 We are moving forward, we were basically seeing the context of corporate governance and shareholders and in the last session we talked about residue power and class action, which is a very interesting topic and now we are going to talk about a very important stakeholder and that is corporate governance and employees. Now employees are called the human capital, so first in the past centuries and many decades there was always an emphasis on financial capital, but now we talk about human capital. We live in a knowledge based economy, knowledge based institutions, knowledge based systems and knowledge based processes, which are developing knowledge employees generating intellectual capital or doing things uniquely, which lead to more profitability for institutions and the better growth of economies. So similarly, when we are talking about corporate governance and employees, then we have to understand and recognize the importance of every employee and that basically means also the labor which is working over there and when we are talking about that, then the labor and the management and each employee of an organization is its asset and just like for example, when we look at when we look at games like football for example, and in that we see that individual footballers are paid many dozens of millions of dollars, so why because they are human capital and similarly, anyone with skills, anyone with unique knowledge, anyone with unique experience is a very valuable asset for the organization and therefore, in that particular context we will be seeing that how these employees and these and this labor force can be dealt in a better way and we can create a conducive environment and create a conducive work framework, so that every one can work in a better way towards the betterment of an organization. So, when we look at it, an organization needs capital and labor to create wealth. Today, the growing recognition that human capital is a source of competitive advantages led to the understanding that labor is equally important as capital and I would actually like to mention over here that it is more important than capital because if you have the right human resource, then you can create capital, you can generate capital and you can slow and steady make your organization grow based upon those unique skill sets that you need framework that you are going to create based upon the employees of the particular organization. Now, the interests of employees can be protected through first of all trade unions and we will talk about this separately later on. Code determination, employee representation on the boards of directors, so again there can be an employee on the board of directors through annual profit sharing or through quarterly profit sharing and that is a direct benefit that can be given to companies employees and then when we are talking about equity sharing, that is very important. Nowadays, there is this great popularity especially in Europe where we talk about equity sharing where employees are given an option to buy the shares of the company and therefore become the shareholders of the company. So, not only are the employees of the company, they are also shareholders of the company and when they become shareholders of the company, then their level of loyalty, their level of commitment, their level of exercising diligence and doing hard work tends to exponentially grow because they can understand that whatever benefits are coming, those benefits will also be shared with them based upon the number of shares that they have prepared. So, this is a real motivator to move forward and then team production based solutions also. Now, when we talk about these trade unions, its role is to represent the collective voice of employees and as such they provide a muscle in collective bargaining, labor with a perishable commodity to offer will not be able to withstand the financial might of employees otherwise. So, what we see is that these trade unions basically are acting as a bridge between the employee and the employer and actually it is a tripartite relationship. What happens is that we have the government and their government laws and regulations and just for your information, there are 149 labor laws. We have this thick a labor code which is applicable in Pakistan. So, just look at the dimensions and the dimensionalities of labor laws and there are so many labor laws. Maybe that now there has to be an effective implementable plan whereby these labor laws are actually reduced because many labor laws tend to overlap each other and many labor laws are contradictory to each other and who is going to read 149 labor laws, who is going to understand them and then who is going to apply them. So, there is confusion when there are so many laws. So, when we are talking about the collective bargaining, then that is done through the collective bargaining agent and that collecting bargaining agent is an integral component of the industrial law which is applicable in Pakistan. Now, what we have to see is that these collective bargaining agents basically are protecting the rights of the other employees because the owner would be very cash rich and therefore can manipulate or exploit the situation and the collective bargaining agent ensures that there is better triangular relationship between the main stakeholders and then they are able to focus upon the progress and productivity of that particular organization and that is done to the collective bargaining agent. Trade unions alone would represent the collective interest of the employees and fight for what is rightly due to them from the organization. So, many a times the employers in optimization of profits tends to compromise the rights and also the benefits of his or her employees. So, that is very important and that is what the collective bargaining agent is basically ensuring that it should not be happening and that is where the negotiations are also taking place. Labor can use this as a platform to negotiate agreements between the organization and the labor force. So, this is what is done that through those negotiations, a new plan is talked out for the future which enables the management and the board and the employees to work in a conducive environment for the betterment of everyone in that particular organization. So, that becomes extremely important. Then what we see is that there are situations where employee representation of the board of directors becomes a little bit ambiguous and can at times also manifest itself properly within the industry. I mean, you see back in World War II when an atrocious situation was created because Germany and Japan were totally obliterated, had gone through immense pain and through carpet bombing and through the annihilation and the eradication of their industry but then we see that through positive labor relationships and by reducing unemployment and adding to the robust growth of the economy and providing good pay structures, good benefits and good emoluments to labor force, Germany again emerged as one of the top economies of the world producing some of the best products of the world. So, that is what happens when you engage in teamwork and also engage in the fact that everyone will go forward together and that's very important. The concept of profit sharing with the employees in order to protect the employees interest became very much popular in the 1990s. Most profit sharing plans are broad based all or most employees were included in the scheme. So, again what we see is that because of lack of exposure, therefore sometimes the management has to push all of the labor force into this profit sharing plan to ensure that everyone has an equity and can perform in a far better way. So, that is what we have been seeing over the past many years this new paradigm shift in labor relationships and also ensuring that they become a major stakeholder so that overall whatever production and productivity is done that is being done to the best possible levels and that is what is extremely important in this approach of ensuring that there can be a distribution of the company's assets and it shares to an equitable sharing based upon the different laws and different frameworks prevalent within the country. So, that is something which is very important. Profit sharing could be done in many ways such as cash based sharing of annual profits. So, it could be that annual profits are basically identified then on pro rota basis all of those profits can be distributed after retaining some for the company itself. It could also be deferred profit sharing. So, that is also one way of doing it. Under equity sharing employees are given an option to buy the company's shares just like I was mentioning earlier and this can lead to improved employee commitment to management goals and thereby the employees would be much more motivated. So, by doing such things actually you are not undermining or diminishing your own profits actually you are creating a win-win situation where by what we see is that the employees and the owners and its management all are rising together based upon the trickle down effect of the management which is an integral component of the particular organization and therefore they can lead to better compensation, better benefits and better volume amounts and better pays for everyone which is a part of the organization and that extremely is very important ladies and gentlemen because again it would ensure more loyalty, more ownership, better performance and leading to higher profits at the end of the day. Thank you so much.