 We are moving towards the globalization of corporate governance and we are also looking at how there is the contextualization of universalization of corporate governance. And that was the main topic for our previous session. Today, we are going to be looking at premium for corporate governance and the focus is going to be on an international survey which was conducted by Mackenzie and through that various premiums were identified for corporate governance. Now, if we look at this survey, then this survey was carried not only in a particular country but was basically a global survey and that survey basically covered Asia, Europe and the United States because again, we are looking at the universalization of corporate governance. So, what that basically revealed was that three quarters of the investors say that board practices are at least as important as investment performance. So, again, when we are talking about investment performance, that is very important. That is the destination but we are also looking at the pathway and the pathway are the board practices that how does the board conduct itself? How does the board keep itself as an independent platform overlooking the corporation or the organization or the conglomerate? And then what are the checks and balances that have been implemented and executed within the organization in the context of the relationship of the board with the top management and vice versa? And therefore this revealed that more than 75% of investors focused on board practices because they thought that whatever the performance of their investment is going to be, if it is going to be in the long run, then there have to be good board practices. Similarly, over 80% of investors say that they would pay more for the shares of a well-governed company. A well-governed company was defined as one that is a majority of outside directors with no management ties on its board. So, again, we are looking at an independent board and the investors would basically pay a premium. They would be willing to pay more if a company is well-governed. So, again, looking at the structure of the organization is extremely important rather than just the performance because the performance could be a compromise performance but giving good results. So, the important thing is not reaching good results but how are those good results basically materializing and what is the process of reaching those good results? And again, the famous example of Enron, I mean, Enron was showing fabulous results but the process was wrong and therefore then it tumbled down and more than 56 billion dollars were vanquished overnight. So, that itself tends to set the tone of what and how it should be done from the context of getting premiums for corporate governance. Another aspect of this multi-global survey by McKinsey also revealed that directors should also hold significant shareholdings in the company. A large part of their pay should come in the form of stock options. So, again, they should have a stake in the organization and rather than getting hefty salaries, they should be benefiting from the stock options that they have and if they are not doing good then definitely the stocks would be going down and they would be on the losing side. That would be a check and balance would ensure that the board would be a good regulator, would be a good facilitator and would be the paragon of transparency and accountability within the organization and that tends to give confidence to the international investors to invest in that type of organization. The size of the premium the institutional investors say they are willing to pay for a good board governance. So, again, like I mentioned earlier that a good board governance system and framework is very important, investors all over the world believe that the investments in Asia and Latin America are better protected by a well-governed company. So, whenever they are going into volatile markets of Asia or Latin America, then better well-governed companies would ensure the protection of their investment and therefore it would be easier for them to basically either add more investment or take out investment, ensure that whatever capital gains are coming in, they are more sustainable and more long-term if they are in a well-governed company. That is extremely important especially in the context of Latin America and Asia because of loose legal frameworks and lesser implementation from the judicial organizations and that's why the premium can be paid for such organizations. The size of the premium the institutional investors say they are willing to pay for a good board governance and again they want to ensure that the best companies are well-protected and their investment is protected in Asia and Latin America. The survey also tends to reveal that companies and policy makers to take heed of developments. If companies could capture a small part of the governance premium that is apparently available, they would create much greater shareholder value and then again the survey was again predominantly held in this particular context and that the company and policy makers have to understand the developments taking place globally and also at a national level so that they are more well-prepared and they can have better projections in creating greater shareholder value. High governance standards will prove essential to attracting and retaining investors in globalized capital markets and that is extremely important. If those high governance standards do not exist, then the investors would shift their investment to other countries and that would basically destabilize any economy and especially like a country like Pakistan if investment is taken out then the whole stocks and the whole stock market and also the economy would just plummet down because it does not have the space and it does not have any other in alternate source of incomes or alternate source of investments so that is very important that high governance standards should be formulated should be implemented and executed to the best possible dimensions and to the best possible standards which are internationally accepted. Thank you so much.