On 19 September 2014, the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP) hosted the 13th Best Corporate and Sustainability Report (BCSR) awards.
Yacoob Suttar, President of ICAP, stated that corporate reporting plays an important role in building trust with the stakeholders, and emphasised how forward-looking information about strategy, business models and the ability of the company can create sustainable long-term value. The Annual report is a company's most important strategic communications document, setting forth the company's vision, values and operating philosophy, as well as its communication strategy. It provides a chance to anticipate how the company is perceived, in light of trends and competition, and to articulate forward-looking prospects of the company.
Zia ul Mustafa, President and CE of ICMA Pakistan, said that the Best Corporate and Sustainability Report Awards have become a symbol of pride and honour for the corporate sector. Since its inception, the BCSR Award has created healthy competition between companies in various sectors for maximum disclosures. Mustafa lauded the efforts of both the institutes for giving importance to Sustainability Reporting by initiating the Best Sustainability Report Awards.
Sustainability is becoming an increasingly important issue in Pakistan’s corporate sector, said Mustafa. This could be gauged from the fact that, in current business operations, the COOs and CFOs are also being held accountable to their company's Boards for sustainability issues. According to Mustafa, this commitment is encouraging sustainable operating practices throughout Pakistan.
Chairman of the Joint Committee of ICAP and ICMAP, Jawed Mansha, thanked the participants for making the event successful and congratulated the winning companies and all other companies who participated in the competition for their endeavour to produce the best reports. The joint committee of ICAP and ICMAP declared Maple Leaf Cement Factory Limited as the overall winner at the awards.
Other companies that were recognised at the awards for the best corporate reports of 2013 in their respective sectors include: Muslim Commercial Bank, Allied Bank, Meezan Bank, Faysal Bank, Engro Polymer and Chemicals Ltd, Fauji Fertilizer Company, Fauji Fertilizer Bin Qasim, Lotte Chemical Pakistan, Lucky Cement, Atlas Honda, Crescent Steel and Allied Products, Al-Ghazi Tractors, International Industries, Pakistan State Oil Company, Pakistan Petroleum Limited, Attock Petroleum, Pakistan Oilfields Ltd, Attock Refinery, EFU Life Insurance, Arif Habib Corporation Ltd, EFU General Insurance, Jubilee General Insurance, First Habib Modarba, Engro Corporation Ltd, Engro Foods Ltd, Rafhan Maize Products Company, GlaxoSmithKline Pakistan, Abbott Laboratories (Pakistan), Kohinoor Textile Mills, Nishat Mills, Gul Ahmed Textile Mills and ICI Pakistan.
Edited from various sources by Rosalie Starling
Read the article online at: https://www.worldcement.com/asia-pacific-rim/23092014/maple-leaf-cement-wins-at-the-bcsr-awards-in-pakistan-531/