 Bismillah Khman Reem and Islamic in Pakistan. Good to see all of you back and we are looking at the different international interventions in corporate governance. We were earlier looking at the Cadby report and then we look at the Greenberry report and now we are going to be looking at the Hempel committee and the Combined Code report. So, there are so many reports and there are so many different angulations of corporate governance. But yeah, that is how this has developed in the past 25 to 30 years. There has been this rapid development in corporate governance, whereby we see that these corporate governance codes tend to ensure that there is good governance, that there is accountability, that there is better harmony and streamlining between the different stakeholders and the different hierarchies which exist within corporate sector. And thirdly, there is also cross accountability which ensures that everyone's rights and obligations are basically protected and followed. So, now when we look at the Hempel committee report and the Combined report, then we see that the Hempel committee was set up in November 1995 to promote high standards of corporate governance. The committee basically looked at the Cadby report and gave the following recommendations. The recommendations which basically emerged were that auditors should report on internal control privately to the directors. The directors maintain and review all but not just financial controls and the companies that do not already have an internal audit function should from time to time review their need to have one. So, again what we see, ladies and gentlemen, that the Hempel committee basically took all of the previous developments and further modernized and further streamlined and further made them more clear so that the board of directors and the directors would understand that their functionality was not only up to the financial controls, but they would be reviewing all the controls within the organization. And secondly, what we see is that those companies which do not have the internal audit mechanisms or do not have the internal audit departments, then they were from time to time review that do they need one? And if they needed one, then they would set up one and ensure that that internal audit department would be directly reporting to the board of directors and would not be intermingled or would not be streamlined with the top management. So, the internal department would basically be functioning independently within the corporate structure and reporting to the board of directors to ensure that they would be this trapeitite relationship of control mechanisms and of regulation and of reviewing. Now, what we see is is that through this committee, there was also the introduction of the combined code that consolidated the recommendations of earlier corporate governance reports as the Cadbury and Greenberry report and also the recommendations of the Hempel committee. And this combined code is now appended to the listing rules of the London Stock Exchange and the stipulations basically contained in them require that the board should maintain a sound system of internal control to safeguard shareholder investment and the company assets and the directors should at least annually conduct a review of the effectiveness of the group system of internal control covering all the controls. So, what we see ladies and gentlemen is that in this particular combined code, there are various aspects of ensuring that the investment of the shareholders is basically safeguarded that the company's assets do not tend to dwindle or do not tend to go to waste or do not tend to succumb to bad decision making. And at least on an annual level, the directors would conduct a review of the effectiveness of the group's system of internal controlling and systems that would be overlooking the internal control mechanism. So, this check became mandatory for the board to ensure that the whole corporate performance would be more sustainable and would be done in a more structured, more systemic and more standardized approach rather than being rudimentary or being something which would be optional. So, this combined code is now a part of the listings of the London Stock Exchange and based upon that we see that is now mandatory for all London Stock Exchange companies which are registered but is also being followed by other companies which are again registered as private limited or limited companies. So, this became a very essential part of the corporate governance code. Now, it was basically also observed that one common denominator behind the past failures in the corporate world was a lack of effective risk management and risk management are now seen as highly crucial to the achievement of business objectives by the corporate. So, something which further emerged in the combined code was that risk management basically gained prominence and many corporations developed risk management units or risk management departments and risk management was no more only a domain of the banking or financial sector but actually across the board all organizations were promoted and emphasized and encouraged to have their own effective risk management control mechanisms, their own risk management units and also their own risk management SOPs so that the company would not collapse as we have seen in the past. It was clear that the board of director was not only responsible but also needed guidance in reviewing the effectiveness of internal controls and also a show notes that all significant records had been reviewed. So, just to recapitulate all of that we see that one on one hand we are talking about corporate effectiveness and on the other hand we are talking about the element of risk and how we can look at our futures in a better way and ensure that there are lesser risk and we can hedge the company decisions and the company direction and the company products in such a way that the risk would be minimized. So, these became major areas of control within the whole corporate governance structure and the most important thing is that these different reports were basically dovetailed into each other and a combined code emerged which is now being practiced not only in England but in many countries around the world. Thank you so much.