Home Business & Finance ICAP and ICMAP to host ‘Best corporate and sustainability report’ award on 25th

ICAP and ICMAP to host ‘Best corporate and sustainability report’ award on 25th

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By Rafiq Vayani

KARACHI: Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountants of Pakistan (ICMAP) is jointly organizing ‘Best Corporate and Sustainability Report 2016’ award ceremony will be held on Friday, August 25, 2017 in Karachi local hotel. The was announced by Chairman Joint Evaluation Committee Yaqoob Suttar and Khawja Ahrar-ul-Hasan Honorary Secretary ICMAP while briefing the media about the award ceremony at ICAP head office, Clifton on Saturday evening.

They said that the ICAP and ICMAP have been organizing the Best Corporate Report (BCR) Awards ceremony since the year 2000. This award has been instrumental in encouraging entities to follow transparency in preparing their annual reports according to the international best practices.

Best Sustainability Report (BSR) Award was initiated in 2011, with the aim to promoting responsible reporting by entities covering economic, environment and social performance of the business. The objective is to make local business aware of the international best practices and to facilitate these businesses in obtaining investments by ethical investors.

Yaqoob Suttar said that the objective of the Awards is to encourage the publication of timely, accurate, informative and well-presented annual reports for shareholders, investors, regulators, employees and stakeholders who may have an interest in the performance and activities of the organizations in question and to recognize and honour those organizations for the exemplary achievement in producing such reports.

All the submitted annual reports are adjudged in accordance with the criteria. Evaluation is done by the technical staff of both the institutes and the results are reviewed by the Joint Evaluation Committee under the chairmanship of Yaqoob Suttar.

The BCR awards are given under various sectors, including banks, NBFIs (including Insurance), chemicals & pharmaceuticals, fuel & energy, cement and sugar, textile, Non-Profit Organizations ( NGOs) and others. He said the companies from amongst the BCSR winners are nominated for South Asian Federation of Accountants (SAFA) Best Presented Accounts (BPA) awards annual competition.

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