 We are moving on to our module number 74 and what we saw in the previous modules was that we talked about the international developments which took place in the USA and also the international developments which took place in the UK and in both cases what we see is that one there was the Watergate scandal and two in the UK we see that there was the BCCI scandal which is followed by the Barrings Bank scandal and these scandals had immense repercussions on the corporate frameworks, corporate audits and corporate financials of large corporations around the world. Now ladies and gentlemen today we are going to be looking at something which is very important because what we see is that different committees were formed and as a result of those committees what we see is that different reports were generated for implementation. Now one of the most famous reports in corporate governance is called the Cadbury report and this Cadbury committee report basically chalked out the way forward in a better way for all corporate governance practitioners and all corporations. Now what we see is that the committee, the Cadbury committee was set up in May 1991 by the financial reporting council, the stock exchange and the accountancy profession. So it was a tripartite arrangement which basically emerged, the committee was chaired by Sir Adrian Cadbury and decided to review those aspects of corporate governance relating to financial reporting and accountability. So what we see is that based upon this particular report financial reporting and accountability became a mainstay in any corporate entity. So that was extremely important. The final report which basically is coined as the financial aspects of corporate governance is usually known as the Cadbury report which was published in December 1992. So this is a very comprehensive report, this is a very practical report, it has some amazing suggestions and it is high time that Pakistan starts working on these reports and step by step can move towards a progressive and empathetic, a compassionate nation for all. That is extremely important in whatever we do. Now what we see the objectives of the Cadbury committee was to uplift the low level of confidence both in financial reporting and the ability of auditors to provide safeguards and secondly to review the structure, the rights and the role of the board of directors, the shareholders and the auditors by making them more effective. So when we are talking about effectiveness then we basically are talking about technical astuteness and how technically everyone could be made aware of the possibilities which basically were embedded in it and how they would ensure that appropriate safeguards could also be implemented across the board and across all the countries to address various aspects of accounting profession to raise the standard of corporate governance. So these were the again two major objectives, one to address various aspects of accounting profession and two to raise the standard of corporate governance. We see that the committee's sponsor were concerned at the perceived low level of confidence both in the financial reporting and the ability of auditors. The underlying factor was seen as a slackness of accounting standards, the absence of a work, clear framework for ensuring that directors kept under review the controls in their own business and what we see is that there was this elimination of having alternate books and then having alternate alternate books and more focus was on how to ensure that the rules and regulations were followed in totality and therefore there would be no apprehension or there would be no slackness. The basic approach of the committee was that compliance with the voluntary code coupled with disclosure will be more efficient than a statutory code of corporate governance. So again it should not be government driven but it should be private sector driven, it should be social sector driven. So they would understand that it has become extremely vital, critical and important that they basically ensure that this voluntary code coupled with disclosure is incorporated into the whole corporate structure of any organization from a very basic and fundamental level. Now we see that the committee looked into three broad aspects of corporate governance such as number one, the structure, role and the responsibilities of the board of directors. The role of auditors and the responsibility of accounting profession, the rights and responsibilities of shareholders in a company as investors. So we see that these are extremely critical points and they tend to ensure that the rights of the minority shareholder are fundamentally protected. We also see the committee focus on the control and the reporting function of the board and the role of auditors related to financial reporting and accounting. The committee's recommendations are a code of best practices designed to achieve a high standard of corporate behavior. So what we see is that this booklet not only tends to bring about a sea change within the organization but also in the lives of the people associated to it, they also change because again it is very pragmatic, it is very implementable, it is all common sense and one tends to reinforce one's know-how and beliefs based upon all of that. We also see that all the proposals of the committee were aimed to strengthen the unity board system and enhance its efficiency and effectiveness. So there was also an element of centralization to ensure that all provinces across the board understand what this law is about, how it can be practiced, what are the punishments which are related to it and how can they ensure that things are done in a better way rather than disperse actions taking place from office to office. So the whole organization should get involved into the certification and to ensure that later on it can contribute in a far better way to the organization and to community at large. Thank you so much.