The Joint Committee of the Institute of Chartered Accountants of Pakistan and the the Institute of Cost & Management Accountants of Pakistan initiated the Best Corporate Reports Award in the year 2000, with the aim to encourage local companies to follow transparency in preparing their annual reports according to international best practices.
With the introduction of the ‘Best Sustainability Report Award’ in 2011 the Institutes took the first step of promoting responsible reporting by companies covering economic, environment and social performance of the business.
The success of the award can be judged by the significant improvement in corporate reporting since its inception, with many companies achieving awards at the regional and international corporate reporting competitions.
A subcommittee of the Joint Committee of ICAP and ICMAP, comprising of prominent professionals working in prestigious organizations, evaluates corporate reports against a ‘criteria’ developed by the sub-committee. The ‘criteria’ not only comprise of mandatory requirement of companies ordinance, the code of corporate governance and IFRS but also encourages to adopt best practice being followed all over the world.
The list of winners is available here.