 Bismillahir Rahmanir Raheem and As-Salaamu Alaykum ladies and gentlemen. We welcome back to the course on corporate governance and what we are doing is that last time we looked at the role of the World Bank in corporate governance and today we are going to go on to the OECD principles and corporate governance. Now OECD as all of you already know is the organization for economic cooperation and development and again is spearheading the modernization process of Europe as a whole and again ensuring that in that process of change they are hinged on certain values, certain structures, certain SOPs and certain practices to ensure that the corporate bodies and the different stakeholders do not go out into the non-textualization process of corruption and of the elimination of accountability. So ladies and gentlemen what we see is that the first principle is the rights of the shareholders. When we are looking at the rights of the shareholders then rights to secure ownership of their shares, right to full disclosure of information, voting rights and participation in decisions on sale or modification of corporate assets. So what we see is that these are the very fundamental rights that they have and then we talk about mergers and new share issues. The guidelines go on to specify a host of other issues connected to the basic concern of protecting the value of the corporation. So again extremely important that the value of the organization cannot be compromised and all of these stipulations, rules and regulations are basically to reinforce and augment the organization and to institutionalize its processes so that there are lesser variables and the fact that the organization can move forward, can go global, can connect with different potential clients and participate in international competitions and most importantly again they have to take consideration of all of these very important points. Now the second principle is the equitable treatment of shareholders. The OECD is concerned with protecting minority shareholders rights by setting up systems that keep insiders including managers and directors from taking advantage of their own. So this is very very important conflict of interest. Now when we are talking about conflict of interest then it is obligatory upon the directors of an organization not to participate in any speculation or in any buying or selling of shares and secondly the allegiance of the board directors is to the organization and that is extremely important collectively and individually and that tends to protect the rights of the minorities through that. Inside your trading for example is strictly prohibited and directors should disclose any material interest regarding transactions. So again the directors cannot go into inside your trading that is a punishable act and most importantly tends to sacrilege the very concept of the fact that the different regulators are participatory or dialogue based and are coming up with solutions which are conducive to a particular area region or institution now that is extremely important. Now the next OECD principle is the role of stakeholders in corporate governance and the OECD recognizes that there are other stakeholders in companies in addition to the shareholders, banks, bond holders and workers for example are important stakeholders in the way in which companies perform and make decisions. So again what we see is that the OECD basically further elaborated that how there can be good governance and how the different stakeholders and shareholders can get together to ensure that there is more long activity of the organization and the profits are also going up. The OECD guidelines lay out several general provisions for protecting stakeholders interest and that is the most important because that is the prime concern of any organization its shareholders as first and then its clients. Another very important clause is disclosure and transparency the OECD lays out a number of provisions for disclosure and communication of key facts about the company ranging from financial details to governance structures including the board of directors and their rumination. So what we see is that based upon the principle of disclosure and transparency the corporate structure has to be defined and whatever emoluments, benefits and rumination are given they also have to be shared and all of the financial dealings of the company have to be shown to the board of directors on an annual basis which would lead to disclosure and transparency in a better way. The guidelines also specify that independent orders and accordance with high quality standards to perform annual order. So what we are looking at is that the annual audit is extremely important and we have talked about this importance in other sessions previously. So again we do not have to dwell into that. The responsibilities of the board include corporate strategy, risk management, executive compensation and performance, accounting systems and reporting systems of legal mechanisms. So all of these are the core responsibilities of the board and they should look at it in a very serious light. Then again some of the principles independent share registries, foreign direct investment, standards for transparency and reporting, stakeholders participation, property rights and their protection, international accepted accounting standards and internal audit company. So ladies and gentlemen what we see is that this particular OECD principle set is extremely important because it is streamlined the variances operating within the ambit of this very important topic of OECD and its principles and then how it can be implemented in a better way and then what would be the results based upon this particular experiment. So again the OECD plays a major role and it is very important that we as responsible corporate citizens adopt those different laws so that they can be more understanding, more uniformity and a better way forward for all of the stakeholders. Thank you.