 Bismillah al-Rahman al-Rahim and As-Salaam alaikum Pakistan. Welcome back to corporate governance. We've been talking about the different issues and the different circumstances which tend to affect corporate governance. Now we're going to move towards the globalization factor, towards the global world, towards a more universal corporate governance system. The emergence of a universal corporate governance system which tends to override and overshadow national corporate governance systems or frameworks. The world is becoming globalized, the markets are becoming globalized, the products are globalized and therefore no more are there any boundaries. There are no boundaries and therefore there is this great need to have a universal corporate governance system. Functional governance towards the market based system is driven by a multiplex of market forces. Now when we look at those market forces, increasingly massive international finance flows offering deep liquid capital markets and growing influence of regional stock exchanges. So this has been relevant since the past two, three decades and we are seeing that these massive inflows and outflows of cash basically tend to affect or of the market situation just like in Pakistan. We see that recently the dollar skyrocketed from 200 rupees to nearly 250 rupees and that tend to put so many undulations and iterations in the market within Pakistan. And then again, how regional stock exchanges are also growing and we see how the Japanese stock exchange, how the New York stock exchange, how NASDAQ, how the London stock exchange, all of these stock exchange now have a great influence on global dynamics and on the universal system of corporate governance. Developing activities forever expanding institutional investors, expanding revenues and market capitalization of multinational enterprises and accelerating convergence towards international accounting standards. So these things are also now very important, especially the convergence of international accounting standards so that everyone can understand how organizations are working, how they are going to be held accountable and what is the transparency level over there. We are seeing another thing also emerge. There is the global integrity education or the global integrity within the corporate sector, which is also emerging and there is a great impetus of ensuring that there is integrity, ensuring that there is accountability and ensuring that there is transparency in all the activities of any corporate institution. All of this is becoming very important. Global anxiety or particular corporate governance system catalyzes economic and competitive advantage. So again, what we see is that because there is emphasis on various corporate governance systems, then there is a competitive economic advantage which tends to emerge. A country's corporate sector performance is measured against global standards. So again, stand alone, no country can perform. It is always in the context of other countries and that is why we have seen this sudden flux of different indexes. We see the competitive index, we see the productivity index, we see the performance indexes, we see the indexes in the context of cost of doing business in a particular country. So all of these indexes have basically emerged because then it is basically cross referenced across countries around the world and that enables a country's economy to be more vibrant and more dynamic or to be more rigid and also cloistered. So again, that is what we have to see when we are looking at a universal system of corporate governance. Comparative economic performance induces corporate governance, globalization effect on capital markets pressure pertaining to corporate governance. So again, these factors of globalization have a huge pressure on market and that is why we are seeing that right now in Pakistan, most of its industries are facing a lot of problems because of this global competition because of these global pressures which are emerging. And that again is then tending to facilitate corporate governance and also ensuring that companies move forward and try to standardize all of their systems and frameworks according to acceptable international standards. Corporate alignments towards public capital markets is also being seen organizations expanding into global markets often prefer to use stock rather than cash. So cash transactions are being limited right now we have anti money laundering schemes around the world. So anti money laundering frameworks have been put into practice state banks are playing a very strong role transactions are being monitored. Any transaction over $10,000 is being monitored cash over $10,000 is being prohibited to be taken from one place to the other so that there is traceability factor and all transactions are taking place through the electronic transfers or through stocks so that there is traceability of every transaction within any institution in any other country. And therefore, the whole global scenario is becoming more documented and more and more more attuned towards digitalization, which is more traceable, more merit based and more transparent as a whole. There is a continuing bias in favor of home country investing. However, internationalization of capital markets has led to more cross border investing which we see foreign direct investments coming in internationalization of capital markets is creating new challenges and competitors. So these are the new challenges which are emerging. And therefore, it is very important that the organizations of today are more aware more attuned more aligned more calibrated to the international factors towards internationalization towards capital markets around the world. And they are able to understand how products and product development and product and product production. And besides that, the new developments, the value addition, the innovation, the capitalization, all of those things together they would ensure that there is a better corporate governance system which is more universal in context and global in flavor and most importantly is in sync with the developments of corporate governance around the world. Thank you so much.