 In our last session we were talking about corporate governance and employees, we are going to take it a little bit forward. What we saw in the last session was that there are 149 labour laws in Pakistan. Many are overlapping, many are contradictory, many are exploitative and more than clarity it creates confusion. Not only for the shareholders, the stakeholders, but also for the legal team and wherever illegal dispute is taken, it creates a lot of ambiguity and a lot of confusion. Secondly what we see was that it is very important that there should be harmonization between the different tiers of employees and there should be a lot of empathy and sympathy and clear cut policy making for the employees, especially those employees who are working at the shop floor, who are working at the lower tiers and also for the middle tier and also for the senior tier. So that is very important today. We are going to take this topic a little bit forward and further see its various implications and how as a result there is an alignment of interest between the employees and the shareholders. So that synchronization and that harmonization is facilitated to ensure a better working relationship between the workers and the shareholders. This may help make firms more adaptable to the changing environment, especially in the context of COVID-19 and support the emergence of more transparent and effective corporate governance. So as a spillover effect, this is what we tend to see and again there is a higher level of responsibility and plus the fact that a greater understanding is created that what should be done and what should not be done. So all of these things basically emerge from all of this. There are various ways in which equity training could be done. Certain employees are given ownership plans. There could be stock bonus plans. There could be stock option plans, employee buyout and also worker operators. So these different five frameworks or tools can be applied to the employees' shareholding and the simplest one is ownership plans whereby in a structured way the employees are told how and when based upon a specific performance and based upon a certain amount of profit coming into the organization, they would become shareholders which is a distinction of elevation for any employee. Then there could be stock bonus plans. So again what we see is that there could be different bonus plans which could be subscribed by the employee and they would be able to benefit from them similarly to stock option plans also. Now another dimension is employee buyout. So if an employee has certain shares then the management or the board of directors can offer an X amount for the retrieval of shares into the organization and then there could be worker operators which is a very positive step and constructive step towards self-sufficiency within Pakistan and creating platforms which can in real life tend to help different people. As a result of increasing participation of employees in the organization, a company can read the benefits of increase in productivity. The new perspective of wealth creation actually leads to the increase of wealth distribution and the provision of employee share-alone is not enough but it must be accompanied by the increasing employee participation in decision-making. So as earlier said the employee becomes an integral part of the decision-making which would ensure that there is better plantation and secondly what we see is that these different employees can then be placed in the right way because they would be motivated to work through the ownership of a particular company. Now what we see is that this decision-making becomes effective not only in the context of the board but also the top management and also the employees where everyone can become synchronized towards one objective and one particular vision. So what we see ladies and gentlemen is that in this whole process through these different schemes these employees can become owners and can become shareholders in the particular wealth of the company. Now in voluntary participation employees should not be forced to do anything out of compulsion by unions or employers may boomerang. So what we see is that whenever employees are pushed or convinced to do something then what we see is that these employees tend to resist and they can then go into agitation and can compromise the productivity and the profits of the organization. So over here sometimes the unions tend to be overriding and compelling the employees and sometimes we see that the employees can do it in both cases. What we see it comes back full circle as a boomerang and can lead to more confusion, more chaos and to a lot of negativity rather than towards optimization of profits and the betterment of the organization. So it is also extremely important to extend benefits to all employees. These benefits should be extended indiscriminately and can be for select groups and sometimes when they are for select groups they can create dissension and also distrust towards the employer because then they think that there is favoritism, then they think that there is nepotism and discrimination which is taking place which has its own negative connotation. So that is very important that the word all over here is extremely important that everyone should have an opportunity for self-growth and also for increasing their own wealth within that particular organization. The next point is about clarity and transparency. They should be clear and transparent and not too complicated and workers should clearly understand the benefits they will get under the arrangement. So again through communication and through interfacing with the employee and through the different social platforms also the organization can convey the benefits that they want to give to the employees, their consequences, their allied benefits and how is it that it would be submerged and inculcated into their careers that is something which has to be communicated in a better way to enable the workforce to understand what is coming, what are the changes, what are the consequences and what is the vision of all of this particular activity and that becomes extremely important. There they can also be a predetermined formula to work out the number of shares that should be offered and should not be left to the discretion of any party. So again a high level of professionalism, a high level of scientific approach of ensuring that frameworks are transparent and again bringing those members who are catalyzed with energy towards this particular objective becomes extremely important. Another thing that we can look at is regularity. There should be some regularity when such offers are made. They cannot be made as and when the organization feels like making those offers. The organization should take into consideration the interest of the employees when they are making any decision. So basically again we reinforce and reiterate all of this that regularity and also the fact that there should be no discrimination are extremely important components of any employee organization relationship and also in the context of distribution of benefits and emoluments and also seeing that how work is distributed and a work-life balance can also be created and is there a higher level of fairness within the organization these are extremely important questions which come to mind. And then another very important point is clear distinction that there should be preparatory schemes that are offered to employees and also given regular wages and these participatory schemes should not under construct or tend to create ambiguity because the employee is basically hinged onto that particular platform or that particular product and therefore if there is some confusion it would result to disgruntled and demotivated employees. They should be compatible with the worker mobility that is very important that again workers are sometimes shifted around and it becomes very difficult for them to understand the new developments or to even comprehend the new benefits that they are getting and the worker should not be penalized based upon these different schemes which are given to him because the main purpose is to motivate the employee and also to create new opportunities for that employee and his or her particular family. So, again what we see ladies and gentlemen in these two presentations is that there are many dimensions some are positive some are negative secondly there should be no discrimination there should be no favoritism no exploitation there should be a transparent approach an equitable approach and a empathetic and sympathetic approach whereby the key beneficiary is the worker and in the long run the organization would also benefit by basically ensuring and also catering to the genuine bona fide demands of the workforce or of the laborers or of the employees. So, that is what this was all about and like I had mentioned earlier that there are 149 laws just even just reading them or listing them itself is a challenge and therefore that ambiguity could also be finished so that better governance can be injected into different organizations. Thank you so much.