 Bismillahir Rahmanir Raheem and As-Salaamu Alaykum everyone, good to welcome you back towards corporate governance and today we are going to talk about a very interesting topic which is the world economy and corporate governance. In the past 100 years, we have seen that small corporations or small organizations have basically exploded in size, in revenue, in profits and in assets. One room organizations have become global powerhouses, they have become global conglomerates and these one room or these one small entity organizations have actually now become larger than many national economies around the world. We see that organizations are now crossing not only the one trillion mark but also the two trillion mark and there are very few economies of that particular scale. So the challenge again is that how do we introduce and how is it that we tend to inculcate corporate governance within these large entities which are even more powerful economically than nations or many nations altogether. Now if we look at the aggregate of the US stock market, it is well worth over 30 trillion dollars and is serving as the home to a corporate behemoth worth hundreds of billions of dollars. The US economy is the largest in the world and we see that Google, the parent company Alphabet is worth roughly the same as every company in the Spanish stock market put together. So what we see is that these behemoths, these huge global conglomerates are now dominating the global economy and one of them as you know is Google and the parent company Alphabet is again doing wonders. We see that another Alphabet A company which is Apple that has an office larger than the size of the Pentagon and again is more than a trillion dollar company and then we see that a few billionaires are now emerging. We see again Elon Musk emerging of Tesla with an individual worth of over 250 billion dollars and having a corporate worth of over a trillion dollars combined is different companies put together and then again we've seen how other IT based companies have emerged as huge economic powerhouses and they are driving not only business but also in the case of Microsoft and which we see the Bill Melinda corporation or foundation which is contributing billions and billions of dollars into the health sector and other social areas we see that this other billionaire which again these billionaires have put together different foundations and they are also contributing to the social development and also to the underprivileged around the world so they basically are economic powerhouses and they are driving nations and also the global economy. Now let's look at it from a more geographical aspect so what we see is that if we compare companies with Europe so you can see over here how Visa, how McDonald's, how Disney company, how Coca-Cola, how Alphabet and how other companies are larger than one national economy we see over here that those companies are larger than huge economic concerns and national economies and this is very evident that just this very small group of about 10 companies is actually engulfing the whole of the gross domestic product or the economies of the whole of Europe and that is fascinating how these things have developed and how they are changing the dynamics of business on a global level. If we compare it with the Middle East again so over here what you can see is that companies like Exxon Mobil we see that companies like Intel, companies like Oracle and Disney again having a massive size and again just these five, six companies totally engulfed the whole Middle East and that is how they have that stature, they have that control, they have that power and they have that influence so to ensure corporate governance in all of these companies becomes a very big challenge at a national, at a regional and at a global level. If we do a similar comparison with South and Central America then again we see that Alphabet is basically nearly the whole of South America we can see that so this again is depicting that how a few companies can have a massive impact on the global economy. If we look at Africa then Amazon itself the whole thorn of Africa including South Africa would be encompassed by Amazon and that again is the level of influence of these different companies looking at Asia then again Apple we look at Facebook, Alphabet we see other companies that just seven, eight companies tend to encompass Asia and that again is the level of influence that these companies are carrying. So these 15, 20 companies actually would be about half of the global economy if we look at them in this particular context and the owners which are just a few dozen individuals they are all multi billionaires many of them who have crossed 100 billion some of them crossing the 200 billion mark and that basically shows how the finances are now in the hands of a few individuals or a few companies. Now it might be positive in one context but there are also many negativities and there are many challenges and these challenges make it more difficult for corporate governance because these companies wield so much of power so much of influence so much of impact that it becomes difficult to regulate them and we've seen that in the case of Microsoft we've seen that in the case of Facebook we've seen that in the case of Google we've seen that in the case of British tobacco or American tobacco company all of these different companies who are large companies it becomes very difficult to ensure that they follow the right path of ethics the right path of morality and of values and also of corporate governance. Thank you so much.