ACCA (the Association of Chartered Certified Accountants) signed a Memorandum of Understanding (MoU) with the management of Pakistan Business Council (PBC). The MoU revolves around ACCA and PBC’s mutual agenda of supporting the development of businesses that emphasises on financial disclosures and reporting that is the key to attract and excite local and foreign direct investment in the economy.
ACCA and PBC share a common vision of advancing public interest, advocating corporatisation and business formalisation as the driver of economic growth.
Speaking at the signing ceremony, Helen Brand OBE, ACCA’s chief executive highlighted, ‘By cementing the links we enjoy with Pakistan Business Council (PBC), we’re showing ACCA’s firm commitment to the further development of the country’s business and economy, as Pakistan grows in strength and influence on the world stage.’
Sajjeed Aslam, Head of ACCA Pakistan, said, ‘ACCA and Pakistan Business Council’s recent collaboration on the UN Sustainable Development Goals was an excellent example of what this MoU can bring to members of both PBC and ACCA in terms of capacity building, sharing of thought leadership material and addressing current business challenges and proposing solutions.’
Ehsan A. Malik, CEO of PBC added that ‘PBC is excited about entering into an MOU with the ACCA. PBC will work with the ACCA to promote high standards of corporate behavior, inculcate critical thinking for managing ethics, leverage private sector growth for inclusive development and encourage sustainability, amongst others, through integrated reporting. Its main agenda is to strengthen domestic industry to generate jobs, value-added exports, promote import substitution and the equitable broadening of the tax base. Working with the ACCA and its members, PBC hopes to make its advocacy even more effective.’
Fuad Hashimi, Executive Director CERB shared that ‘CERB’s vision is to assist Pakistani businesses to pursue long-term value creation, and its mission is to contribute towards ethical and responsible business practices that lead to inclusive and sustainable development. In doing so, private sector would also be fulfilling its role in motivating Pakistan towards achievement of the UN Sustainable Development Goals. CERB will endeavor over time to change the mind-sets of businesses towards “Integrated Thinking” when deciding on their business models and this is a necessary prequel to “Integrated Reporting”.
Arif Masud Mirza, Head of Policy MENASA, commented, “In order to be sustainable, the social agenda of the companies with a Triple Bottom Line (TBL) approach is to look beyond the profits and this is only possible through the change in mindsets first. The nucleus of the MoU is that we will endeavor our time to change the mindsets of businessess and will make it into a speaking MoU. We are looking forward to work with an energetic team of the PBC to take this agenda forward.”
ACCA and PBC are to jointly work with regulators and stakeholders to contribute towards policy making, advocacy and educating businesses to create (i) awareness around agendas like SDGs, corporate governance, integrated reporting, gender diversity as well as (ii) excitement around global best practices.