PBC, ICAP agree to conduct joint research

Sign MoU to promote best practices, corporate governance

KARACHI: The Pakistan Business Council (PBC) signed on Thursday a memorandum of understanding (MoU) with the Institute of Chartered Accountants of Pakistan (ICAP) in a bid to undertake joint research studies to foster sustainable growth of the national economy.

The understanding between the PBC, a research-based business advocacy body, and ICAP, the regulator of the accountancy profession, is part of the former’s strategy to reach out and work together with reputable organisations to further the objective of nurturing sustainable growth of the economy, says a press release.



As per the MoU, both the entities will collaborate in joint research projects, promote and recognise best practices in business management, corporate governance and responsible and sustainable business practices. In the latter context, the PBC will work through its Centre of Excellence in Responsible Business.

The MoU came in the wake of an increasingly tough business environment in which fiscal burden on the formal sector is getting heavier and demands from corporate and other regulators are growing.

“Cooperation with ICAP, whose members are in leading positions in the public and private sectors, will enhance the effectiveness of PBC’s advocacy on promoting jobs, value-added exports, import substitution and the broadening of tax base,” the PBC said.

The MoU was signed by PBC Chairman Muhammad Ali Tabba and ICAP President Nadeem Yusuf Adil.

PBC Director Arif Habib, CEO Ehsan Malik, ICAP Vice President Khalilullah Shaikh, former president and council member Yacoob Suttar, council member Riaz A Rehman and COO and Secretary Abdul Malik were present on the occasion. The PBC says it is the only research-based advocacy body that represents the largest private sector groups, both Pakistani and multinational, operating in Pakistan.



It says its research reports are shared regularly with the government and other stakeholders. Its members have a significant stake in the future of Pakistan and contribute every ninth rupee of the gross domestic product (GDP) and nearly 20% to both export earnings and tax revenues.

Published in The Express Tribune, September 1^st, 2017.

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