 BismillahirRahmanirRaheem and As-Salaamu Alaykum everyone, well we are proceeding along with the Board of Directors, Executive Directors, Non-Executive Directors, Chairman, Chief Executive Officers and there are different viewpoints as you have seen, there are different models, there are different recommendations, there are different way forward. There is one basic area of consensus and that is that the Board of Directors should be made more effective, should be made more responsible, should be more transparent, should ensure accountability and should be held accountable and then most importantly is that how it interfaces with not only the different stakeholders but also how it interfaces with the different important positions within the organization and then defining the roles and responsibilities of the director. Now, another viewpoint which we have seen emerging is the OECD view on Board of Directors. OECD basically stands for the organization for Economic Cooperation and Development. This body of 30 developed nations basically combining together their expertise, their research, their knowledge, their wisdom and ensuring that there is a better more transparent world not only in the private sector but also the public sector and also the social sector you know. So, now when we look at the viewpoint of OECD then the corporate governance framework should ensure the strategic guidance of the company, the effective monitoring of management by the board and the board's accountability to the company and the shareholder. So, basically three things. Now, first of all strategic guidance of the company not tactical but strategic. Number two effective monitoring of management by the board and then number three boards accountability to the company and shareholder. So, the role of strategic guidance, the responsibility is effective monitoring of management and the transparency is the board's accountability to the company and its shareholders. So, the OECD condense these three points together as the principles of corporate governance. So, these are defining principles and they are very important. The board members should act on fully informed basis in good faith with due diligence and care and in the best interest of the company and the shareholder. So, that has been said by the other models also where board decisions may affect different stakeholder groups differently the board should treat all shareholders fairly. The board should apply high ethical standards it should take into account the interest of the stakeholder. So, again watching the interest of the shareholders and acting fairly that could be small could be medium could be large and then also taking into account the different stakeholders and that is very important. The board should fulfill certain key functions including reviewing and guiding corporate strategy major plans of action risk policy annual budgets and business plans and setting performance objectives. So, these are its primary function and these are extremely important. Watching the effectiveness of the company's governance practices and making changes as needed selecting compensating monitoring and when necessary replacing key executives and overseeing succession planning. So, the OECD talked about succession planning that it should not be haphazard process it should actually be a structured process a process oriented approach towards replacing senior executives or senior employees and that would ensure that there is continuity there is sustainability and there is better performance at the end of the day. Aligning key and board remuneration with the longer term interest of the company and its shareholders very important rather than just looking at the individual and ensuring the following functions ensuring a formal and transparent board nomination and election process as earlier mentioned monitoring and managing potential conflicts of the interest of the management the board and the shareholders including the misuse of corporate assets and abuse and related transactions. So, all are very important and what we see is that the board members and shareholders including the misuse of corporate assets and abuse and related transactions. So, this becomes very very important to ensure more transparency accountability integrity diligence and better performance of the organization. So, these were all of the points which were given by OECD and that would result in ensuring the integrity of the corporation's accounting and financial reporting systems overseeing the process of disclosure and communication. So, that was very important the board should be able to exercise objective independent judgment on corporate affairs the board should consider assigning enough non executive board members capable of exercising independent judgment to task where there is a potential for conflict of interest. So, basically what we see is is that the board acts as a conflict resolution platform and also they should have enough technically astute non executive board members which they can place in different overarching roles and committees of that particular organization and that would ensure better performance at the end of the day. When the committees of the board are established their mandate, composition and working procedures should be well defined and disclosed by the board. So, again that is a major function of the board the board members should be able to commit themselves effectively to their responsibilities and that is extremely important. So, what we see ladies and gentlemen is that the organization for economic cooperation and development basically redefined the role rights and responsibilities of the board of directors and in that they gave more structure they gave a more enabling role and most importantly what they did is is that they ensured that they would be a multi sectoral and multi segmental multi level accountability and cross accountability between the main stakeholders and shareholders and also would ensure that all of the major positions of the organization would be looking up to the board for guidance for strategic vision and also for compliance of various mandates which have been defined by law and by various committees around the world to ensure that there can be good corporate governance in any organization. Thank you so much.