 بسم اللہ اغمان رہیم وینسلام لیکن پاکستان جو بہت سی all of you again well لیڈیزن جلمن in the past sessions we are basically talking about the different issues in corporate governance and in those issues we looked at the role of the board it's supracontext and then it's triangle relationship with the shareholders and the top management and how the board can work افیktively how it can have different committees how it plays its role as a suprabody of accountability transparency integrity and ethics and how it can ensure optimization of profits without encroaching upon any stakeholder and the most important thing ladies and gentlemen or the question which tends to rises is that why should we even have corporate governance if corporate governance is so complex and complicated we have to follow so many regulations we have to undertake so many responsibilities and we have so many different expenses related to corporate governance then why practice it at all why can't we all just indulge in optimization of profits maximization of profits and earn as much as we can have a cutthroat competition and ensure that the management execates the maximum from its stakeholders and gives the maximum benefit to its shareholders well ladies and gentlemen there are many examples in history in corporate history where we have seen that where there has been bad corporate governance it has led to the devastation or the demise of very large organization of very well established organizations and with the demise of those organization's it had a trickle effect it had a ripple effect and sometimes it even had a domino effect in which then the whole market would be adversely affected so for the betterment of the majority it is very important that corporate governance is practiced in its true essence in any organization now we are just going to be looking at one example and that example is very famous which was the US stock market bubble which basically led to the wipe out of 46% of market capitalization of the US share market and that tend to amounted to nearly nearly 7500 billion dollars being wiped out and as a consequence of that numerous companies were were totally annihilated or were totally vanquished and many suffered so much of financial loss that it took them years and in some cases decades to revive and therefore we see that even the effects of that bubble burst to this day there are some reminiscences and we can see those different adverse effects now when we look at this we see basically ladies and gentlemen that in the period 2000 to 2002 the New York market suffered the biggest stock market crash in US history and in that it had a peak 15000 billion market capitalization and it fell by more than 7000 billion which tend to amount to 46% and nearly half of the investment was lost by the different market shareholders leading corporations at the head of the economy lost more than half their market value which also include Microsoft Cisco and Intel and even established corporations like general electric and Pfizer lost 40% of their market capitalization so just like I was mentioning it was a total disaster it it had this effect not only on the US economy it had a global effect on all economies on all stock exchanges everything plummeted they were different % according to which the different markets responded to this bubble burst and it had many negative connotations which continued for many years and in some instances for more than a decade so again we see that where there is no good corporate governance then scenarios like this basically are created and when we are talking about the mistakes which are done then again we see that it is very important that there have to be correct and appropriate evaluations and valuations of stock so that there is no manipulation there is no exploitation and there is no corruption or corrupt practices taking place within an organization which would exploit the shareholders or the different bond markets in which they would be different players who would be buying and selling different shares of the organization and that itself becomes very important that they are not window dressed and they are not enhanced to such a level which could lead to negative consequences for the small investors of any particular market and that is what we saw basically in this bubble burst now the crisis shows that valuation of the stock market is an important national and indeed an international issue so just like I was mentioning it was not confined to the US stock market it actually had negative ramifications for all the stock markets around the world and that is why corporate governance becomes so important and we basically see that this economic disaster was manipulated by a few corporate executives by some investment banks and by some market artists so corporate governance basically ensures that this does not happen and there is a level playing field and the principles of integrity and ethics and accountability and transparency are held in the highest context of practice and essence and also ensured within the within the different corporations and the different markets altogether now what we see is that out of those different debacles which took place the most famous is the enron case now at the time of enron's collapse in december 2001 it was a nearly 100 billion dollar organization with 20 000 employees around the world and what enron basically did was that it began developing off balance sheet entities to conceal debt and inflate earnings and what happened was that when this was اپنانس فرورت اور فرورت میں سمجھانی عروم اخترح حصورت میں ہمہار طرف دیکھنا ہے than the total estimated loss was of more than 74 billion دولارز and it had a huge adverse impact on the whole market ایک ن泰ٹ ورش ایک گوان میں نر خطاہ والدید رہنا ہے ایک ایک انوان ایک حدہ اکوان میں ایک انوان قرف ایک ایک ایک ایک پر ایک ایک ایک بھل but also supported other organizations and that included the mergerella know اگر طرح یہاں حط جانتے ہیں اور ہم Hamburg MY پر誅س کیا saoachelor مجھے ounce ساری ديفریکہ 3.8 مہارے فراد کیتے ہیں اور تک اپنا کے دور کی اچھای بھی لیئے رہا ہوا ہے۔ بہت پر 2002 کے لئے ہمیں اور کہتے ہیں کہ ہم مہارے بہت بھالا ہے اور انہوں کے خارج وقلوں کے حیہ مہاری اختبارہ اور کمپنی دوستی پر کمپنی لون کی مہاری آگار کیا ہے۔ لہذا یہ مہارے اپنے مہاری اچھای بہت بہت بہت ہے اور اپنے مہاری اپنے مہاری بہت بہت بہت ہے۔ ہمارے پیدا ہوتی ہے اور اماریکا بھی روڈ بھی جانتے ہیں۔ اور اماریکا میں جو ایسار ہے ،، اور ایسا ہی ہی بارہ ہے۔ اور اطعم ایسا کے ہے کہ این راون نے جانتا ہے کہ 11 بلایا دولار سے اطلبہ داج گیا۔ ہمارکن سٹپی امالغمیہ کے جانا میں ایسی موقع کے بیت کرے تھے ، ویچ آپکرشتنے کے پر کوری دنیا ، اور اےصلاح بلیونہ ہوتے ہیں اور ہمارے روحہی ساری دلانے کے طرح جہے تھے۔ ملی حضرتان کے ملی حضرتان کیوں کہتے ہیں؟ کیوں کہ واقعہ و عض ش� revenue tracript و القاہد ملی حضرتان کے وضعہ کوئی مطلب ہے۔ جب کیا جانتاہی ملی حضرتان کیا خلال تقریبہ ہے اور خلال غیطتی جب آپ کو بہت برائمہ ہیں ملی حضرتان کے ملی حضرتان کیوں کہ estão جانتے ہیں۔