KARACHI, Aug 5: The ceremony for distributing awards to companies producing "Best Corporate Reports" for the year 2003, that is to be held on August 12 would be the fourth since the Institute of Chartered Accountants (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP) jointly began presenting the awards in 2000.

The trend of recognizing performance of listed companies, in one way or the other, is catching on. The Karachi Stock Exchange had initiated distribution of the "Top 25 companies Awards" many years ago. Those awards are based on overall performance of listed companies and the bourse has developed its own criteria for judging the top 25.

Pakistan Society of Investment Professionals (PSIP) has also recently begun distributing Annual Awards for two categories: Equity Research and Corporate Finance. The "Best Corporate Reports Awards" for 2003 Annual accounts have been jointly evaluated by ICAP and ICMAP in respect of accounts, information, style, content and colour.

The Governor, State Bank of Pakistan, Dr. Ishrat Husain would give away the awards/certificates to the chief executives of the winning companies on August 12. Dr. Tariq Hassan, Chairman Securities and Exchange Commission of Pakistan, would address and share his thoughts on the distribution of those awards in Pakistan.

A press release issued by the ICAP and ICMAP - two major accounting bodies in the country - said that the Best Corporate Reports Awards had been initiated with a view to promote good governance in the corporate sector.

To select the best among published accounts for the year 2003, a criteria was evolved and all companies were invited to participate. A sub-committee comprising members of the two institutes evaluated the published annual reports for 2003, which were received for the contest.

The entire corporate sector was divided into six sectors namely (i) Financial, (ii) Textiles, (iii) Chemicals & Fertilizer (iv) Engineering, (v) Fuel & Energy and (vi) Miscellaneous.

The officials at the two premier accounting bodies declined on Thursday to disclose names of companies who would be the recipients of the awards for 2003. "Let that be a well-guarded secret for another week", said an official who asked not to be named.