www.icap.org.pk Volume 39 Issue 10 | October 2016 NewsletterGovernance, Transparency and Service to Members and Students contents meets & events meets & events Best Corporate and Sustainability Appointment at IFAC Committees 8 Report 2015 Awards Ceremony ICAP Distributes Awards Nationally to Top Position Holders Seminar on Success in Professional Life 10 National Finance Olympiad is back! 11 CA Toastmasters Club Islamabad CA Toastmasters Club Lahore 12 member news Top 5 CPD Earners 13 New Fellow/Associate Members Obituary Life Member New Firms 14 The Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Discount Cost and Management Accountants of Pakistan (ICMAP) jointly organised Continuing Professional Development the fifteenth Best Corporate and Sustainability Report (BCSR) 2015 Program Awards Ceremony on October 7, 2016 at Movenpick Hotel, Karachi. hr news The chief minister Sindh, Syed Murad Ali Shah was the chief guest, and Traits of Leadership guests of honour included past presidents ICAP, Saqib Masood and Shabbar Zaidi and past presidents ICMAP, M. A. Lodhi and Ashraf Bawany. Welcome on Board 16 Training & Development Shah said that Sindh government intended to have partnership with private sector and accountancy professionals for economic growth to help ICAP Staff Performs Hajj improve the economy of the province as well as that of the country. The chief minister appreciated ICAP and ICMAP for jointly organising these student section awards every year for the enhancement of corporate reporting system and Career Counselling Sessions 17 said that high quality financial reports of the companies are pivotal for the development of the country. He urged the corporate sector to invest in the Learn & Lunch Session with province as it has potential of robust economic growth. Academia 18 Examination News 19 President ICAP Nadeem Yousuf Adil said that over the period, this competition has brought tremendous improvement in the annual reports Chartered Accountants Avenue, Clifton, Karachi-75600 (Pakistan) UAN: 111-000-422 PABX: 99251636-39 Fax: 99251626 Email: [email protected] Newsletter The Institute of Chartered Accountants of Pakistan of the companies. This fact has also been acknowledged we are now moving on to integrated reporting which at the regional level as the number of winning Pakistani is a new standard for corporate communication. He companies of South Asian Federation of Accountants appreciated the chairman Joint Evaluation Committee of (SAFA) awards has increased. The president emphasised ICAP and ICMAP, Yacoob Suttar, and his team for holding the importance of the awards and said that the awards this awards ceremony for the sixteenth consecutive year are aimed at promoting greater and more effective while also applauded the efforts and enthusiasm of the communication of financial and other information by members the BCSR Evaluation Committee which made companies to their stakeholders through the publication it possible. of timely, informative, factual and reader friendly annual reports. He further stated that the stakeholders, Yacoob Suttar said that this is a yearly award ceremony especially investors, equate high quality annual reports launched by ICAP and ICMAP, the two bodies that with high quality management, and this demonstrates a are carrying forward and regulating the accounting company's subscription to the ethic of transparency and profession in the country. As many as 50 companies the full and timely disclosure of information. were conferred the awards in 10 categories such as banks, non-bank financial institutions (NBFIs) and Vice president ICMAP Anis-ur-Rehman in his speech said insurance, chemical and pharmaceuticals, fuel and that the aim of initiating sustainability award category in energy, engineering and autos, cement and sugar, 2011 was to encourage wider circulation of sustainability textiles, mutual funds, non-profit organisations (NPOs) reporting. He stated that from sustainability reporting and others. 2 October 2016 Governance, Transparency and Service to Members & Students www.icap.org.pk The event was largely attended by senior officials of international best practices and to facilitate these the winning companies including members of the both businesses in obtaining investments by ethical investors. the Institutes and other professionals. Fuaji Fertilizer Company Limited received the overall winner for the The objective of the awards is to encourage the publication Best Corporate Report and was also declared winner of timely, accurate, informative and well-presented annual for the Best Sustainability Report. The event was widely reports for shareholders, investors, regulators employees covered by the electronic and print media. and stakeholders who may have an