 Bismillahir Rahmanir Raheem and welcome back ladies and gentlemen. We are continuing with Good Corporate Governance and part two of Obligation to Society. Now, in the previous first part, we looked at the broad context of Good Governance and how it is conjoint and bridged to Corporate Governance. What are the similarities between the two and how the different stakeholders tend to merge into both of the concepts. So, today we are going to go a step ahead. And in this step ahead, we are going to look at the corporate citizen or corporate citizenship. And this is a very important concept. Now, when we look at corporate citizenship, assistance in improving the quality of life of people in society, initiatives in the field of public health and family welfare, water management, vocational training, education and literacy, and much more. The development of social accounting systems, social audit of its operations towards the community, the employees and the shareholders. So, ladies and gentlemen, this concept of corporate citizenship is a new phenomena and it is gaining prominence especially in the post-COVID-19 scenario. As you have seen, the whole world has changed in the COVID scenario. In the COVID scenario, the world came to a standstill in March 2020. Pakistan came to a standstill in April 2020. Nothing was working. Services closed. Educational institutions closed. Services industries closed. And we see there was an absolute sense of confusion and chaos. But as things started opening up, what we see is that the corporations started taking corporate social responsibility and corporate citizenship more eagerly. The corporations started rolling out masks, rolling out jackets, rolling out safety equipment, started doing a global research on medicines, on finding ways of countering the scourge which was devouring society as we know it. People were claiming that we would never come back to normal. But it is due to this corporate citizenship that in two years when nearly every single country was devastated through this COVID-19 and millions upon millions of people died due to this. Millions upon millions, hundreds of millions were affected by COVID-19. The world is coming back to normal. But are we doing it responsibly? Have we realized our fallacies of the past? Have we realized how much we have damaged the environment, the climate, the very existence of earth, mother earth? Are we now going to move towards technologies and towards products and services which are conducive to the environment and climate, which would counter the green houses effect, which would ensure that our future generations are not compromised? That is food for thought ladies and gentlemen. And that is corporate citizenship. Corporations have to understand that maximization of profits is a short-term strategy. What will we do with profits if mother earth does not exist? Already ladies and gentlemen, you are very aware that natural disasters have become normal. Every year there are dozens of global natural disasters creating havoc. Thousands of lives are lost. Billions of dollars are wiped out. Thousands of kilometers of community are compromised. It is high time that corporations realize that the most important element of corporate governance and of good governance is corporate citizenship. And we have to move together in the fields of public health, family welfare, water management, vocational training, education and literacy and most importantly saving mother earth. And this has to be further reinforced with social accounting systems and also social audits to ensure that all of this is not window washing but is actually something substantive. Actually something which makes a social impact, which improves the quality of life and makes the very existence of humanity healthy. That is what we have to do. And if we don't do it, we are going to suffer. And just like many of the scientists are predicting, we will have to find a new place to live in. And that itself is a paradox and a dilemma. So ladies and gentlemen, we also have to look at ethical behavior. And ethical behavior is of supreme importance. We have to do a right because it is right and we have to abstain from a wrong because it is wrong. We cannot do a right because the greater number of humanity tends to subscribe to it. We have to become responsible corporate citizens. We have to understand that corporations have a responsibility to set exemplary standards of ethical behavior both internally and externally. Unethical behavior corrupts organizational culture and undermines stakeholder value. The board of directors have a great moral responsibility to ensure that the organization does not derail from an upright path to make short term gains. So it's about the long term ladies and gentlemen. In the short term we are going to lose the battle of life. There has to be social concern. New paradigm is that the company should not only think about it shareholders but also about its stakeholders and their benefit. A corporation should not give undue importance to shareholders at the cost of small investors. The corporation should help the needy people and show its concern by not polluting the water, air and land. So that social concern is of utmost importance. We cannot compromise the different elements of earth. We cannot compromise on our stakeholders. We cannot manipulate and exploit the poor, the underprivileged, the destitute, the marginalized, the poverty stricken, the stunted, the depleted, the deprived, the voiceless. We have to move forward and ensure that we make a better working place, we make a better living place and we make a better world for everyone and that is social concern. So corporate social responsibility which emerges from all of this. We see that there is a developing trend and an emphasis is being laid on corporate social responsiveness and ethical business practice. And that is why we are seeing that different agencies like OECD, the Organization of Economic Cooperation and Development, the European Union, the African Union, SAAC, Asian Development Bank, World Bank, Asian Productivity Organization, International Monetary Fund, GTZ, DFID, USAID, all of these different agencies are now talking about ethical business practices. And that is why organizations like UN are talking about injecting integrity and ethic ambassadors into the corporate world to create a snowball effect, to correct things from the grassroots and to ensure that there is a trickle down of social responsiveness and social responsibility. Just like I was mentioning, ladies and gentlemen, environment-friendlyness is the future of the 22nd century. Intervening and ordering, transforming nature, moral responsibility to save and protect the environment, loosening standards to be followed at all costs and organizational culture towards sustainable environment. That is the future for corporates and different organizations. We need to create a healthy and safe working environment with preservation of environment, prevent the wasteful use of natural resources, minimize the hazardous impact of development, production, use and disposal of any of its product. Ladies and gentlemen, in the future wars are going to be fought on water. We are seeing a depletion of our pure water reserves and we are seeing a depletion of our air quality. Lahore has every month, many times, claimed the first lot in air pollution. We must get together and stop this process of deterioration, deprivation and de-cyclation. We have to reverse this process for today and tomorrow, for ourselves and for future generations. Yes, there is competition. Competition is good. But competition, which is equitable, which is responsible, which follows the rules, the regulations and the laws, which does not exploit people, which does not manipulate a situation, which does not create a stranglehold on customers. The competition is good if it is done properly. It is healthy. The company's role in establishing a competitive open market economy, promotion of the progressive and judicious liberalization of trade and investment, marketing products and services on companies' own merits, and no unethical advertisements or unfair and misleading pronouncements on competitors' products and services. Now is the era of collaboration and collaboration through competitiveness. But it is not that my win is someone's loss. We have to create win-win situations and that is the future. In this obligation to society, we have to create trusteeship. The board has to act as trustees. Inheritant, the concept of trusteeship is the responsibility to ensure equity that I have been talking about. Encountability has to be embedded and accountability has to be accompanied with transparency and rule of law. There has to be effectiveness and efficiency, production of results that meet the needs of society while making the best use of resources at their disposal, sustainable use of natural resources and the protection of the environment, and timely responsiveness addressing the concerns of all stakeholders and the society at large. So, ladies and gentlemen, when we talk about business, we are talking about effectiveness and efficiency. We cannot be effective at the cost of efficiency. They go hand in glove together. And not delayed responsiveness but timely responsiveness and ensuring that in the responsiveness, we are constructively solution-oriented. That is very important. And most importantly, corporations have to uphold the name of their countries. They cannot compromise on quantities and on qualities, on packing, on shipment. They must ensure that either import or export has to be done with utmost honesty so that the brand is a step. Brand Pakistan is a step. We have the best cotton in the world. We have the best rice in the world. But other countries are ahead of us, while we should have been thousands of miles ahead of other nations. And we can do it, ladies and gentlemen. We just have to change our mindset and we can all become brand ambassadors of our country. So, let's rise to the occasion. That is extremely important. We cannot compromise on society. We cannot compromise on the greater good. We cannot compromise on our economy. We have to forge ahead with the right values, rules, regulations and laws and implement them in totality to equity, fairness and compassion. Thank you so much.