 In the past weeks, we have been looking at the historical aspect of corporate governance. We have seen its contextualization, we have seen how ethical leadership, challenges of ethical living, behavioral ethics and how corruption and anti-corruption modes, nodes and modalities have been affecting the development of corporate governance around the world. Another thing that we have seen ladies and gentlemen is that there is a difference from continent to continent, sometimes from country to country and customs, traditions, norms, rules and regulations play a very important role in defining the corporate governance model which is practiced in any country. We have also seen the role of different institutions that how they have contributed towards corporate governance and how over the decades it has nurtured to become a major school of thought, a major school of practice and also a school of research and implementation. Now, today, ladies and gentlemen, we are going to embark upon a journey which is more technical. We will look at the different technical progressive steps that have been taken over the past few decades. Now, when we look at the module of corporate governance, then what we see is that its genesis basically begins with the Watergate scandal. So when we are looking at the Watergate scandal in the United States, then we see that it is linked with the emergence of corporate governance as a major field of study, as a major set of regulations so the US regulatory and legislative bodies were able to highlight control failures that had allowed several major corporations to make illegal political contributions and to bribe government officials. So what we see, ladies and gentlemen, is that way back in the 70s and 60s that political bribes were given through corporations and there was a lot of window dressing and there was a lot of substitution which was taking place and whenever audits would take place they would be more based upon just a customary obligation and that's all. And the real nuances of the funds and the funding and also the idiosyncrasies evolved in the financial aspects of the company would not emerge. But the Watergate scandal basically was a watershed actually of moving towards corporate governance and ensuring that corporations are made accountable and the securities and exchange commissions and regulatory bodies they become more powerful and also could regulate the companies in the right direction to basically ensure and protect the rights of the shareholder and the stakeholders. So that is a very, very important aspect. Now we see that this led to the development of the Foreign and Corrupt Practices Act of 1977. The Corrupt Practices Act of 1977 contained specific provisions regarding the establishment and maintenance of internal controls and this was followed in 1979 by the Securities and Exchange Commission proposal for mandatory reporting on eternal financial control. So what we see ladies and gentlemen is this emergence of a new law which basically was an overarching law which looked at foreign interference, which looked at corrupt practices and again how different organizations were sidelining the legal system and benefiting illegally with a biased approach to a discriminatory approach, the different corporations and the different political parties. So this is something which was considered to be a major way forward in the context of law and then we see that in 1985 the Treadway Commission was formed. The Treadway Commission was formed to identify the main causes of misrepresentation in financial reports and to recommend ways of reducing the incidents thereof. So what we see is that this 1985 Treadway Report again tends to streamline, tends to regulate, tends to create frameworks, tends to create capsules whereby the expenses and finances of the company came under scrutiny and anyone doing anything wrong could be identified and then there could be some regulatory repercussions also taken and this ensured that the companies became more transparent, became more visible and all the underhand activities which were taking place, they were eliminated step by step. What we see is that the Treadway Report was published in 1987, it highlighted the need for proper control of the environment like I was talking about, the independent audit committees and an objective internal audit function and called for published reports on the effectiveness of internal control. So what we see is that the environment of secrecy was replaced with an environment of openness and whatever financial audit would be doing it would eventually be published as a report so that everyone would have access to how the organization was working and what were its different idiosyncrasies and what were its different factors which either led to profits or would be leading to losses. The commission also requested the sponsoring organizations to develop an integrated set of internal control criteria to enable companies to improve their control. So again this Treadway Commission came up with this recommended report that how companies could function in a better way, what type of internal control mechanisms should be over there, how they should be monitored, evaluated and regulated and most importantly how companies could improve controls to optimize their profitability, to maximize their sales and to ensure that the different stakeholders and shareholders' rights were basically being protected. So again we see that these legal frameworks came into existence. These different legal models were implemented and in some countries they were country specific while in others they were more generalized and followed around the world. So these new developments which emerged basically propelled corporate governance into the limelight and based upon that corporations and companies and legal entities started following the different stipulations of the corporate governance regiments which were either prevalent in their own country or available on a regional or global level. So thank you so much everyone, very kind of you.