 In our last session, we talked about the importance of the community and today we are going to move ahead and talk about corporate governance and the government. Now, whenever we talk about the government, then the government basically has many pillars. It has the executive, it has the parliament, it has the judiciary, then allied pillars which are the media, the civil society primarily and again other minor elements of stakeholdership also. Now, when we talk about the government, then usually we think that the government is a regulator. No, the government is a facilitator. That is very important. So, when we look at the government as a regulator, then we have different dimensions of thinking and when we look at the government as a facilitator, then our interface and our interaction would be on a more positive scale. So, again it becomes extremely important that we realize the role of government. The government plays a key role in the corporate governance by defining the legal environment and sometimes by directly influencing managerial decisions. So, all of this is very important and we in Pakistan basically see that the government plays a major role because it can clamp down upon the community, it can send people to jails and it can also ensure that there is no law and order situation. We see that in various groups which are taking place and the fact that it plays a key role because mostly the politicians and the bureaucracy are catering to the needs of the government but also getting their needs met through the government and therefore it directly is influencing managerial decisions. Now, the following aspects play a critical role to write and then enforce contracts. This is very important. It is basically manifested with the government to oblige management to provide accurate and comprehensive information before the shareholders and therefore if there is no compliance then the government would move in to ensure compliance to vote on important issues to enforce the obligations of the board of directors to specify and have managerial incentive contracts in force. So, all of these would lead to a better organization and also ensure that everything is above the board and nothing is being hidden by the government whereby undue advantage could be taken and also tax breaks could also be taken. So, all of these things become very important to the contents of corporate governance and it is not a one-way channel. It actually has to be a two-way channel to ensure its efficacy and its effectiveness and also to create a better work environment for everyone. That is very, very important in that role of chaperoning and that role of acting as a supra pattern is very important in the context of the bank and also of the government and also of the various stakeholders which are involved with one particular organization. Political and economy forces that produce the laws, the enforcement and mechanisms, the bankruptcy processes and the ability of powerful managers to influence legislation will profoundly shape corporate governance. So, again what we see is that ladies and gentlemen, the managers or the management of an institution carries a lot of cloud because it can facilitate the process of voting, it can facilitate the process of elections and can also bankroll and sponsor different economic activities or different social activities which would give an edge to the particular person contesting in election and that would be unethical. At one stream the government owns the firm so that the government is charged with monitoring managerial decisions and limiting the ability of managers to maximize private benefits at the cost of the society at a least extreme level governments regulate corporations. So, again what we see is that the government can also on the orders of the court take complete control of a particular organization to see that nothing wrong is done and that all of the stakeholders are given their rights. So, all of these developments which have been taking place ensure a more participatory role, a more softened role, a role which is not linked with professionalism but is basically a personal role and all of that becomes extremely important and also the fact that the government should abstain from a regulatory context and try to adopt a facilitatory context and do away with red tape and do away with the road barriers and road bumps to ensure that the flow of business of different corporations is done in a much better way. The government regulates the activities and asset allocation of corporations and may even ensure corporate liabilities in the favorite industries even in countries that traditionally tend to disavow such support. So, again we see that the government becomes a regulator of assets and also have activities allocation and that is very important to monitor because otherwise there is a possibility of rights being infringed. The government regulates to maximize social welfare which it tends to promote through organizations limit adverse externalities and exploit positive ones, deal with the monopoly power and directly prohibit managers from undertaking socially adverse actions. So, again the government can catalyze good work, good opportunities and also good internships to the corporations, interns or MTOs which will lead to better trained, more efficient, more effective youthful resource power at the disposal of the corporation and basically fine tuned and trimmed through the UN umbrella. So, all of that is very important and we have to ensure that we remain within the ambit of social responsibility. The government regrets are unlikely to induce managers to maximize firm value rather the politicians frequently use state enterprises for personal gains. The evidence suggests that the public enterprises are extremely inefficient, produces and they frequently disregard social objectives as evidence by the finding that state enterprises are worse polluters than the private firm. So, what we see is again that the government is also playing multiple roles but it does have an overarching role, it does have a supreme role because laws are formulated by them but it is very important to understand what the law is about and how it is going to be implemented. Otherwise it would result in a trust deficit and that is something that we do not want because we are trying to improve upon the system where the government in every country exercises is certain amount of control over organizations and operations of the organization and the government could use this to steer organizations towards the path of good governance and that is extremely important. So, again ladies and gentlemen the role of government is very important. We basically call it the 3H and 1S model we see the hand, the heart and the head and in between we have a strategic unit which ensures that it gives direction and also tends to bifurcate the responsibilities of different stakeholders and different concerns to further provide an opportunity for the long activity of that particular cooperation. Thank you so much.