 Bismillahir Rahmanir Rahim and Asalaamu Alaykum Pakistan. Welcome back to Corporate Governance. And just like I was mentioning earlier, we are talking about various dimensionalities which tend to affect corporate governance and also the board. And therefore, today we are going to talk about issues of governance related to board practices and shareholder rights. Now, this is a very important topic. We've talked about it in our previous sessions. We've touched upon how the board should be working, how it should be managed, what should it be constituted, what should the board members be doing, what type of committee should be there. We've also talked about shareholder rights, especially in the context of minority rights. And again, we have been looking at how the shareholders should be informed and how they should be participating in the overall governance of the organization. But today, we're going to look at it from a different perspective because we're looking at the issues of governance and again, board practices and shareholder rights. Now, ladies and gentlemen, it is impossible to find a silver bullet in the form of laws and regulations to improve board performance. The objective should be to facilitate the creation of competent boards and they are capable of objective and independent judgment. So, again, just like earlier mentioned to you that we cannot find the best, the most premium or the best of best boards. And again, we cannot create those laws which are perfect, but those laws and those frameworks and those rules and regulations and those policies are there to ensure that if we don't have the perfect board, at least we can improve the board performance. The objective, again, is to create these competent boards which are able to give independent judgments, objectivity and good guidelines to the top management and to the organization so that the benefit can emerge for all of the stakeholders and especially in the context of profitability, performance and productivity. The shareholder's role in nominating board members and in their appointment should also be enhanced. So, this is one thing that should be there because unfortunately what we see in organizations is that the CEO basically is doing that and that actually is a conflict of interest. The functions of the chief executive officer and chair of the board of directors in unity boards should also be separated. So, again, that is very important that we cannot have the chief executive and the chair together in one board and thereby making all of the major decisions while the directors basically become voiceless and I talked about voicelessness and its implications because that tends to undermine the whole existence of the board and also of the organization and that has to be avoided and those practices should be annulled and changed. Board member liability and how their duties are specified and disclosed to remain on the policy agenda. It should be considered a good practice that boards develop specific policy for the identification of the best skill composition of the board. So, selection of board is extremely important. The character of the board members, the past experience and the past history of the board members is extremely important and therefore whenever a new board is being constituted all of these things should be looked at properly because the next four or five years would be depending upon that board and the direction that they give to the organization and therefore this practice should be there. Fit and proper person tests by regulators for public policy reasons that could also be considered to be a very important aspect that these psychological tests, these interviews are taken to ensure the credit worthiness and the credibility and the credentials of the board member and the test for particular companies might also consider the independence and objectivity of the board. So, again it can be experiential based, it can be character based, it can be psychologically based and it also can be futuristic based which would ensure that the board members who are coming on would be much more reliable and much more competent. The interest of some shareholders and those of management should be aligned while there are different types of shareholders, they have tended to be reactive. So, again what we see is that the shareholders don't participate in the selection of the boards but later on when the board is not working properly then they tend to react, then they tend to have animosity, then they tend to go for finding legal headway and that again tends to create more confusion and more misdirection than more objectivity and rationality. So, therefore that itself should somehow be abstained and ensured that there is a proper participation from the shareholders. Companies need to do more and it is in their interest to support constructive engagement and their shareholders. The equity share of institutional investors continues to increase but their voting behavior suggests conflicting interest. So, again in the era of venture capitalists, in the era of institutional investors, yes they carry more cloud but it is very important that in the context of shareholder rights the minority shareholders and the lesser equity shareholders should also be given due regard and consideration and their wishes and their aspirations and their input should be given due regard and due importance in the decision making of the organization and that is very important. Institutional investors and others should not be discouraged from acting together in the individual shareholder meetings. So, again to create a synergy and to create a harmony with an institutional investors, with a venture capitalist and with the different shareholders trying to integrate them together for the betterment of the organization is extremely important and ensuring that everyone's rights are also respected and also practice to the best possible way is the very contextualization of corporate governance. Thank you so much.