President Alvi asks finance professionals to foster ethics-based businesses

ISLAMABAD: President Dr Arif Alvi has urged the 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), he said, the goods sold by Pakistani businessmen should be known for their quality and as the products of integrity.

If brand Pakistan was built on sincerity, honesty and integrity no power in the world could stop it from rising, he added.

He expressed concern over 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.

The president said the businesses should keep in mind that they had to take care of the poor and vulnerable sections of the society.

Pakistan was plagued by the menace of corruption, he said, adding that the people could convert their hard work into capital and become sleeping partners by signing contracts but the disproportionate accumulation of capital should be avoided.

The companies had a responsibility towards their stakeholders, workers and to the protection of the environment, President Alvi said and appreciated the government of Prime Minister Imran Khan for wisely tackling the coronavirus pandemic, while avoiding a complete lockdown to save lives and livelihoods.

Dr Alvi said that it had become difficult to take corrupt persons to task because of distortion in applying law-based rules, adding that the world once supported the free flow of capital but when the economy of China boomed and became a strong competitor, hurdles were created in the way of capital flows.

The profit-making was understandable but it should go along with fulfilling the social responsibility, the president said, adding that the gap between the rich and the poor was widening at a fast pace.

The president said it was the responsibility of the government to tax the rich and spend money on educating people and fulfilling all of their basic needs.

Education was an equaliser and gave an opportunity to citizens to earn a living and raise their living standards, he said, adding that the present government brought economic stability and helped the less-privileged and people at the lowest tier by spending more than Rs200 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, Securities and Exchange Commission of Pakistan chairman Aamir Khan praised the new charter holders on their achievement.

He also applauded the efforts of the CFA Society Pakistan for promoting high standards of “ethical decision-making”; the cornerstone of the SECP’s commitment towards building a regulatory environment that was equitable, transparent and efficient.

Speaking on a video-call, CFA Institute chief executive officer Margarete Franklin thanked President Alvi and appreciated the efforts of the CFA Society of Pakistan and emphasised that the work of the institute was ultimately for the benefit of the society.

The ceremony was attended by the representatives from the SECP, State Bank of Pakistan and the Federal Board of Revenue.

The 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.