 Bismillahir Rahmanir Rahmanir Rahim. Welcome back to Corporate Governance. We've been talking about various dimensions and now we are going to be coming to the close of corporate governance. We've seen that how different factors, different schools of thought, different dimensions, different frameworks, different aspects, different institutions, and how the world is basically clicking, how the world has changed in the past 20 years, and how it has drastically changed in the past 100 years. The dimensionalities of corporate governance are more virtual than real anymore. The large corporations manufacturing powerhouses like General Electric and like the three automobile companies of Detroit and the manufacturing concerns around the world have actually been diminished in size by the virtual world, by organizations which are more futuristic in design and more futuristic in context and are more out of the box approach towards business and business dynamics. We've also seen that corporate governance, the models of the UK, the models of USA, the European models, and the far Eastern Japanese model, and then again in Europe, the dominating basically German corporate model, all of these models have their own nuances, have their own intricacies, have their own assimilation of the local context of business. But yet now it's a globalized world and therefore there is a great need for convergence of corporate governance and a more international language which can be understood by all corporates while doing business. So therefore the future of corporate governance is a completely different ball game altogether and there is a need to bring that convergence together and that adaptability by all of the different regions, all of the different continents of the world and finding out a common language which is implemented by corporations at the small level, at the medium level, and also at the large level. Now, ladies and gentlemen, when we see the future of corporate governance, each of the systems is facing pressure to change. The long-term stakeholder orientation of the German and Japanese systems is under insistent pressure to deliver shareholder value, particularly from overseas investment institutions. So now what we see is that there is this cross investment taking place. It's not only the national investment which is taking place, but national economies are now overwhelmingly being invested by global investors and these global investors have their own expectations and also want to be able to understand the language of business in each country and ensure that their investments are safe and in that safety net, they want to also ensure that best practices are being followed which can be implemented or replicated around the world and they can implement or replicate their own systems, their own value systems under a corporate governance umbrella. We've seen that the Anglo-American approach is itself being challenged by international national and community agencies to recognize wider social and environmental responsibilities. Look at what is happening now. We see a huge flux of climate change. We see weathers changing. We see terrains changing. We see crops changing. We are seeing how different communities are being changed due to the uncertainty of the environment, of the climate and again, the challenges of the environment of the future. Wars are going to be fought over water. How is all of that changing? What has to be done to recognize these environmental responsibilities and also social contributions? These are extremely important and they have to be made a part and parcel of a corporate frameworks. Within the corporate governance models and again, we have to see that how these organizations can individually and collectively combat these challenges, these uncertainties of the future and that is becoming very, very important. The German and Japanese systems are faced with demands for increased transparency and disclosure. If we look at the future and a future model could be as one option, a unity system as there is strong convergence towards the global system which assembles the best elements of both major governance systems and combines them together. So again, we are talking about the combination of best practices, finding out what is the best implementable practices in one system and in the other system and in this case looking at the Far Eastern model and the European model and then putting them together and seeing that how they can be implemented by countries across the world. So that could be one viable option. Now, if we look at the Anglo-American model then we see a universal market-based system as anticipated by the Chicago School of Financial Economics representing the triumph of the rules-based outsider system. So now the second option is is that we define the rules which are universal rules and then again through third parties ensure that they are being implemented by different corporations and they are being followed without any discrimination or without any misinterpretation of the rules and the regulations and that could be another form of this or we could even combine the future option one with the future option two that we can look at the best of the two systems the European and the Far Eastern and then also look at the rules and regulations which you see in the Anglo model and the Anglo-American model and then put them together and find out the best possible framework which can be followed globally and then also ensure that within them we have the social and the environmental factor so that the future generations are saved and we can save our planet from the vast disasters of the environment and of the climate which already we are feeling and that again is creating huge challenges for nations, for corporations, for societies and for communities and also for individuals that that is the future and we have to find out the best way possible and then go for its implementation across the board thank you so much