 Bismillahir Rahmanir Raheem and Aslan Alikum Pakistan, this is Sayyid Usain Haider from Virtual University and we will be talking about corporate governance today. In our last session, we were basically talking about the different forms of business organizations and we saw them in a three-tiered framework in which there are private, public and social sector organizations which can be further divided into proprietors or into partnerships or into corporate organizations. Today, we are going to go to the next level and that level is basically the corporate governance life cycle. So, ladies and gentlemen, let's look at the corporate governance life cycle which tends to exist. For the small businesses, the sole tradership is often preferred as the owners who are managing the enterprise wish to retain control and claim the right to any surplus. The partnership provides a collegial form of business association where the partner share the surplus and with the self-selection of managers and mutual monitoring and the private or proprietary company allows the owners to control the enterprise through a board of directors they have direct representation. So, ladies and gentlemen, what we see over here is that in these three different forms which tend to exist, there is the proprietorship in visit, absolute control and absolute profits and absolute losses. There is the partnership which has a collegial formation in which all of the partners share the liability and also tend to share the profits but in the private company it allows the owners to control the enterprise through a board of directors and they have a direct representation but again they have more stakeholders and they have more shareholders and that is how these three different forms of businesses can be differentiated. The private company has the benefit of limited liability and the shareholders' assets are not subject to the claims of corporate creditors. Many business ventures comments with one or two entrepreneurs acting as sole traders to establish a private company as the business gets larger with greater commitments, resources and responsibilities. Small companies become impatient to pursue the opportunities for more rapid growth and development that the market tends to present. So again, ladies and gentlemen, what we tend to see is that these three different forms of business organizations has its own limitations, its own constraints, its own opportunities, its own potential and then also its own maximization and optimization of profits and depending upon the business and depending upon the vision and depending upon the different frameworks which are available, we can tend to see which one suits us to the best and then they have a different form and set of regulations basically overrided by different laws which exist within the land. So again, what we see ladies and gentlemen is that these three different forms tend to have their own governance cycles while the corporate form is for the corporate organization and then most importantly what we see is that the excitement of initial public offering and that is the public corporate organization or the public corporate business entity where the shares are floated in the market. There is an initial public offering which tends to bring in more market capitalization for the organization which can expand its business and also its financial liquidity. And that is the most important thing and that organization then is subjected to different securities and exchange commission laws and frameworks and regulatory rules. Now what happens is that this organization can have an independent board of directors. So it doesn't have to be the same shareholders who are the board of directors but has an independent board of directors in which the minority stakeholders and shareholders are also protected, the majority ones are also protected and there is more equitable governance which is taking place through this particular governance cycle. So what we see over here is that the mature public corporation, the shareholders become more numerous and dispersed who delegate control to an independent board of directors who hire and monitor the management and that is the essence and the very fundamentals of this public offering which they tend to do and it makes them a public limited organization or a public limited company as compared to a private sector organization. Now again moving a little bit forward, this very famous quotation of Kirk Patrick is that experience around the world shows that although the powerful concept of a listed stock company has been successfully introduced in many countries, the accompanying legal and regulatory system has often lagged leading in some cases to abuse of authority of minority shareholders and to reduced growth prospects when financial markets lose credibility or fail to achieve it at the first place. So again through this quotation what we see is that if there is no proper regulatory control then the minority would suffer and it would lead to loss of credibility not only of the organization but of the whole market and therefore it is very important to have implementable and executable and monitored regulatory frameworks for good corporate governance. Thank you so much.