regard. the Institute has also established an AML Supervisory Board to supervise. regulate, implement and enforce the ICAP AMLI CFT Regula­tions. The Board compr ises of five members nominated by SECP. Financial Monitoring Unity (FMU) and the Council.

DIGITAL ASSURANCE AND ACCOUNTING BOARD Digital Assurance and Accounting Board (OMB) is established to monitor the digital technologies and the trends impacting the profession and pract ice of Account ­mg.

CORPORATE ADVISORY FORUM To strengthen engagement with the corporate world, the Council has approved

forming Corporate Advisory Forum. which wil l have representat ion of renowned corporate icons

Corporate Advisory Forum wi ll provide firsthand knowledge of ernefging business trends and requirements in order to equip ICAP for proactive policy responses. particularly. in the areas of image building of ICAP. professional development of members and students. improving employability of ICAP profes­sionals, expanding members' practice domains and improving public trust.

INCUBATION CENTER - PROMOTING INNOVATION To promote innovation and entrepreneur-

faci li t ies along with mentoring and hand hold ing to budding entrepreneurs to enable them to embark on ventures in accounting and finance.

RESEARCH COLLABORATION Willi UNIVER­SITIES The Institute has collaborated with a leading universit y through ICAP-Univers it ies Accounting Research Program. Th is prog ram envisages mutually beneficial partnership between ICAP and leading univefsities in Pakistan under a defined framework wit h an aim to promote research in the areas re levant to the profession. inc luding f inance accounting, auditing, corporate govern­ance and taxation. For this. ICAP has

s igned a Framework with IBA KaraChi for the development of a Research Unit which would allow students and members to partake in the development pragmatiC and actionable research.

INTERNAL AUDrr PRACTICES DEVelOPMENT COMMITTEE The Insti t ute being the pioneer in establish ing corporate governance in Pakistan is cognizant of the importance of the internal audit funct ion for improving the effectiveness of governance. risk management and control processes of an organization. For this. the Internal Audit Practices Development Committee (IAPDC) has been formed to develop our members in this area through learning tools. guides and tra ining

DIGITAL FINANCIAL REPORTING IN PAKISTAN -IXBRL

shared wi th SECP. As part of the project. the Institute is developing iXBRL financia l report ing taxonomy. The iXBRL financ ial reporting taxonomy development is an integral part of the iXBRL system. and the Institute will be a significant contributor to this project

AKD Securities Limited

PRACTICE REVIEW 6; SUPPORT PROGRAM entities. CA Women's Committee taking To strengthen our SMPs in line w ith the the initiative has publi shed a directory prevail ing best practices. the Institute has showcasing talent of more than 350 CA rolled out the Audit Practice Review & women, which would assist the corporate Support Program for conducting firm and sector to appoint professional women on engagement rev iew of non-Quality ContrOl their boards. The launching ceremony of

Review (OCR) rated firms engaged in CA Women's Directory 2020 was held at audits. assurance or related services, The Pakistan Stock Exchange on January 24. program has become effective f rom 2020 October I. 2020.

LAUNCH OF CA WOMEN'S DIRECTORY 2020 ~~I~:~it~~eMr:~~~:SaE~i~E~!npe-~a~;a~~~~~:~~lu~ceta~~~sth~~e :~~~t tence Assessment (DCA) survey to help

as directO( on the board of public interest Continued on Page VI

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VI BUSINESS RECORDER KARACHI WEDNESDAY 14 OCTOBER 2020 SPECIAL REPORT

Institute of Cost & Management Accountants

of Pakistan

leMA Pakistan

Best Corporate & Sustainability Reports Awards 2019

Continued from Page IV I Lead the Business World with leMA Pakistan

The parties w ill jointly work on capacity building and trainings of employees of public sector organisat ions and agree to conduct specialized tra ining programs in the areas such as training on adoption of ISSAI stages, Internat ional Accounting Standards and International Financial Reporting Standards, SECP-Code of Corporate Governance 2013 for Public Sector Companies, International Public Sector Accounting StandardS and Interna­t ional Standards on Auditing. Both parties also agree to jointly design and launch a cer t ification program in 'Public Sector Aud it ing/Governance' in accordance with job framework of DAGP to create a pool of qualif ied potential candidates to serve fu ture employment needs of OAGP,

help rebuild the public trust. The announcement was

made at a Virtual MoU signing ceremony on the theme "The Importance of Strengthen ing 01 Public Sector Institu ­t ions', The ceremony was attended by senior memoers of both the professional bodies, as well as by senior publ ic sector leaders inc luding Abdul Ghafoor Khan Rector, Pa kistan Audit & Accounts Academy, Dr Jawad Zaka Khan, Deputy Military Accountant General Pakistan, Sumaira K Aslam, Additional Secretary Ministry 01 Finance, Umar Banoori, OG Accounts, Controller General of Accounts Pakistan, Zia UI Mustafa, President,ICMA Pakistan, and Sajjeed Aslam, Head of AC CA Pakistan,

