 Bismillahi r-Rahman r-Raheem and assalam o alaikum ladies and gentlemen we are moving ahead last time we talked about the different stakeholders of a company and now we are going to be looking at the most important stakeholder which is the shareholder and looking at the long term shareholder value and rights of shareholders. Now when we look at the shareholder then again when we talk about good governance we are talking about maximizing the long term and again there are strong labour laws to protect the interests of workers in the organized sector and they are validated in terms of the implementation of the law for shareholders. So again there has to be a balance, the balance is that we are trying to optimize the profits for the shareholders but we cannot undermine or compromise or contradict or create a negative environment for the labour because the labour itself and the employees themselves are major stakeholders for a particular organization and that balance has to be basically kept by the management to ensure that once profitability does not hinge and croach or tend to undermine the benefits or the remunerations of the employees who are an integral part of the company. So again in the long term shareholder value you have to keep this balance because we are not talking about the short term but we are talking about the long term, the long activity and also the sustainability of the organization and therefore that balance basically has to be maintained. Now there is much to recommend in law procedures and practices to make companies more attuned to the need for servicing debt and equity properly. Managers must look after the rights of the shareholders to dividends and capital gains. Yes, the primary function of senior managers is definitely that they have to look after the dividends and the capital gains. Why? Because the investment in the company has been done by those shareholders and that investment was done with the primary objective of getting profits or returns on the investment that they have made. Therefore it is necessary for senior managers to optimize and to make their processes and systems efficient and effective so that they can cut down costs and they can increase revenue thereby also making more profits for the shareholder for the dividends and also to get capital gain. So that is also very important. The long term shareholder value also looks at the right to obtain copies of the memorandum of association and the articles of association. So you can just go to the securities exchange commission of Pakistan, file an application, pay the requisite fees and get copies of it. That is not a secret document that is an open document. Shareholder also has a right to transfer his or her shares or other interests in the company and the shareholder also has a right to apply the company law board. So all of these are fundamental rights of the shareholder. The shareholder has the right to appeal to the competent court if there is an issue or there is a conflict, the shareholder has a right to inspect the register and the index of members, annual returns, register of charges and register of investment. So again the shareholder has a right to look at the different documents so that he or she can determine if the company is doing something which is inappropriate or is doing something which is illegal or is trying to undermine the very fundamental value of the shareholder. So again through these different rights they are able to regulate or at least to identify. They are entitled to receive notices of the general meetings and to attend such meetings either through vote or by proxy and they are also entitled to receive a copy of the set to report. So all of these are entitlements of the shareholder because they have done the investment and therefore they have all of these rights and through the right of vote they can also do away with the board of directors or also with the CEO, the CFO or the other C-suite officers or employees within the company they are entitled to receive copies of the annual report of directors, the annual accounts and the auditor's report. So these are very important documents which again enable them to understand the working of a particular organization. They have the right to participate in the appointment of auditors and the election of directors at the annual general meeting. So this is an extremely important thing because the board of directors is being elected and then also the auditor is being selected and it is very important that they should be done professionally, they should be done across the board, they should be merit, transparency and accountability in the appointment of the board and also the auditor to ensure that there is long activity of the business and of the company and the reputation is not tarnished at all. The shareholders also have a right to make an application to the company law board for calling an AGM if they feel that there is any important matter which should be adjudicated or which should be voted upon by the company. The shareholder can require the directors to convene an extraordinary general meeting if there is something which is very important and they feel that either it would benefit the company or it could create a loss or damage the company. So that way they can call these extraordinary general meetings. The shareholders are tied due to inspect and obtain minutes of the proceedings of the general meetings, shareholders also have a right to participate in declaration of dividends and receive his or her dividends duly and also in time. So all of these things are taking place of the shareholder and the shareholder also has a right to demand a poll, to apply to the company law board, to investigate the fears of the company and also to remove directors. So all of this is extremely important and if there is something which is coherently or inherently wrong then they can file a petition to the High Court for winding up of a country under different circumstances and also to participate in passing of a special resolution that the company be wound up by the court or voluntarily. So this is the most important, you can say penalization by the shareholder. This is the most important tool that the shareholder have which they can use in tandem with other shareholders and through the majority they even have the right to wind up the company voluntarily or through court. And therefore if they are not confident with the management or the management is misappropriating funds and doing things illegally then the shareholder and superimpose this particular right and just close down the company altogether. So again all of these things are extremely important and what we see is that through these different rights the shareholder is able to protect their own right of profit maximization and also dividends and of capital gain and on the other hand they can also protect the organization that no mall practices, no illegalities, no criminalities and no inappropriate steps, processes, systems or decisions are taking place because they can apply to the court, they can get a court order, they can put about a status quo, they can apply for voluntary wind up or they can also apply for the court wind up. So they have these different tools which could keep a check and balance upon the management and the existing board of that particular company and therefore the shareholder is the primary stakeholder of any organization. Thank you so much.