The Institute of Chartered Secretaries of Bangladesh (ICSB) has awarded 32 of the locally listed companies for their excellence in corporate governance.
Veteran chartered secretaries and distinguished guests were present at a hotel in Dhaka on Saturday evening to recognize and inspire the winners of 6th ICSB National Award for Corporate Governance Excellence, 2018.
The award giving ceremony was addressed by special guest Dr A B Mirza Md Azizul Islam, former adviser to the caretaker government, also a former chairman of the Securities and Exchange Commission.
Pointing at lack of corporate governance in Bangladesh Dr Azizul said that it is a collective failure and improved corporate governance is a must to achieve sustainable development goals.
95 percent of the locally listed companies are left behind in terms of corporate governance and that is the root of all the issues in financial, manufacturing and other service sector companies in stock exchange, opined ICSB President Muzaffar Ahmed while speaking as the session chairman.
Former principle secretary Md Abdul Karim also spoke on the occasion to congratulate the winning companies.
The ICSB National Award for Corporate Governance Excellence
ICSB, each year, calls for application from companies listed with local stock exchanges and over 160 companies from 11 different industry category have submitted their reports and other supporting information that speaks for their corporate governance standard.
The corporate governance committee of ICSB cross checks all the information to help an independent jury board comprised of external experts evaluate the companies.
Award Winners for the sixth season
For good Corporate Governance based on the evaluation criteria set by the Institute along with transparency and accountability in the overall management of the company during the year 2018.
Among the awardees in the Banking sector Bank Asia Limited achieved the Gold while BRAC Bank Limited and Eastern Bank Limited obtained Silver and Bronze respectively.
Similarly, in Non-Banking Financial Institutions category, Delta BRAC Housing Finance Corporation Limited achieved the gold while IDLC Finance Limited and IPDC Finance Limited achieved Silver and Bronze respectively.
Likewise, in Insurance Companies category, Green Delta Insurance Company limited received the gold while Reliance Insurance Company Limited and Prime Insurance Company Limited ensured Silver and Bronze respectively.
In the Pharmaceutical and Chemical Companies category The IBN SINA Pharmaceuticals Industry Limited awarded the gold while Square Pharmaceutical Limited and ORION Pharma Limited won Silver trophy jointly.
In Textiles and RMG Companies category, Matin Spinning Mills Limited got the gold and Paramount Textile Limited and SHASHA DENIMS Limited bagged Silver and Bronze respectively.
In Food and Allied Companies category, Golden Harvest Agro Industries Limited achieved the gold trophy. Gemini Sea Food Limited and AMAN FEED Limited bagged Silver and Bronze respectively.
In IT, Telecom Companies category, Bangladesh Submarine Cable Company Limited won the gold while Grameenphone Limited and BDCOM Online Limited achieved the Silver and Bronze respectively.
In Engineering Companies category, Singer Bangladesh Limited obtained the gold while BSRM Steel Limited and BBS Cables Limited bagged Silver and Bronze respectively.
In Manufacturing Companies category, British American Tobacco Bangladesh Company Limited won the gold on the other hand RAK Ceramics Bangladesh Limited and Premier Cement Mills Limited achieved the Silver and Bronze respectively.
In Fuel & Power Companies category, MJL Bangladesh Limited got the gold award while Linde Bangladesh Limited and Summit Power Limited achieved the Silver and Bronze respectively.
Finally, in Services Companies category, Eastern Housing Limited got gold award while Unique Hotel & Resort Limited achieved the silver.