 Bismillahir Rahmanir Raheem and Islamic in Pakistan welcome back to corporate governance and we had a very interesting session on talking about the introduction related to problems faced by developing economies and we're going to move ahead and look at a few other issues and a few other dynamics which is aggravating and enhancing these problems faced by developing economies in the 21st century. Ladies and gentlemen, just like I was mentioning that some of the problems would also be including lower economic growth which we are seeing right now. We see this very big deficit which tends to exist in the case of countries like Sri Lanka and Pakistan and in Pakistan we see that we have a huge import bill while our exports unfortunately despite the dollar going up have dwindled due to various circumstances. We see a dominant public sector and the general perception is that corporate governance is meant for the private sector while that is not the case. It's meant for all forms of business. They could be the private sector doing business, the social sector doing business or the public sector doing business or even the military Inc which we call the different defense forces which are doing multiple businesses. So the good governance and corporate governance codes and principles apply to all of these different sectors and just thinking that because the public sector tends to dominate big business in countries like Pakistan or even in countries like Thailand, it doesn't mean that they can have any form of absence or any exception from being following the corporate governance principles and guidelines which exist. And there is a reason why that we see that there is lack of good governance and that leads to a lack of effectiveness of privatization. So again, that is also very important that privatization should be transparent, merit-based, non-biased, non-discriminatory and open and that will lead to much better privatization. A lack of awareness amongst stakeholders tends to exist and that can also be overcome through proper knowledge-based and knowledge-focused information intensive sessions, capacity building programs and frameworks which would ensure that everyone is aware of how corporate governance should be practiced. We basically see that there is greater government influence and less autonomy to enterprises and largest shareholders in most of the companies are the private fund. So again, these also are various factors which are affecting corporate governance as a whole in developing economies. Internal owners dominate more than a company's external owners, external owners do not have enough voting power, concentration of ownership in the hands of a few individuals and family-owned corporations leading to oligarchies, conglomerates and also leading to a few elite basically dominating the whole industrial and the whole corporate landscape which definitely needs to be rectified in a proper way. Lack of strong legal protection which I talked about in the last session for investors is used as a means to overcome the power of the management. So again, what we see is that proper frameworks are not implemented and the laws are not implemented in total and properly without any discrimination. So that also can lead to a lot of problems in the short and long term. Capital markets are underdeveloped and do not facilitate the inflow of new capital. Market transactions are often based on internal information and are often manipulative and then redrawing property rights and contract laws are slow in coming and therefore it also has to be given a lot of impetus and a very important thing is that when we are talking about overseas direct investment or foreign direct investment or we are talking about expatriates investing then we have to create the frameworks which can protect them and also ensure that there is a free competition and free flow which tends to exist within the system. And that can also be rectified through a well-regulated banking sector which developing economies tend to lack and a very important requirement for an exit mechanism, bankruptcy and foreclosure norms which would also tend to facilitate the investors and also different market players and market contributors that they can come into an economy, they can come into a particular corporate sector and are also able to extricate themselves without getting into complex and complicated problems throughout. So these problems tend to exist within the developing economy. We sound securities market do not exist and we again see this flux which tends to take place and even in our own stock market we are seeing a major dip right now taking place competitive markets have not been developed, corruption and mismanagement is abound and proper accountability is not being implemented either in the public, private or social sectors and there is a great need to ensure that there is a zero tolerance in all of that to ensure that there is a fair playing field available for everyone at an individual institutional or even at a national level and the guidelines also have to be standardized and uniform so that everyone can comprehend them and can implement them in the best possible way. So what we see ladies and gentlemen is that in developing and transitional economies just like Pakistan we are right now in a very complex and complicated situation and we have to adopt the right market strategies, the right economic strategies and also the right policies to ensure that we can get out of this quagmire situation and we can have a very stable and also very progressive developed and corporate governance attuned corporate sector that is extremely important. Thank you so much.