 Bismillahi r-Rahman r-Rahim and As-Salaamu Alaykum ladies and gentlemen, it's good to be back with all of you with the module on corporate governance and in corporate governance we are now moving forward with one of the most important, most fundamental and most interesting chapters which is on business ethics. Last time we talked about business ethics, today we are going to be talking about the importance of business ethics and ladies and gentlemen, when we are talking about the importance of business ethics, then we are going to be seeing that what are the different factors and element which could lead towards the various implications of ethics and corporate governance. So, ethical behavior is a necessity to gain trust. Trust is three-dimensional, that is trust in supplier relationships, trust in employee relationships, trust in customer relationship. Trust leads to predictability and efficiency of business. If company manages to maintain healthy trust relationships with all stakeholders, then it is ethical. So, ladies and gentlemen, this one slide itself encapsulates the importance of business ethics. We see that it is multiple-dimensional, it has a triangular relationship. The triangular relationship has the fundamental value of trust in between because trust is something which should not be breached. There is a very famous saying, either there is 100% trust or there is no trust at all. There is nothing known as 99% trust because if there is 99% trust, then actually it means that there is mistrust. So it becomes very essential and very important that the relationship of trust exists not only for shareholders but for the suppliers, for the employee and for the customer. With the core board of directors and shareholders being the bond between all of these very three important stakeholders in which there is this very strong relationship of trust. Here I would like to share that one of the largest multinational corporations and the largest fast food institution is McDonald's and the whole philosophy of business of McDonald's is based upon trust. It basically has a very strong trust relationship with its suppliers and it does not change its supplier if the supplier is following the standards and quality which has been established. It actually gives preference to its suppliers whenever a new product is being launched. Similarly, McDonald's believes in giving value to its customer and therefore the customer no matter where in the world eats a product of McDonald's it's the same. So there is this trust element that wherever I go Africa, Europe, the Soviet Union, Australia, the Far East, the Middle East, the product is going to be the same. And then there is also very strong trust with its employees. The employees basically feel pride being a part of the McDonald's family. You can go into a McDonald's outlet and see not only the best employee of the month but also the parents of the employee. The proud parents of the employee are projected and framed for everyone to see that these are the parents of the employee. McDonald's tends to do so many different things for its employees to create a healthy, productive and mutually responsible and enticing environment. So again it follows this whole philosophy of trust which is multi-dimensional. Trust leads to predictability and efficiency. Where there is trust you know that the end product or the end results are always going to be good and they will be efficient. And most importantly when we are able to maintain a healthy trust relationship between the different stakeholders then it leads to ethics and leads to ethical governance which forms the very fundamentals of corporate governance. So trust is the most important element in business ethics and that leads to huge corporations going global and leads to global organizations being vanquished. So therefore whenever we are talking about business ethics we have to understand the implications of trust. Companies which follow good practices also have the following benefits. They have significant improvement in the company's image and reputation. So these organizations basically have global goodwill, regional goodwill and national goodwill. They tend to infuse the element of honesty in employees which again results in individual ethical consideration and collective ethical consideration. They tend to attract and retain better employees. The turnover rate is far lower than other organizations. Employees feel pride to be a part of that organization. Employees feel good to have the logo of the organization on their chest. Employees feel proud to wear the cap of the organization and that is what this whole leads to and then it also leads to easier capital being attracted because they carry a good reputation and therefore the investors want to be a part of whatever project they are doing and they believe in that organization and therefore they can basically get market capitalization of billions and billions of dollars. Companies also tend to lower the cost of capital because of the credibility that they have. They have better competition than other companies because of the goodwill they carry in the market. They play a positive role and contribute to the betterment of society. They participate in social welfare through corporate social responsibility and they also keep their stakeholders happy and contented. So as a result of all of that, the importance of business ethics is that you create a win-win situation amongst all of the competitors, amongst all of the stakeholders and amongst all of the internal and external dimensions of management and governance. And the net results are that everyone wins at the end and that is the importance of business ethics. Thank you so much.