 In our last session, we talked about corporate governance and the customer, the consumer, the client. We talked about the fact that the customer is sovereign, the customer is always right and is the prime concern of any organization because it is through the customer that the organization is generating revenue and also profitability. Therefore, the consideration of the customer is very important. Ladies and gentlemen, as we tend to move forward, we will see that there are many other important stakeholders and one of those important stakeholders is called the institutional investor. So, this institutional investor is a very important component of corporate governance because they have a large stake within the organization. They are not a minority shareholder, they can be a majority shareholder, they can be representing an institution which has immense cloud and based upon that cloud, then they are also ensuring that various standards, various frameworks and good governance is being practiced by that particular organization. Now, when we talk about these institutional investors, most of the reports in corporate governance have emphasized the role of which the institutional investors play in the corporate governance. Given the weight of their votes, the institutional shareholders can effectively use their powers to influence the standards of corporate governance. Now, that is extremely important like I was mentioning that because they have so many shares under one particular umbrella and many a times institutional investors tend to group together, therefore, they carry immense stakeholder and shareholder rights which would influence the organization to do or not to do many things. In the Cadbury report, we see that it is stated because of their collective stake, we look at the institutions in particular with the backing of the institutional shareholders committee to use their influence as owners to ensure that the companies in which they have invested comply with the court. So, one of the most important reports is the Cadbury report and this report tends to reinforce and emphasize and highlight the role of the institutional investor, especially in the context of following the corporate code of governance. So, that is how the institutional investors also ensure that there is a very high level of professionalism within the organization and that the different stakeholders also remain within their domains rather than superseding those domains and creating chaos and confusion. Contrary to this particular school of thought that the investor has a direct say in corporate governance, there is also another school of thought would say that investment objectives and the compensation system in the institutional investing companies often discourage their active participation in corporate governance. So, that is another school of thought that well on one side we say that corporate governance can be promoted while on the other one we say that well maybe the institution itself is so much embroiled and engrossed in their own issues that it becomes very difficult for them to involve themselves in the implementation of the corporate governance code in the institutions in which they are investing. And Peter Drucker in 1976 this international guru commented that it is their job to invest the beneficiaries money in the most profitable investment. They have no business trying to manage it, if they do not like a company or mismanagement their duties to sell the stock. So, Peter Drucker very simply said that institutional investors are there for profits, for the profits of their shareholders. So, what they should do is that they should be concerned with the profitability of the organization. If the organization is make a profit then they should remain with it, if it is not then they should sell it and then try to do something else. So, that is extremely important because they are the ones who are basically the they are the ones who basically are the ones controlling a particular fund and therefore, it is their responsibility to ensure that the stake and the rights of their shareholders are met without compromising on what they are doing with the company in which they have invested. Well, to give you some examples of development finance related institutions in Pakistan, well we can look at the Pakistan, Kuwait investment company, private limited, the Park China invested company limited, Park Brunei investment company limited and Park Oman investment company limited. So, they are all DFI's and they are all involved in investing as institutional investors in various companies and they do carry their own clout definitely, but again they have different investments and their primary shareholder has to be their primary concern. We see that there is the Saudi Park industry, agriculture investment company limited, parent investment company limited, Park Libya holding company, private limited, Zaraith Rakiati bank limited, house building finance company limited, Pakistan micro investment company limited. So, there are so many companies which are involved in institutional investments in Pakistan. So, these are all there, then there are certain insurance companies also investing in Jubilee life insurance, EFU life insurance, Adam G life insurance, offline insurance, Stave Life Corporation of Pakistan. So, these insurance companies are also institutional investors and therefore carry immense clout. There are different banks which are involved in it, the B Bank investment, National Bank of Pakistan, Meezan Bank, Fasal Bank, Bank Al-Falassanari Bank, NSC Bank. So, we see that banks are also involved in investment and all of these are major stakeholders in the stock market and also play a role many a times when even their representative can also be on the board of particular company. So, yes, they are there for profits, but still they are also there to ensure that the company follows professional conducts and frameworks and ethics so that there is more longevity and more sustainability of that organization coupled with the profits that they also want to see coming so that their primary shareholder can also benefit. There are different mutual funds. There is the National Bank of Pakistan Money Market Fund, the NIT Money Market Fund, the Pakistan Management Fund, UBL Cash Fund, ABL Cash Fund, HBL Cash Fund. So, these different mutual funds also tend to complement the stock market and also the institutional investors within different organizations in Pakistan and the institutional investor is very important because it has immense clout because they are giving this, they are giving this large sum of money for the shares that they are purchasing and therefore they influence the board and they can also influence the top management so that things are done in a better way. So, that is what these institutional investors are and that is their level of importance. Thank you so much. Thank you.