 Bismillah Al Rahman Al Raheem and As-Salaamu Alaykum ladies and gentlemen, we are moving forward with our module on ethical behavior and ethical leadership. Now when we have been talking about in the past, are the different problems, are the different issues, the different dimensions, the various repercussions and also how various factors and elements affect the ethical considerations, the ethical leadership, the ethical behavior and the various challenges which as a consequence we are all facing. We also talked about how the world is changing, there are negative forces and there are positive forces. There are a lot of negative forces because definitely in the past century and also the many decades of this century, we have seen that there has been this tendency of self-aggrandizement of materialistic pursuit of becoming more rich and more powerful overnight of basically trying to maximize and optimize riches, profits and also performance and in all of it there are certain positive factors but it is more negative in context, whereby we have seen that corruption and bribery and its related elements have gained a lot of impetus but on the other hand there have also been some institutional and also some community based interventions which are taking place and which are being heralded and spearheaded by one of the top institutions of the world, the United Nations Office of Drugs and Crimes which is called UNODC and they are trying to bring about a sea change to education whereby different universities are being engaged around the world and professors are being engaged and certified and then students are being taught how they can basically live a better, a more structured, a more honest and more truthful life and when they go into the organizations they would become ambassadors of ethics, become integrity ambassadors and they could start practicing what they have learned in those organizations to ensure that there is a better corporate world and through that we create better economies and we create better communities, we create better institutions and we create better nations as a whole. So again all of this is taking place. Now there are certain elements which are necessary to be instituted so that this positive wave, this sense of positivity can be reinforced in a better way and one of the most important is law, a rule of law or the laws which are promulgated and then implemented across the society as a whole and that is very, very important. So ladies and gentlemen we have to look at the different implications of law and how law can promote good governance and corporate governance so that is what we are going to be looking at ladies and gentlemen. So basically the law plays a significant role in shaping the behaviors of the organizations. The Securities and Exchange Commission of Pakistan advise companies to have audit committees and file their returns timely. The Court of Corporate Governance provides the procedures through which these companies tend to operate. So again we have the SECP law, we have the company's act, we have these different laws which are there to ensure better governance but the problem is in its rollout or it's in implication. The laws are very good if they are followed in essence then we would see a very positive and vibrant organization and an environment which is conducive and a better economy across the whole nation. Yes the laws stipulate that there should be audits but how are audits done? Are they being independent? Are they being done timely? Are the different factors being considered? Are the audits given the proper access to what has been happening in the organization? All of these things are very important and then we have the Court of Corporate Governance which again provides procedures to companies to operate in a better way. So they exist but the important thing is that we have to ensure that they start rolling out in a better way because companies do follow law but not in its spirit. So just by following the law doesn't mean that we believe what the law is trying to do and the law is basically trying to create a better society as a whole in which everyone has the right to live and get the fundamentals, the fundamental rights and the fundamental needs ensured. That is what it is and unfortunately audit committees are seldom independent which I was mentioning about earlier. The next thing is that they can be industrial and professional courts. So the courts are issued by bodies such as the Institute of Chartered Accountants, the Engineering Council, the Medical Associations, etc. The external auditor is directed by ICAP to not issue audit report until complete satisfaction. Industrial and trade associations like Chamber of Commerce, Eptoma, APCMA also prescribe two different codes for businesses. So what we see is that the law which is promulgated by the state that is one dimension and it is implemented but maybe not in spirit. Then we have professional organizations, we have professional institutions which are working in tandem and coming out with professional codes which have to be followed for the betterment of that particular sector or for that particular community and the examples have been shared by you. We have chambers of commerce across the country and again they're trying to regulate the state of business and how business is done in a better way. So there's great need to ensure that all of these things are followed in its true essence. There can be internal codes also, a code prepared by a company's board of directors reflects the objectives of the company in terms of ethical policies. So the board of directors of a company have a very big responsibility on their shoulders and that is to come out with ethical policies and to ensure that there's a trickle-down effect to the lowest tier and then there's a trickle-up effect in its implementation to the highest tier which includes the board itself also. There should be no conflict of interest, there should be no favoritism, there should be no nepotism, there should be no discrimination, there should be no bias. Things should be done based upon equity, things should be done based upon merit, things should be done based upon performance. People should be evaluated based upon knowledge skills, competencies, abilities and attitudes. And right man or woman for the right job with the right attitude is extremely important. Organizations have to understand and believe in the codes that they generate. There should not be just words written in glass or etched in glass or words etched on steel or a mullion or words written in the different annual reports. This all has to change. If there is a code of conduct, a statement of values, mission statement, credo, procedure manuals, it's very good for the business. But many a times I've gone to organizations and I've asked the employees that what are your core values and employees don't know. You go to an organization and you see the core values written and written customer-centric so they don't have good customer services. They say friendly attitude but people never smile. Why do we have this problem of not smiling, of being courteous, of being respectful, of being pleasant? All of these things are very important. They might seem small but a journey of a thousand miles begins with the first step. You have to start small to achieve higher and bigger ends at the end of the day. So these different internal codes, these policies, these laws, these rules and regulations, they all constitute frameworks whereby the institution, the individual and the different stakeholders and shareholders can live better lives which are for the betterment of the collective good of everyone and that is extremely important. Now all of them have an effect and therefore they have to work together for creating a better environment and that is ethical behavior, ethical leadership and taking on the challenges of ethical living.