 Bismillah Al-Humannani, when Islamic in Pakistan, welcome back to corporate governance. And today, we're going to talk about a very interesting topic, and that is institutional frameworks for effective corporate governance. Now, again, we've been talking about the different issues of and the different challenges and the different limitation and constraints or developing economies in the context of corporate governance. Now, to ensure that we can overcome all of those limitation and constraints, it's very important to have the right type of institutional frameworks. And as we can see that there are three different ways in which owners maintain control over the work of the management. First of all, the owners directly influence the corporate strategy and the selection of the top management team. So what we see is that the owners are the ones who are directly involved in the selection and also in giving the roles and responsibilities of the top management team. And that would mean that there is a direct involvement. And that is what we see basically in countries like Pakistan that in most cases the owners are directly influencing the corporate strategy and also the selection of the top management team. The second option is that the owners delegate their rights to the board, but ensure that compensation and other incentives are aligned with a share price maximization. So again, and this is also happening in Pakistan, but to a lesser extent, whereby the board of directors are the ones who ensure through the remuneration committee that the compensation and other incentives are aligned for the top management. But they are also responsible for share price maximization and profit maximization. And therefore, this is the second option which can exist. The third option could be that owners rely on the market mechanisms of corporate control such as takeover when due to a decreasing share price, the owners take over a company. So that is a situation which we don't see that much in Pakistan. We see it abroad where there are these different takeovers taking place. Just recently, we basically saw Elon Musk trying to take over this huge multi-billion Twitter and offered about $44 billion for it, but that could also not take place. And that was a basically mutually agreed type of tape over taking place, but there are times when there is something which is called a hostile takeover. So market dynamics and market mechanisms and also the performance of the organization matter and all of this. And this becomes a very complex matrix and complex, you can say, dynamics of company control management and also of negotiating share prices and things like that. But different scenarios, different situations could even be something like a merger. For example, which took place between, let's say, very famous merger which took place between Mercedes-Demmler and between the Chrysler Corporation of America. But that also led to a major break up. So it could be different dynamics which are there and the market is basically defining all of that. So these are the three different options which can be looked at and like I mentioned to you, the first option and the second option are more, you can say, aligned towards the Pakistani market. While the third one is something which we see more in countries like America to a lesser extent in Europe and also the Far East and then definitely not that much in countries like Pakistan. The corporate governance mechanisms can be both internal and external. There are two basic dilemmas connected with the corporate governance problem in transition economy. So again, could be internal, could be external, both could have a very balanced mix to ensure that things are done in a better way. But when we are looking at it first, is it possible to have identical framework that is evolved over centuries in the developed market economies for the emerging markets? Like I was mentioning that these whole dynamics which exist in western countries, can we follow all of that? Or is it better to adapt the system of corporate governance to the specific circumstances of a transition economy? Just like what we are seeing in Pakistan, what we have seen in countries like India, we have seen in Thailand, we have seen in Vietnam. To a certain extent we have seen in China and again we have seen also in the Philippines and in Malaysia and in Indonesia. Now this whole Asian tiger or this whole Asian regional contextualization is the second option. And the first one is definitely that we look at what already has existed in established markets in the West. But like this, there is a very nice book called Can Asians Think by Mr. Kishore Mabubani who was the Dean of the Leacon Youth School of Public Policy. It is a very good book to read if you want to. So again, I mean, what do we have? Should we follow established models of the West or can we as the Asians have an adaptable system which is more specific to the emerging and transition economies? Those are the options that we can look at to have more effective corporate governance. So that is a matter of circumstances and also of situations and also of market dynamics. Thank you so much.