President asks finance professionals to foster ethics- based businesses

 ISLAMABAD ( Web News )

President Dr Arif Alvi Friday urged finance professionals to fulfill their obligations towards society and environment and foster ethics-based businesses for branding Pakistan as a country of sincere and honest people. Speaking at the awards ceremony of Chartered Financial Analysts (CFA) here, he said the goods sold by Pakistani businessmen should be known for their quality and as products of integrity. If brand Pakistan was built on sincerity, honesty and integrity no power in the world could stop our nation from rising, he added. He expressed concern at the accumulation of capital in the hands of a minority and increasing uneven distribution of wealth among the rich and the poor.

He cited the example of East India Company which stole resources of India and resorted to violence, loot and plunder that caused deaths of people and famine.He said the businesses should keep in mind that they had to take care of the poor and vulnerable sections of society. Pakistan was plagued by the menace of corruption, he said adding people could convert their hard work into capital and become sleeping partners by signing contracts but the disproportionate accumulation of capital should be avoided. He said the companies had a responsibility towards their stockholders, workers and to the protection of environment.He appreciated the government of Prime Minister Imran Khan for wisely tackling the coranavirus pandemic while avoiding a complete lockdown to save lives and livelihoods. Dr Alvi was of the view that it had become difficult to take corrupt persons to task because of distortion in applying of law based rules. He said the world once supported the free flow of capital but when economy of China boomed and became a strong competitor, hurdles were created in the way of capital flows. He said profit making was understandable but it should go along with fulfilling of social responsibility, adding the gap between the rich and poor was widening at a fast speed.

The President said it was responsibility of the government to tax the rich and spend money on educating people and fulfilling all of their basic needs. Education was an equalizer and gave an opportunity to citizens to earn a living and raise their living standards, he commented. He said the present government brought economic stability and helped the less privileged and people at the lowest tier by spending more than Rs 200 billion on the Ehsaas social protection programme.He congratulated those who were awarded charter as financial analysts after years of hard work. Speaking on the occasion, Chairman Securities and Exchange Commission Aamir Khan praised the new charter holders on their achievement. He also applauded the efforts of CFA Society Pakistan for promoting high standards of “ethical decision-making”; the cornerstone of SECP’s commitment towards building a regulatory environment that was equitable, transparent and efficient. Speaking on a video call , Chief Executive Officer of CFA Institute, Margarete Franklin thanked President Alvi and appreciated the efforts of CFA Society of Pakistan and emphasized that the work of the Institute was ultimately for the benefit of society. The ceremony was attended by representatives from SECP, State Bank and Federal Board of Revenue. CFA Institute had more than 178,000 CFA charterholders in more than 164 markets. It also had 160 local member societies including the CFA Society of Pakistan.