 Bismillahi r-Rahman r-Rahim and As-Salaam-Alaikum everyone. Good to see all of you and we are back with moving forward in the context of the importance of the shareholder, the rights of the shareholder and what the shareholder can or cannot do and how the shareholder tends to influence the organization. We were looking at fundamentally the stakeholders and their context, but in the stakeholders the primary stakeholder is the shareholder because they are the ones who are doing the investment. Now, in the past 20-25 years we have seen that there has been a flux of activity. We have seen different forms of activism from extremism towards fundamental labor rights from feminism to transgender rights. We have seen how corporatization has totally changed, how the influence of government, the social sector and the private sector has been rearranged and recalibrated and realigned and there has been this flux of activity and more so since COVID-19 the whole dynamics has absolutely been transformed. Now, a very interesting topic, a recent topic and an interesting topic is shareholder activism. Now, this seems quite amazing because when we are talking about the shareholder and what type of activism are we talking about, but in the modern world where the contextualization of organizations has become global, where different laws and different frameworks are applicable, where top management is amalgamated and engulfed in so many different activities, the concern and the rights of the shareholder sometimes become overshadowed. And that is why we see, ladies and gentlemen, that it becomes important that there is also shareholder activism so that they can protect their rights, they can protect the organization and they can ensure that the organization does not swing or go towards self-analysing or self-destruction or it gets indulged in any corrupt practices or any inappropriate actions. All of this is very, very important and many times when the top management is not listening to the shareholder then the shareholder has to indulge in shareholder activism. So, let us look at shareholder activism in a more structured way. So, shareholder activism is a way in which the shareholders can influence a corporation's behavior by exercising their rights as owners, they sometimes use their rights as a shareholder of a publicly traded corporation to bring about social change. So, just like I was mentioning, it is not all about finances, it could be also about social change, it could be about good governance, it could be about better management systems and better processes. So, all of that is there with the shareholder. Now, it could be related to issues of the environment, investments in politically sensitive parts of the world and worker rights. So, the shareholder through his or her activism can tend to support any of these causes. The term is also referred to investors who believe that a company's management is doing a bad job. So, that is also very important that if the current management is not working well then the shareholders and the investors have to come into play to ensure that all that wrongdoing is curtailed. The shareholders in general have the following power to attend meetings of shareholders and exercise voting rights either personally or through proxy to transfer shares, to receive dividend when declared to elect directors. They also have the right to requisition an extraordinary general meeting of the company, to have right shares and bonus shares, to apply to a tribunal or tribunals, to file class action suits in the high court, to file a suit in case of any misleading statements in the prospectus. So, as you can see over here there are so many things that the shareholder can do and the shareholder is not a mere puppet who is just sitting on the sidelines waiting to get some profits but is actually enabled and also empowered to take many actions against the management or the board to ensure that the company operates in a better way and is taking care of the different rights of all of the stakeholders. The board of directors of the company shall be entitled to exercise all such powers and do all such acts as the company is authorized to do to issue securities including debentures to invest the funds of the company to grant loans or give grantee or provide security in respect of loans to approve the financial statement and the board's report to borrow money. So, again the board also can be involved in different activism and represent the shareholder in a better way and that is what we see has been emerging as a form of shareholder activism. The board of director of a company shall be entitled to exercise all such powers and do all such acts as the company is authorized to do to diversify the business of the company to a point and remove key managerial personnel. Now, these are two major dimensions and dynamics of the board of directors. They can diversify the business of the company which we have seen in the case of Angro. I mean look at how Angro diversified into Angro foods and that was a total raw diversification. We also saw it in the context of Pakistan Tobacco Company. They also went into the food business and came out with their own oil. We have seen how technology companies, they tend to diversify and come into manufacturing. We have seen it with Apple, we have seen it with Microsoft, we have seen it with different telecom service providers and manufacturers. We have seen so many examples of diversification which tend to take place. We have seen how textile groups come into energy and vice versa. So all of these are diversification which comes to the board of director. And then a very important thing is to ensure corporate governance or good governance. They can either a point or remove key managerial personnel and in that case they can tend to guide and in most cases also ensure a particular journey of the organization towards a particular objective. So what we see is that they will also point internal auditors, approve quarterly, half yearly and annual financial statements, accept all the new public deposits and authorize back by of the security. So all of these additional things are also done by the board and what we see ladies and gentlemen is that the shareholder is not a mayor spectator. He or she has immense responsibilities and immense authority also whereby he or she can affect the existence and the growth of the company. And similarly the board of directors to a larger extent even beyond the shareholder have their own responsibilities and through different tools and through different stipulates and through different legal lacunas and legal specifications they can influence the company to go in a particular direction or they can stop the company from indulging in different negative activities and can change the board, appoint a new board and move forward with all of that and that is what shareholder activism is all about. Thank you.