 Viswala Akhman Reem and Islamic in Pakistan, welcome back to corporate governance. We have been looking at the different aspects and perspectives of convergence of corporate governance and today we are going to talk on a very interesting, a very complex, complicated and difficult to comprehend factor and that is culture, basically based upon deep causation. Now, when we are looking at culture then definitely there are various factors. It could be the diversity within the organization, the level of inclusivity within the organization, the laws, the rules and regulations, the policies, the strategies of the organization, long term, short term objectives, vision, mission, values and then again the history of the organization, the texture and contextualization of the board and the top management, the different levels or the organogram, the matrix relationships or the hierarchy of relationships within the organization and then also in culture we would be seeing the national context, the national philosophy, the national texture and again the emergence of the culture based upon its history, its languages, its geography, its continuity, its again contextualization of religion, its comprehension of its own national identity and also of its global presence and then again the economic and the social fabric of the whole country. Then again the level of resources and the structure and scriptures within the organization. Now, all of these factors basically would be affecting the culture of the organization and on the other hand would be facilitating or resisting corporate governance and its implementation. Now, again, Fukuyama basically conceived of business organizations as a product of trust, different governance systems built on disparate structures of trust relationships. So, again, when we're talking about the organization and its success and its performance, its productivity and its profitability and its convergence and again its longevity, then again the element of trust is very important. The level of trust between the different levels of the hierarchy both horizontal and vertical and again the role of the board of directors and the top management and how they focus on the values of honesty, integrity, accountability, transparency and merit orientation. So, again, all of these things are contributory to trust relationships and again the development of trust as a whole within the organization. Now, Likid did a lot of research and Likid examines the relevance of national culture compared to corporate governance and securities regulation. So, again, like I was talking about that again there is a relevance of the national culture related to the corporate governance and securities regulation. So, again, the balancing of all of these dimensions and then how they tend to roll out and are implemented within the given frameworks of the organization and also of the country in light of the global contextualization of standardization and also of convergence of different models. So, that is how Likid basically examined all of this and a nation's culture can be perceived as a mother of all path dependencies. A nation's culture might be more persistent than other factors believe to induce path dependence. So, again, while chalking out the future of the organization it is very important to understand the culture of the nation and then within that culture it is also extremely important to understand the path dependence and how the factors involved to lead towards inducement of path dependence within the organization tend to become even more important and also combined with the value and the overarching value of trust that becomes also very important. Now, when we look at the legal approach then if not misleading depiction of the universe of corporate governance regimes because globally they are being implemented dividing shareholder protection regimes according to the groups of culturally similar nations is informative. So, again what we see is that there are different national cultures, there is a different national contextualization, there are different aspirations, there are different visions of the nations also and then how is it all dovetailed with the corporate governance is a very big challenge and to create a balance between all of these different stakeholders also becomes a very big challenge but with the right culture then these can be achieved and can be materialized and can lead to a better organization within a better economy within a better world as a whole. Now, Likith also concluded that corporations are embedded within larger socio-cultural setting which is sectoral which is industry based and is also on a national level. Cultural values are influential in determining the types of legal regimes perceived and accepted as legitimate. So, again it is through those cultural values that there is a comprehension between the different strata of the organization that what type of legal regimes should be accepted and which are legitimate and which are illegal or which are unethical or which are immoral or which are manipulative or which are exploitative or which tend to infringe upon or encroach upon the rights of different segments of society and different players and different stakeholders within a particular organization. So, again that is also extremely important when we are looking at culture and the different influences of culture. Now, when we look at the legal approach then again it is a depiction of universe of corporate governance regimes dividing shareholder protection regimes according to the groups culture similar nations is again informative and that is what we were looking at. We also see that culture influences what are perceived at the maximades of corporate governance. So, yes it is a very big catalyst for corporate governance and tends to hinge upon the different factors and levers to ensure that corporate governance is practiced in the best possible way. Corporate governance calls for optimizing several factors simultaneously and that is again the very essence of corporate governance and we see that these different type of dimensions and factors have to be balanced out for the betterment of all the different stakeholders and shareholders of an organization within the particular context of an economy of a nation. So, that is what we see and again a very very important thing is that when we are talking about the theory of corporate governance then basically at heart it is the theory of power and the corporate setting is rife with the agency relationships in which certain parties have the ability to unit at the effect the interest of other parties and that what we see is the board of governors and again the top management but it is also very important like we looked at in the earlier session that when we are talking about efficiency and we are talking about equity then another very important factor is the factor to ensure that there is also a more balanced approach towards governance and the interests of all parties are met and that is through the value of participation and that becomes very very important so that we should have a participative culture which is based upon integrity, transparency, merit, self-growth, corporate growth and also the flourishing of opportunity and again the elimination of exploitation and manipulation. Thank you so much.