 Bismillah Khumaan Naeem and welcome back ladies and gentlemen we are moving forward with our corporate governance module and today we are going to talk about issues related to the board and the role of the director. So this is again a very important topic we have talked about it from different dimensions through different matrixes, through different frameworks, through different schools of thought, through different models and now we are actually unraveling it in a more micro context and today we are also going to be looking at a very interesting model and framework to see how they basically tend to coordinate and execute the different responsibilities. The board of directors there is an increasing awareness that cooperates over their existence to the shareholders. So again the shareholder is a very very important component of the company if we do not have shareholders then where will we be getting the resources to move forward and generate more products services leading to much higher profits at the end of the day. Long term sustainability of companies depends upon winning their confidence through disclosures and transparency in the operations and accountability for their actions to them. So again the shareholder is basically concerned with the transparency within the organization, within the organization, the accountability mechanisms and most importantly how decision making is done and what is the logic and rationale behind all of that. So that is what the shareholder is looking at. Now the directors and the board are responsible to see and oversee that whatever process of decision making is taken in the organization it is based upon integrity, there has to be accountability, there has to be transparency and there has to be merit. So all of these things become extremely important when we are talking about the board of directors. The board of directors again this is achieved through voluntary actions on part of the board of directors. Moreover this is achieved through regulatory frameworks such as stock exchanges, securities and exchange boards and other regulatory bodies. So there are many regulatory bodies which tend to oversee and overlook and regulate organizations but many a times there are also ways to deviate from the right path also. So the board of directors basically has to ensure that there is merit, transparency and accountability and most importantly things are done in the right way without compromising on the principles and values of the organization. So that becomes extremely important. Now when we look at this particular model these are the different principles codified as principles of corporate governance. So what we see is that the role of the board in the dynamics of corporate governance. Now we see that in the center there is the board of directors and the top management and they are interconnected with each other, there is compliance and accountability, there are policies and again there are JDs of directors and also of the top management. We see that there are four components in this particular framework. There are the shareholders that we were just talking about, they are the employees, they are the depositors, borrowers and other customers and then we have the general stakeholders. Now when we look at this the organization basically is engulfed within four major forces. There are regularly compliance and organization welfare on one side, we have compliance of business ethics and providers of services and suppliers pushing in from the other aspect. We have market forces and competition and then since the past few decades we also have a very strong responsibility matrix. So these different forces are converging upon the board and the board whenever making policies or whenever making accountability mechanisms have to ensure that all of these four are a part of their framework, a part of their operations. Then another thing that we see is the complex relationship which is intertwined between all of these four major stakeholders. We see that there is transparency and fairness in dealings, environmental preservation when we are talking about other stakeholders, when we are talking about employees then there has to be consideration for career advancement and job satisfaction, when we are talking about the shareholders. So like earlier said we are talking about accountability, disclosures and empowerment and pressure to perform and then when we are talking about depositors, borrowers and other customers, there is customer services and satisfaction which on the other dimension is about establishing long term relationships. So this is extremely important and we can look at an example and that example basically is of McDonald's whereby they have created a partnership with Coca-Cola and all the McDonald's in the world basically are supplied Coca-Cola but there is no written agreement. It is just this cross credibility and this cross relationship, long term relationship which has been developed and that has led to McDonald's single handedly being the largest consumption of Coke of any organization in the whole world. So that is how things have to be that they have to be long term, they should be based upon trust, transparency, accountability and integrity. There should be that relationship building between the different shareholders and stakeholders and that would lead to a better framework and towards a better corporate governance mechanism. What we see that for better governance the board should function as follows, that it should exhibit total commitment, should steer discussions properly, should clear their standing on different issues and most importantly to ensure efficient CEO. So that is extremely important ladies and gentlemen. All of these points we looked by the board we see that seeking challenges posed by decisions on acquisitions, anticipating business events, long term focus and stakeholder interests and again promoting overall interests of the company and its stakeholders are of paramount importance. So again what we see ladies and gentlemen is that in this whole context of the metrics that I basically shared with you in the diagram we see that the board has to look forward, has to protect the organization at all costs and also ensure that there is a high level of efficiency, a higher level of effectiveness, a high level of integrity, accountability and transparency and things should be done on merit without any virtualization of different items or different issues or different processes or different systems which would lead to a better organization and also higher profits with every year coming in. Thank you so much.