KARACHI, Jan 9: The Joint Committee of Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountants of Pakistan (ICMAP) announced Best Corporate Report Awards 2005 in a ceremony held on Tuesday.

A press release issued by the ICAP stated that chief guest Secretary General Revenue Division and Chairman Central Board of Revenue Muhammad Abdullah Yusuf felicitated the two professional accountancy bodies for keeping up the tradition of giving awards. He said that they encouraged companies to disclose maximum information in a timely and organised manner.

ICAP President Nasimuddin Hyder said that the annual report of a company contained, the performance for the preceding year in financial as well as non-financial areas; its prospects, strategies and plans for the succeeding years; and its relationships with its stakeholders, including its management and staff.

The companies were required to ensure that their annual reports were accurate, timely and transparent, so that stakeholders could decide whether the companies were fulfilling their expectations, and hence take actions accordingly.

Mr Nasim said that there were hundreds of other companies that did not at all send their reports for evaluation and take part in the competition.

ICMAP President Sher Afgan Malik pointed out that the idea to present awards was not new in the region. South Asian Federation of Accountants (SAFA) started that event among member countries some years back. ICAP and ICMAP being members of the accounting body decided to organise an event of its own for the companies in Pakistan.

Abdul Rahim Suriya, Chairman Evaluation Committee, informed that while ranking the nominated companies various criteria were considered which included vision, mission, report of directors, disclosures, stakeholder information, report presentation and timelines in issuing accounts holding AGMS.

Mr Muhammad Rafi, Chairman ICAP & ICMAP Joint Committee, said it was important to seek transparency in governance and decision-making through greater financial and non-financial information to the stakeholders.

The companies’ Reports were judged in six sectors (i) Financial (ii) Chemical & Fertiliser (iii) Engineering (iv) Fuel & Energy (v) Textile and (vi) Miscellaneous. Overall top company report was judged as that of Fauji Fertiliser Company Limited

Other sector wise positions were:

Financial sector: 1st Askari Commercial Bank Limited; 2nd Faysal Bank Limited; 3rd Pakistan Industrial Credit and Investment Corporation Limited; 4th Prime Commercial Bank Limited; and 5th the Bank of Punjab.

Chemical and Fertiliser sector: 1st Fauji Fertiliser Company Limited; 2nd Sanofi-Aventis Pakistan Limited; 3rd Dawood Hercules Chemicals Limited; 4th Engro Chemical Pakistan Limited; and 5th Highnoon Laboratories Limited.

Engineering sector: 1st Crescent Steel and Allied Products Limited; 2nd Al-Ghazi Tractors Limited; 3rd Bolan Castings Limited; 4th Hinopak Motors Limited; and 5th Siemens (Pakistan) Engineering Company Limited.

Fuel and Energy sector: 1st Pakistan Oilfields Limited; 2nd Attock Refinery Limited; 3rd Pakistan State Oil Company Limited; 4th Pakistan Petroleum Limited; and 5th National Refinery Limited.

Textile sector: 1st Gatron (Industries) Limited; 2nd Ibrahim Fibres Limited. No other company obtained minimum marks to qualify for the other positions.

Miscellaneous sector: 1st Pakistan Tobacco Company Limited; 2nd Shakarganj Mills Limited; 3rd Rafhan Maize Products Co. Limited; 4th Century Paper and Board Mills Limited; and 5th Nestle Pakistan Limited.