 Bismillahir Rahmanir Raheem and Islamic in Pakistan, welcome back to corporate governance. In our previous session, we were talking about institutional framework for effective corporate governance and we were looking at the various factors and also the different options which can be taken for ensuring that we have an effective institutional framework for corporate governance. Now today, we are going to be talking about the different factors which if improved can lead to a better system and also a better institutional framework which would be practical, pragmatic and also effective. So when we look at that, there is a great need and this has been discussed a lot in the context of laws in Pakistan and there has been a lot of discussion both on the media and within the legal institutions and also the other stakeholders in Pakistan that there is a great need to further improve on our property laws, to have more clarity of the contract law and its implementation and in this contract law to amalgamate the different international and global factors so that there can be more cross-border transition and more cross-border corporate governance. We need to have a well-regulated banking sector which our state bank is doing a great job but it has to be even better and therefore we are amongst the few countries of the world where we do not have banking institutional debacles. There has to be, like I mentioned in one of my earlier sessions, exit mechanisms, bankruptcy and foreclosure and then sound security market because right now our security market is very volatile even though we have the Pakistan stock exchange and there has been this homogeneity which has been created which has been further reinforced with the CDC and that central depository company again is trying to create a more secure market but definitely there is much more which has to be implemented. We have to have competitive markets which are based upon transparent and fair privatization procedures, transparent and fair taxation regimes are very important which basically have to be based upon fair play and no preferential treatments and independent well functioning judicial system, anti-corruption strategies, anti-corruption institutions and accountability mechanisms again which are non-discriminatory and non-biased, reform government agencies so that they can be more conducive towards the corporate sector, they can be more facilitatory rather than regulatory, they can be more helping than punitive, they can try to create a better playing field rather than creating obstacles and impediments and roadblocks all around and therefore we have to cut down on the cost of doing business in Pakistan to ensure that there is better corporate governance, strengthening administrative enforcement capacity or different government agencies which again are attuned towards the global circumstances and the future global exigencies which are basically emerging and then establishing routine mechanisms of participation for all of the stakeholders and investigative and well informed media which is non-political, which is apolitical and again focuses on issues like integrity and honesty and then strengthening reputational agents also is very important so the amalgamation and the recalibration of all of these would lead to a better effective corporate governance framework. Thanks so much.