 Bismillah Khman Reem and As-Salaamu Alaykum Pakistan. Welcome back to the corporate governance module and we are going into the nitty gritties of corporate governance and the various stipulations of the Securities Exchange Commission of Pakistan Act and again we are seeing that how the directors and how financial reporting should be taking place. Today, ladies and gentlemen, we are going to talk about a very important topic and that topic is corporate and financial reporting framework and this is extremely important in the context of how the various financial and corporate reporting is basically done and what are the different stipulations. Now, the first thing is all of you do know is that the directors are responsible in listed companies and they are responsible that they have to include the statements prepared under section 236 of the company's ordinance. So, what do they have to oversee? Number one, the financial statements of the company. Number two, proper books of accounts and number three, appropriate accounting policies. So, these are the three main items or responsibilities of the directors in the context of the reporting framework. Now, when we look at these then another very important thing is that they also have to foresee and also ensure that the international accounting standards are met. The system of internal control is there and again that the listed company has the ability to implement these international accounting standards and the system of internal control. So, this ladies and gentlemen is extremely important and the directors have to ensure this because this is a very backbone of corporate governance and of listed companies own credibility and again all of this is being done in the context of good governance and corporate governance. Now, another thing which the directors report must disclose are the reasons that why they did not consider a company to be a going concern. Why did they not declare the dividends or bonus share for the previous year? So, these two are also mandatory in the directors report. Now, when we look at other contexts and other dimensions there are outstanding amounts in respect of taxes, duties, levies and charges along with its amount that has to be specified in the report. All material information relating to the business effect, the market price that also has to be a part of the report so that the stakeholders and the shareholders especially the smaller shareholders they have a appropriate and a completely contextualized understanding of the financial performance of the firm so that they can take the right directions and reach towards the best of results. So, that is again what we see again in this unordered statements should be published and distributed by the directors. Statutory audits should review half-ordered financial statements and the CEO and CEO have to have the annual accounts and quarterly accounts maintained in the best possible way. So, this is again what we see and have to be included in the directors report. Annual statements should be distributed no later than four months after closure of the financial statements and every information has to be registered and delivered to the Securities Exchange Commission of Pakistan. So, again what we see ladies and gentlemen is that in the reporting framework there is a lot of responsibility of the directors of a listed company and there are various stipulations which have to be met if they are not met then that can lead to many fines and penalties and also various closures which can take place. The statement has to be candid, has to be truthful, has to be basically encapsulating the most genuine statistics and performance results of the organization so that the smaller shareholders and the other stakeholders can take the right decisions in the future for that particular listed company. And most importantly again is the fact that every information has to be delivered to the Securities Exchange Commission of Pakistan for future reference and also to ensure that there is a continuity of financial policies which are there within that particular organization and so these are the reporting frameworks which have to be maintained by the directors of the board. Thank you so much.