 Bismillahir Rahmanir Raheem and As-Salaam-Alaikum everyone. Welcome back to corporate governance. Today we are going to go on another journey and this journey is very important. We are going to talk about the Securities and Exchange Commission Code which basically emerged in 2019 and is basically for listed companies. This is a very important code because this is about the future of corporate governance and we see that it has changed radically and also for the better and we see that the role of the Securities and Exchange Commission of Pakistan is also enhancing, is also being implemented through a very professional approach and we see that through different matrices, through different frameworks, through different regulations and through different contextualization of global corporate governance we see that SECP is emerging as a facilitatory and regulatory body for corporate governance in Pakistan. The Securities Exchange Commission of Pakistan has gained great credibility through a very non-discriminatory, unbiased and professional approach. Today we're going to talk about the SECP code and it's going to be part one. We divided this in two sessions and in the first one what we see is that on September 25, 2019, SECP issued the Listed Companies Regulation 2019 under the powers conferred under Section 156 of Companies Act 2017. The 2019 code is based on a comply or explain approach which is a new governance regimen in Pakistan. Just like I was saying, it is radical, it is positive, it is progressive and it is facilitatory giving the companies space but yet also ensuring that they do not tend to go out of control or tend to excessively exploit their own business concerns and business products. So we see that this is a very good positive healthy development which has taken place in the corporate governance sector within Pakistan. We see that in the past, 2002, 2012 and 2017 codes were based on the mandatory approach. The flexibility allows organizations to think out of the box as an alternate course of action could be followed while ensuring transparency. So again, let's like I was mentioning that there is flexibility and within that flexibility there is also this insurance that there should be transparency and this has been greatly appreciated by the corporate sector especially the listed companies to which this tends to apply. It should be the responsibility of board of directors of listed companies to use, comply or explain principle wisely. Responsibilities of investors to assess differing company approaches thoughtfully. 2019 code is applicable to listed companies only. There are three types of provisions in the code, mandatory, non-mandatory and recommendary. So again, what we see is that more empowerment has been given to the board and the board basically has to ensure either compliance or has to explain why it is not being done, what are the basic reasons and then we see that there are certain things which are mandatory, non-mandatory and there are recommendary and we'll move on just to see that what are the different mandatory provisions. The number of directorship, the number of independent directors, female director inclusion has been made mandatory, executive director is there, the audit committee, very powerful committee. We also see that the terms of appointment of the external auditor have been more clearly emphasized upon, the rotation of auditors is very important, the compliance statement and auditor review is very important. We see that the penalty is limited basically to mandatory provisions only and there is a relaxation from requirements of 2019 code. So again, these developments have taken place and they are all mandatory provisions. So again, ladies and gentlemen, we see that through this particular code, the listed companies have been given flexibility, have been empowered and again, the board can either comply or they can give an explanation for that. Many new dimensions have emerged, some are mandatory, some are non-mandatory while some are recommendary. But overall, this is a breath of fresh air in the corporate governance sector of Pakistan. Thank you so much.