The research and publications department of the Institute is atnicablyrespondUmg to unprecedented innovations taking place in the profession to benefit members, students, otherprofessionalsandindustry.ltis also benefitting organizations by way of enhancing their productivity, upholding the confidence of investors and stakeholders, ensuring maximum profitability and long-termsustainability.

als of good reputat ion with diverse local and global experiences,

CONTINUING PROFESSIONAL DEVElOPMENT To keep members and studeots in particu­lar and other professionals in general, the Institute as par t of Continuing Profes­sional Development (CPO) regu larly organizes nationwide tra ining, seminars, workShOps and conferences. The CPO activity helps in the capacity build ing essential for a professional to remain updated with the changes taking place in the profession

The deliberat ions made and insightlulness shared in these CPO programs becomes a source of immense learning for memoers and students, At an average, in a year, more than 2,000 CPO hours are nationwide conducted by the Institute

enhance their governance ski lls and bring them at par to best pract ices and also to fulf il l the requirement set under Code of Corporate Governance by SECP, The Institute, on successful complet ion, confers the status of -Cert ified Oirector ­to part icipants of Directors ' Training Program,

RESEARCH 6: PUBliCATIONS

Continued from Page V IICAP Profile

BRANCH OFFICE IN UAE -FIRST INTERNATIONAL FOOTPRINT ICAP has got the requisite approval to establish its branch oflice in UAE 'tCAP (DMCC Branch)'

STUDENTS SUPPORT PROGRAMS The Institu te has been attract ing talented students from across Pakis tan without neglecting the underpriv ileged segments of the society and funding them through ICAP Endowment Fund Prog ram and Edhi-CA Talent Program

INTERNATlONAL RECOGNITION 6: OUTREACH The Institute of Chartered Accountants of Pakistan (ICAP) has representation at var ious international forums. Nomination on International Federation of Account­ants ( IFAC) committee Is an example

ONLINE REMOTE PROCTORING AFC EXAMI- On regional basis , the PROFESSIONAL DEVElOPMENHi ENGAGE- NATIONS Institute plays its ro le through its MENTDURING COVIO-19 PHASE To avoid f urther loss 01 lime for our nominees on South Asian Federat ion of Like every other aspect of our life, COVID- students due to COVID-19, the Instit ute Accountants (SAFA), Confederation of 19 also reshaped the way we conduct our successfully conducted part of its Exami- Asian and Pacif ic Accountants (CAPA) and professional development act ivit ies. The nation - Autumn 2020 under online Asian Oceanian Standard- Setters Group Instituteorganizedseriesofwebinarson remote proctoring environment. (AOSSG), ICAP continues its focus to pertinent topics during the year in order widen arrangements with international

i~;c;i~~;i;h" -,;;;tit;i.~ ~;;,;~,;t;t;;di;;;- I ~~~:~~I~~~tor~~~~~u~:~ies for members :~~~~A~i:~~~g~::~~~O), loonched ~~~feusn~~ncc:U~t~i~i:s~~:iee~ii;~~i;~~~ Further, to facil itate our in 2015, is an e~ce l lent combination of number of our members resides

DAGP and ICMA Pakistan will also contribute to their corporate social responsibility and will es tablish a 'National Experts Forum On Auditing for Public Sector Companies' jOintly presided by the nomineeof DAGP and the nominee of ICMA Pakistan. The Forum w ill hold country wide periodical sessions for professionals serving in by public sector companies, nationwide,

ICMA PAKISTAN JOINS HANOS WITH ACCA TD DEliVER IPSAS TRAINING TO PUBLIC SECTOR PROFESSIONALS Institute of Cost Management Account­ants 01 Pakistan (lCMA Pakistan) and ACCA (the Association of Chartered Certified Accountants) have joined forces by signing a Memorandum of Understanding (MoU) to Joint ly train the public sector professionals in Pakistan on IPSAS@, the international accrual-based accounting standards , to enhance th e quality, consistency and transparency of public sector financial reporting in Pakistan and