interest in the performance and activities of the organisations in question, ICAP and ICMAP have been awarding the Best Corporate and to recognise and honour those organisations for their Report (BCR) Awards for the last fifteen years. This award exemplary achievement in producing such reports. has been instrumental in encouraging entities to follow transparency in preparing their annual reports according Annual reports are adjudged in accordance with the criteria to the international best practices. through a transparent evaluation process, where marking is done by staff of both Institutes, and the results are reviewed In 2011, yet another award namely, Best Sustainability by the Joint Evaluation Committee (a sub-committee of the Report Award was initiated with the aim to promote Joint Committee of ICAP and ICMAP) under the chairmanship responsible reporting by entities covering economic, of Yacoob Suttar FCA, FCMA. The criteria are regularly environment and social performance of the business. reviewed by the committee in order to update in line with The objective is to make local business aware of the the international best practices. October 2016 3 Newsletter The Institute of Chartered Accountants of Pakistan 4 October 2016 Governance, Transparency and Service to Members & Students www.icap.org.pk October 2016 5 Newsletter The Institute of Chartered Accountants of Pakistan Best Corporate & Sustainability Report 2015 Awards Press Coverage 6 October 2016 Governance, Transparency and Service to Members & Students www.icap.org.pk List of Best Corporate and Sustainability Report 2015 Awards Winners RANK SECTOR WISE WINNERS FUEL & ENERGY 1 Pakistan State Oil Company Limited BANKS 2 K‐Electric Limited 1 MCB Bank Limited Joint‐3 Attock Petroleum Limited 2 Meezan Bank Limited Joint‐3 Oil and Gas Development Company Limited 3 Allied Bank Limited Joint‐4 Pakistan Petroleum Limited 4 Bank Al‐Falah Limited Joint‐4 Mari Petroleum Company Limited Joint‐5 Hub Power Company Limited NON-BANK FINANCIAL INSTITUTIONS Joint‐5 Attock Refinery Limited (NBFIs) & INSURANCE ENGINEERING & AUTOS 1 First Habib Modarba Joint‐1 Atlas Honda Limited 2 EFU Life Assurance Limited Joint‐1 Mughal Iron and Steel Industries Limited 3 Jubilee General Insurance Limited Joint‐2 Al‐Ghazi Tractors Limited 4 EFU General Insurance Limited Joint‐2 Pak Electron Limited 5 Atlas Insurance Limited Joint‐3 Crescent Steel and Allied Products Limited Joint‐3 Thal Limited CEMENT & SUGAR Joint‐4 International Industries Limited 1 Maple Leaf Cement Factory Limited Joint‐4 Atlas Battery Limited 2 Cherat Cement Company Limited NON-PROFIT ORGANISATIONS (NPOs) 3 Lucky Cement Limited 1 The Citizens Foundation CHEMICAL & PHARMACEUTICALS OTHERS 1 Fauji Fertilizer Company Limited 2 Engro Polymer and Chemicals Limited 1 Cherat Packaging Limited 3 Lotte Chemicals Pakistan Limited 2 Avanceon Limited Joint‐4 Abbott Laboratories (Pakistan) Limited Joint‐3 Rafhan Maize Products Limited Joint‐4 Fauji Fertilizer Bin Qasim Limited Joint‐3 Cyan Limited Joint‐5 Glaxosmithkline (Pakistan) Limited Joint‐5 ICI Pakistan Limited Sustainability Report Awards Winners TEXTILES RANK WINNERS 1 Nishat Mills Limited 1 Fauji Fertilizer Company Limited 2 Kohinoor Textile Mills Limited 2 ICI Pakistan Limited 3 Gul Ahmed Textile Mills Limited 3 Crescent Steel and Allied Products Limited 4 Gadoon Textile Mills Limited 4 Atlas Honda Limited October 2016 7 Newsletter The Institute of Chartered Accountants of Pakistan Appointment at IFAC Committees The International Federation of Accountants (IFAC) and Technical Advisory Committee (PSTAC). He has has approved the appointment of Naeem Akhtar also served the Institute as its vice president and as Sheikh, FCA, Council Member and past president chairman of various important committees. ICAP as member of its Professional Accountancy Organisation Development (PAOD) Committee and Khalilullah Shaikh is a fellow Khalilullah Shaikh, FCA Council Member and vice member of ICAP. He is currently the president - South as member of its Professional chief internal auditor of K-Electric Ltd. Accountants in Business (PAIB) Committee, for the and has 12 years of rich experience in term 2017-19. handling treasury, business finance, project management, accounting, Naeem Akhtar Sheikh is a fellow internal audit and organisational member of ICAP. He is currently the restructuring areas. He is serving as vice president senior partner of UHY Hassan Naeem - South of ICAP for the term 2016-17. He is also the & Co. He is a leading tax consultant chairman of ICAP Professional Accountants in Business of the country with two decades (PAIB) Committee for the last two years and chairman of experience. He has to his credit of ICAP Investigation Committee for 2016-17 and various law