 Bismillahir Rahmanir Raheem and Islamic in Pakistan welcome back to corporate governance and we are reaching the end of the particular course. And in the last session, we basically talked about how COVID-19 has changed the contextualization of corporate governance and the whole texture of flavor and dynamics of corporations around the world. COVID-19 was a syndrome with changed institutions, countries, individuals, communities and societies. We see how the balance of shareholders and stakeholders basically changed. We see the role of government increasing. We see that how products and how logistics and how supply chains totally changed. We see how companies were adversely affected and some companies were able to grow. How new businesses basically evolved and new approaches were adopted to cater to the changing needs and requirements in a post COVID-19 scenario. Today, we are going to move a little bit forward and see how the impact of COVID has affected the boards and also the relationship of the different tiers of management in different organizations and what is a better way of moving forward so that these different companies from around the world and also at a national level can recuperate from the three years of immense stress and disruption of businesses. When we look at this whole thing, then the lessons from COVID-19 imply a more active role for boards in monitoring companies' relationship with their poor stakeholders. The pandemic has brought home the tight connection between business and society and that is where we see the social dimension and the environmental dimension so that this does not happen again. The COVID-19 syndrome does not happen again and in case such an emergency or such a disruption emerges, then corporations, governments and individuals can handle them in a better way. And that is extremely important to create these new relationships based upon a changed paradigm. Many boards and senior leaders were forced to grapple with vexing questions of public responsibility. For at least a decade, calls have been mounting for business to help address systemic concerns such as increasing income and wealth inequality. So on one hand we see that a few dozen individuals basically dominate about 90% of the global economy while on the other hand we have 8 billion people who do not have enough resources. So this inequality which has basically emerged and has become even more evident post COVID-19, what is being done and what should be done to ensure that this inequality is basically brought down and there is an increased income for all segments of society so that quality of life can improve. How do we improve the human development index across the world, across nations and across communities and societies? That is a very big question and that is a question which has to be solved and resolved by the corporate governance mechanisms to ensure that there is a better relationship of corporations with the public sector, with the public at large and again with the community. And that becomes extremely important in this post COVID scenario. Societal forces can profoundly affect the business and competitive environment. In the wake of COVID-19, the boards, it can expect institutional investors to renew or review their calls for companies to pay more attention to societal problems. So again what we are seeing is that different organizations are creating foundations. Melinda and Bill Gates Foundation is one of them. We also see that the Berkshire Funds again they have created their own foundations. Different large conglomerates have created their own foundations and they are interfacing with the community and society at large but it has to be done at a more standardized level, at a more structured level and with more sustainability. The emergence and rise of the ESR rule has basically been seen. The paradigm of performance solely in terms of returns to shareholders and again to treat pay as a tool to motivate executives also has to be re-looked and again what can be done in a better way. Bonuses to companies to people on the frontline has to increase because they are the main effectees of the various uncertainties and ambiguities. Pay cuts for people in some organizations that also has to be re-visited and seen that how can better solutions basically emerge. The role of compensation committees again has to be broadened and again they have to be given a mandate beyond executive pay and looking at the different pay structures in a more balanced and harmonized way. We also see that COVID-19 has raised the bar on deliberation and judgment in the boardroom. More attention to board composition and director race in ethnicity because of COVID-19 is emerging. We see that according to the black enterprise only about 38% of S&P 51 companies have no black directors on their boards. Now that is a very very large figure. While we have seen an increase in woman representation from 9 to 19% but again that is very less according to an ISS study. Another ISS study found that only about 12.5% of directors in the top 3000 US companies are members of the racial or ethnic minority. COVID-19 made it abundantly clear that a diversity of experience and perspective in the boardroom is also crucial for the boards because then they would be able to understand the needs and requirements of its different stakeholders. So ladies and gentlemen what we see is that COVID-19 in these past three years has brought about more change in the corporate structure, in the corporate culture, in the corporate environment than maybe the past 200 years. We have seen that COVID-19 has basically changed the way people look at life, expect from life and also conduct themselves. New theories, new formulas, new frameworks have emerged. In all of this what we see is we see in the context of corporate governance we see the board, we see the institution, we see the stakeholders and we see the shareholders. We have to balance them out, we have to create more harmony, we have to create more opportunity, we have to create more possibilities and we have to create more simplicity. There is a need to have more convergence but be diversions or be divergent in the context of individual cultures, values, traditions and environments which exist. There is a need to follow national laws, rules and regulations but also have a framework which is more globalized. There is a need to promote investment and have investor confidence but yet also ensure that it creates more employability and creates better quality of life for all stakeholders concerned and that is the future of corporate governance. Thank you so much.