KARACHI: The President, Institute of Chartered Accountants of Pakistan (ICAP), Yacoob Suttar, on Friday stated that corporate reporting had an important role to play in helping build trust with the stakeholders.

Addressing the 13th “Best Corporate and Sustainability Report (BCSR) awards ceremony, the ICAP president emphasised on “forward-looking information about strategy, business models and the ability of the company to create sustainable long-term value”.

A statement by the joint organisers, ICAP and the Institute of Cost and Management Accountants of Pakistan (ICMAP) stated the objective of awards was to give recognition to excellence in corporate and sustainability reporting.

The awards were distributed by Ebrahim Sidat (past president ICAP) and Sher Afghan (past president ICMAP).

President ICAP observed that the growing challenges in reporting information demanded transparency and building investors’ confidence.

“The Annual report is company’s most important strategic communications document, setting forth the company’s vision, values and operating philosophy, as well as its communication strategy”, he said.

ICMAP President Ziaul Mustafa said that the concern for sustainability in the corporate sector in the country was gradually increasing. “It can be gauged from the fact that in the present day business operations, the COOs and CFOs are also held accountable to their company’s board for sustainability issues,” he said.

Maple Leaf Cement Factory Limited was declared the overall winner. Best sustainability report awards were given to five companies in the following order: Engro Corporation; Fauji Fertiliser Company; Attock Refinery; Crescent Steel and Allied Products and ICI Pakistan.

Published in Dawn, September 20th, 2014