Institute of Chartered Secretaries of Bangladesh (ICSB) has awarded 43 companies for their outstanding corporate governance practices as well as transparency and accountability in overall management. The 10th ICSB National Award for Corporate Governance Excellence, 2022 was organized by ICSB on 14 October 2023 at the Radisson Blu Water Garden Hotel, Dhaka.
The companies were mainly judged in terms of how perfectly they promoted corporate governance, transparency and accountability in overall management of their team during the year 2022 and ensuring compliance of Corporate Governance Code of Bangladesh Securities and Exchange Commission (BSEC). Theme of the award is ‘Promoting Governing Excellence’.
Tipu Munshi, MP, Honorable Minister, Ministry of Commerce, Government of the People’s Republic of Bangladesh graced the occasion as the Chief Guest. Md. Nojibur Rahman, Chairman, Capital Market Stabilization Fund (CMSF) & Former Principal Secretary to the Hon’ble Prime Minister of Bangladesh and Tapan Kanti Ghosh, Senior Secretary, Ministry of Commerce, GoB were present as Special Guests. Mohammad Asad Ullah FCS, President, ICSB presided over the program. M Nurul Alam FCS, Senior Vice President, ICSB and Chairman, Corporate Governance Committee and senior officials of various organizations were also present.
The program’s Chief Guest Tipu Munshi, MP, Honorable Minister, Ministry of Commerce, GoB, Md. Nojibur Rahman, Chairman, Capital Market Stabilization Fund (CMSF) & Former Principal Secretary to the Hon’ble Prime Minister of Bangladesh and Tapan Kanti Ghosh, Senior Secretary, Ministry of Commerce, GoB presented trophies and certificates to 43 winning companies under 14 categories who are listed with the DSE and CSE. Companies were recognized with awards in the Gold, Silver and Bronze categories.
Eastern Bank PLC won the gold trophy in the general banking category while Dutch-Bangla Bank Limited secured silver and BRAC Bank Limited bronze.
Shahjalal Islami Bank PLC received the gold award while Standard Bank Limited secured silver and Global Islami Bank PLC bronze in Islami banking category.
IDLC Finance Limited won the gold award in the non-banking financial institutions category while Bangladesh Finance Limited bagged silver and both DBH Finance PLC & National Housing Finance and Investments Limited jointly received bronze award.
In the general insurance category, the gold trophy went to City General Insurance Company Limited, the silver to Green Delta Insurance Company Limited and the bronze to Peoples Insurance Company Limited.
In the life insurance category, National Life Insurance Company Limited bagged gold award and Pragati Life Insurance Limited received silver.
Beximco Pharmaceuticals Limited took home the top honor in the pharmaceuticals and chemical category Square Pharmaceuticals PLC won silver and both Renata Limited & Navana Pharmaceuticals Limited jointly received bronze.
In the textile and RMG company category, Matin Spinning Mills PLC bagged the gold, Paramount Textile PLC got silver and Hwa Well Textiles (BD) PLC the bronze trophy.
Unilever Consumer Care Limited won gold, Golden Harvest Agro Industries Limited silver and Olympic Industries Limited bronze respectively in the food and allied company category.
ADN Telecom Limited got the gold trophy in the information and communication technology category, Aamra Technologies Limited silver and IT Consultants Limited bronze.
Walton Hi-Tech Industries PLC got the gold trophy in the engineering category, Runner Automobiles PLC silver and Singer Bangladesh Limited bronze.
RAK Ceramics (Bangladesh) Limited won the gold, Marico Bangladesh Limited bagged silver and LafargeHolcim Bangladesh Limited bronze in the manufacturing category.
In the fuel and power company category, United Power Generation & Distribution Company Limited secured gold, Linde Bangladesh Limited silver and Doreen Power Generations and Systems Limited & MJL Bangladesh PLC jointly received bronze.
Eastern Housing Limited won the top honor in the service company category while Unique Hotel & Resorts PLC bagged silver and Index Agro Industries Limited bronze.
In the telecommunications category, Robi Axiata Limited bagged gold award and Bangladesh Submarine Cable Company Limited received silver.
Speaking at the event as a Chief Guest, Tipu Munshi MP, Minister, Ministry of Commerce, said, “This award is not only an emblem; but also a standard of corporate excellence in our country. In past decades ICSB has emerged itself as a trustworthy name in the area of corporate governance, which is really commendable.”
Congratulating the winners he also said, “Due to such felicitations, now the public listed companies are more concerned in maintaining good governance and compliance issues. He mentioned that ICSB is grooming our corporate people with a vision to establish better corporate culture in our country.”
Addressing the event as a Special Guest Md. Nojibur Rahman, Chairman, Capital Market Stabilization Fund (CMSF) & Former Principal Secretary to the Hon’ble Prime Minister of Bangladesh said, “The most important contribution of this event so far is creating awareness about good governance, transparency and accountability in corporate management.”
Speaking at the event as a Special Guest Tapan Kanti Ghosh, Senior Secretary, Ministry of Commerce, said, “The role of Company Secretaries is very important to ensure governance in a company. ICSB is working to enhance the capability and creativity of the Chartered Secretaries in the business sector.”
President of ICSB Mohammad Asad Ullah FCS said, “To promote ease of doing business, attract the FDI, to protect the interest of investors and stakeholders we urgently need the new Companies Act instead of amendment of the same. He also added that corporate sector strongly feels that only a new Companies Act can solve those problems and contribute for economic development of Bangladesh. He mentioned that the Chartered/Company Secretaries are the operator of the Companies Act worldwide. Therefore, he requested Honorable Commerce Minister and Commerce Secretary to include ICSB profession in the Companies Act Amendment Bill, 2023 in line with ICSB’s proposal submitted before the Ministry of Commerce to develop the profession in Bangladesh and also to professionally serve more than 3 lakh companies registered with the RJSC. The Company Secretary has been playing a pivotal role in the management of the Company and is working as a bridge between the management and shareholders. Globally the Company Secretary is called as Chief Governance Officer of a Company. Finally he congratulated the award winners and hope this will encourage them to strive for achieving excellence in all respect.”
Chairman of Corporate Governance Committee M Nurul Alam, FCS, said, “our objective is to honour the companies and their management who are committed to good governance as well as to encourage company’s management to follow Corporate Governance Code issued by BSEC, the Companies Act 1994 and global best practices.”
At the end, Mohammad Abdullah Al Mamun FCS, Treasurer of ICSB offered a vote of thanks on behalf of the Institute.
Dignitaries, different professionals, chairmen, directors, managing directors and corporate executives of the nation’s top corporate houses, members of the institute, media and journalists attended the event.
The guests praised ICSB’s contribution in building governance and ensuring sustainable development in the business community of Bangladesh.