President calls on finance professionals to promote “ethical businesses” – Pakistan
ISLAMABAD: President Dr Arif Alvi on Friday urged financial professionals to fulfill their obligations to society and the environment and to foster ethical businesses to make Pakistan a country of sincere and honest people.
Speaking at the Chartered Financial Analysts (CFA) awards ceremony here, he said the products sold by Pakistani businessmen should be known for their quality and as products of integrity.
If the Pakistan brand was founded on sincerity, honesty and integrity, no power in the world could stop our nation from rising up, he added.
He expressed concern about the accumulation of capital in the hands of a minority and the growing unequal distribution of wealth between rich and poor.
He cited the example of the East India Company which stole India’s resources and resorted to violence, pillage and pillage which caused death and starvation.
He said companies need to keep in mind that they need to take care of the poor and vulnerable segments of society.
Pakistan was plagued by the threat of corruption, he said, adding that people could convert their hard work into capital and become dormant partners by signing contracts, but the disproportionate accumulation of capital should be avoided. .
He said companies have a responsibility to their shareholders, to their workers and to protecting the environment.
He praised the government of Prime Minister Imran Khan for wisely fighting the Coranavirus pandemic while avoiding a full lockdown to save lives and livelihoods.
Dr Alvi was of the opinion that it had become difficult to challenge corrupt people because of the distortion in the application of the rules based on the law.
He said the world once supported the free flow of capital, but when China’s economy exploded and became a strong competitor, obstacles were created in the path of capital flows.
He said earning profits was understandable but should go hand in hand with fulfilling social responsibility, adding that the gap between the rich and the poor was widening at a rapid rate.
The president said it was the government’s responsibility to tax the rich and spend money to educate people and meet all of their basic needs.
Education is an equalizer and gives citizens the opportunity to earn a living and raise their standard of living, he commented.
He said the current government has brought economic stability and helped the less fortunate and the lowest level by spending over Rs 200 billion on the Ehsaas social protection program.
He praised those who received the charter as financial analysts after years of hard work.
Speaking on the occasion, Securities and Exchange Commission Chairman Aamir Khan congratulated the new charterholders for their achievements. He also applauded the efforts of the CFA Society Pakistan to promote high standards of “ethical decision making”; the cornerstone of SECP’s commitment to create a fair, transparent and efficient regulatory environment.
Speaking on a video call, CFA Institute Executive Director Margarete Franklin thanked President Alvi and appreciated the efforts of the CFA Society of Pakistan and stressed that the Institute’s work was ultimately in the interests of society.
The ceremony was attended by representatives of the SECP, the State Bank and the Federal Board of Revenue. CFA Institute had more than 178,000 CFA charter holders in more than 164 markets. It also had 160 local member societies, including the CFA Society of Pakistan. — PR
Copyright Business Recorder, 2021