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Under th is pa rtnership, a certificate in IPSAS, will be deliveredjoint ly by ICMA Pakistan and ACCA to finance professionals working In the publ ic sector or aspiring to join the sector in the near future,

PROFESSIO NAl ACCOUNTANTS ADVISORY BOARD {PAAB} National Council 01 ICMA Pakistan has constitu ted a Professional Accountants Advisory Board (PAAB), Boilrd shall ilct as an advisory forum lor the National Counci l of ICMA Pakistan. It shall worK in good fa ith and in public interest to provide recom­mendations, frameworks, guidance and decisions on all matters including but not limited to public trust in the profession, assessment of key global trends and its impact for the profession, overall quality assurance processes for education 6: training and audit, compliances and regulatory obligat ions applicable to ICMA Pakistan and its members, PAAB Board includes group 01 profession-

importance as those are of professional signiticance for memoers in particular and others in general

The Institute's resea rch releases provide useful insights on the economy and guidelines for the profes­sion. It also helps in addressing existing problems and providing amicable solutions lor industry specific issues Research includes articles and write-up, analysis, policy recommendations to the government. comparative sis, reports, interpretat ions,

'" The research and publications department of the Institute is am icably responding to unprecedeoted innovations taking place in the profession to benefit members, students, other professionals and industry. It is also benefitting organi­zat ions by way of enhancing their produc­ti vi ty, upholding the confidence of investors and stakeholders, ensu ring maximum profi tability and long-term sustainability

taking Pakistan~~ forward

At EPCL, leading Pakistan in polymer and allied chemicals with an international footprinl goes hand in hand with our measurement of success and we firmly believe in achieving innovative growth and creating value for our stakeholders, customers and employees along with it because this is the way we want to take Pakistan and its people forward.

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members in identifying and responding testingskilis,showcasingtale!lt andbasking Institute 01 Chartered Accoont-to key accounting and reporting implica- in the glory of triumph, conducted every ;:Int s in England and Wales (ICAEW) tions in th e state of uncerta inties and year. The excit ing program encourages re-introduced its Pathway Scheme that complexit ies and to help our auditors in parbcipants to step ~ their kllO'.'lledJeand included ICAP wtJose members are eligible responding to challenges aris ing due to applicat ion of Accounting, Finance and to apply under the scheme COVID-19, the Institute has issued a series Governance standards, fac il itates network:- For international recognitions of publ ications on finandal report ing and ing and recognizes finance talent The next of the CA quali f ication,lCAP has signed a auditing issues, Olympiad is planned on December 02, 202Q Memorandum of Understanding (MOU)

COVID-19 RESPDNSE PAGE ICAP's webs ite immediately became responsive for dissemination of informa­tion and announcement in times of crises due to COVIO-I9.ICAP launched a COVID-19 Response Webpage to serve as a hub 01 the Institute's key informat ion and updates and also to provide l inks to various digital resources, publ ications and prolessional development material,

ICAP MENTORSHIP PROGRAM ICAP mentorship program has been put in to action by PAIB Committee in order to leverage experience of seasoned chartered accountant lor the develop-

VISlON OF e-ICAP with Chartered Professional Accountants (CPA) Canada, whereby the requirement

Asvisionof e-iCAP,anautomated process fO" of passing two capstone examinations in new membership appliCations and FCA addit ion to Common Final EXilmination applications was introduced, Further, the (CFE) is recommended, process of application and approval of ICAP signed an MoU with Sttmlls'ErodovIment Fundwere autornated, Chartered Accountants Australia and New The study pack request has also been Zealand (CAANZ) which facilita tes ICAP automated through its work flow, lrom members living in Aus t ralia or New inception of requested to dispatch by courier. Zealand to become a member of CAANZ

The Institute signed agreement for implementation of SAP ERP 6: Student Life Cycle Management (SLCM ). This implementation will signilicant ly enhance the eff ic iency of operations of

ICAP and Saudi Organization for Certified Public Accountants (SOC PA) signed a MOU in February 2020 to assist in continued mutual support and col laoo­ration towardS the accounting [)'ofession, with CPO and other training act ivi t ies scheduled in Kingdom 01 Saudi Arabia

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