 Bismillahi r-Rahman r-Rahim and As-Salaamu Alaykum Pakistan. Welcome back to corporate governance and we had many sessions on the role of government, what are regulations, how the regulations should be implemented, what are the different issues related to government, what is the relationship between government and the corporate sector and the other stakeholders, how the government should be proactive, empathetic, compassionate, equitable, transparent, accountable and married based. All of those things were discussed in great detail. Now we are going on to the next stakeholder, a very important stakeholder and that is the role of media. Now media as we all know is known as the fourth state. So we have the parliament, we have the executive, we have the judiciary as the three classical pillars of society and then the fourth one which is media especially in the 20th century and now in the 21st century we have print, electronic and social media. So all of them have their own impact and again it can be used positively or negatively depending upon the circumstances and depending upon the various issues that come under consideration. Ladies and gentlemen, when we are talking about media then in any democratic system it has a very powerful and also important role. Different roles plays the role of a friend, the role of a philosopher, the role of a guide, the role of a critic. Now all of these different roles have to be played by media depending upon the circumstances. Many a time we learn from media, many a times we become aware through media, many a times people get or institutions get exposed due to media. Just look at how in the past two years media has been a major proponent of controlling COVID, of ensuring that COVID does not spin out of control, that people understand the importance of quarantine, people understand the importance of social distancing, people understand the importance of protecting themselves of masks, of sanitizers, people understand that they should not unnecessarily travel, people understand the importance of vaccination, of getting boosters. And now the pandemic of COVID is dwindling and that has been the role of media. It acted as a friend because when people could not go out of their homes they basically were linked through the world through different media platforms. It acted as a philosopher because when people did not know what COVID is, its implications and its various connotations, that is where media played its role. It acted as a guide what should be done, what should not be done, how it should be done, what are the controls required, where things should not be imposed. And then it also worked as a critic because then it criticized the government, it criticized international agencies, it criticized research organizations, medical organizations that they were not doing enough. So all of these things were played by the media and that led to a better response against COVID, a better environment, more synchronization and harmonization between the different stakeholders and again making everyone responsible. That is what media done and its manifestation has been seen in the past two years during this COVID pandemic. Media's role is also of an external whistleblower. We've talked about internal whistleblowers, that employees are internal whistleblowers, but how do people realize that something has happened? Just like the example of Enron or WorldCom, that the employees were the internal whistleblowers but then media exploded the whole issue. And then it went so much across the globe that even though they were very powerful and very rich super-rich organizations, they could not control the fallout and therefore then they had to be vanquished. Media is a caretaker of shareholders' money. So again, it is through the media that constraints, restraints and requisite impediments are created so that the company does not spin out and waste a shareholder money. It is a defender of stakeholders' interest because again, just like I was mentioning earlier in the COVID example that everyone's position is clarified and how they should be responding to it. And then we see the emergence of social media platforms and the role of media has exponentially grown, has grown thousands forward and we see that now every household or medium or rich, educated or uneducated, they are hinged onto social media. And media revenue does come from corporate sector organizations. So again, these media different organizations or media platforms are owned by different corporations or corporate entities and they themselves have emerged as the most rich institutions. I mean we can look at Metta, I mean Facebook, the new name of Facebook, so see how it has grown. We can look at Google, see how it has grown. So all of these platforms have just grown and skyrocketed across the universe basically and are trillion-trillion dollar organizations. We also see that media collects, selects, clarifies and repackages information. Now that is a little bit dangerous also because what if it selects, clarifies and repackages information in its own vested interests. So discerning what is real news and fake news is very important and we've heard basically how it has been able to uproot governments even. So it can be very lethal, it can be very effective and therefore its imposition has to be done properly without any vested interest or without supporting any discrimination or exploitation or manipulation. Media acts as an information disseminator for all the stakeholders. It increases the reputational cost because now corporations have to invest in media because if you want to find out about a company or an individual, the easiest way is just to go on to social media and work on different platforms and find out and see their websites and other things and then you can assess what that particular organization is doing. Media can change the enforcement costs also and media can alter the size of penalty for bad governance. So all of these things are taking place together hand in hand and again there are positives and negatives but you have to create a balance out of all of this so that the role of media can be commensurate with the economic growth of a country or with the different corporate organizations which exist within a company. The value of company reflects the reputation of the company so again like I was mentioning earlier that through media people tend to assess the company. Reputation depicts cognitive and emotional behavior of investors so again the investors will be taking many decisions based upon the media input which is coming into them and managers are disciplined through reputation. So again if there is any issue and it is put up on to media then it becomes public news and therefore managers and executives have to be very careful in how they are dealing with the various stakeholders, especially their own employees with their clients and they do not create a scandal because otherwise that would have a huge negative repercussion on the organization. CEOs change policies and employees behavior on the basis of image of the company so again based upon the feedback and based upon the information which is coming in through the different medias, the CEOs are accordingly changing the company so that they can become more conducive and more news positive rather than news averse and reputation plays a key role in creating value in overall society so that has been mentioned earlier. The reputation cost of not acting is affected by the media reporting so again if you do something it has its own repercussions and if you don't do something that also has its own repercussions. The role of media in battle between public and western interest is very high so again media is basically a voice for the public and therefore there can be different western interest and battles taking place and consequences emerging out of it and the power of western interest is because of rational apathy so we do not want to have indifference basically clamoring in and media has the ability to reduce western interest, politicians care about their reputation hence acknowledge the role of media so ladies and gentlemen what we see is that media be it print be it social or be it electronic has a huge influence on corporate governance on national and global economies, on governments and most importantly on the corporate sector. Thank you so much.