Staff Reporter : The Institute of Chartered Secretaries of Bangladesh (ICSB) has awarded 41 companies the Corporate Governance Excellence Award in recognition of their success in achieving excellence in corporate governance, discipline, transparency, and accountability in overall management. The ceremony, the 11th ICSB National Award for Corporate Governance Excellence 2023, was held yesterday evening (October 5) at the Grand Ballroom of the Pan Pacific Sonargaon Hotel in Dhaka.
Based on ICSB’s set criteria, the award was given to companies for their efforts to establish corporate governance, transparency, and accountability in 2023 and for conducting institutional activities in line with the Corporate Governance Code of the Bangladesh Securities and Exchange Commission (BSEC). The theme of this year’s awards was “Promoting Governance Excellence.”
Dr. Salehuddin Ahmed, Adviser to the Ministry of Finance, Commerce, and Science & Technology of the Government of the People’s Republic of Bangladesh, was the chief guest at the event. Special guests included Mr. Khandaker Rashed Maksud, Chairman of the Bangladesh Securities and Exchange Commission (BSEC); Dr. Md. Khairuzzaman Majumder, Secretary of the Finance Division; Mr. Salim Uddin, Secretary of the Ministry of Commerce; and Mr. Md. Abdur Rahman Khan, Secretary of the Internal Resources Division and Chairman of the National Board of Revenue. The ceremony was presided over by Mr. M. Nurul Alam FCS, Chairman of the Corporate Governance Committee and Senior Vice President of ICSB.
From the companies listed on the Dhaka and Chittagong Stock Exchanges, 41 companies in 14 categories were awarded crests and certificates by the chief guest, Dr. Salehuddin Ahmed. The companies received awards in three categories: Gold, Silver, and Bronze.
In the General Banking sector, Eastern Bank PLC won the Gold Award, BRAC Bank PLC won Silver, and City Bank PLC won Bronze.
No company was selected for the Islamic Banking category.
In the Non-Banking Financial Institution category, IDLC Finance PLC won the Gold Award, IPDC Finance PLC won Silver, and DBH Finance PLC won Bronze.
In the General Insurance category, City Insurance PLC won Gold, Green Delta Insurance PLC won Silver, and Sena Kalyan Insurance PLC won Bronze.
In the Life Insurance category, Pragati Life Insurance Limited won Silver, and National Life Insurance PLC won Bronze.
In the Pharmaceuticals and Chemicals category, Square Pharmaceuticals PLC won Gold, The Ibn Sina Pharmaceutical Industry PLC won Silver, and both The ACME Laboratories Limited and Navana Pharmaceuticals PLC won Bronze.
In the Textile and RMG category, Paramount Textile PLC won Gold, Matin Spinning Mills PLC won Silver, and both Square Textile PLC and Shasha Denims Limited won Bronze.
In the Food and Allied category, Unilever Consumer Care Limited won Gold, Olympic Industries Limited won Silver, and Agricultural Marketing Company Limited won Bronze.
In the Information and Communication Technology category, IT Consultants PLC won Gold, ADN Telecom Limited won Silver, and both BDCOM Online Limited and Aamra Technologies Limited won Bronze.
In the Engineering category, Walton Hi-Tech Industries PLC won Gold, Singer Bangladesh Limited won Silver, and BSRM Steels Limited won Bronze.
In the Manufacturing category, LafargeHolcim Bangladesh Limited won Gold, RAK Ceramics (Bangladesh) Limited won Silver, and both Index Agro Industries Limited and Marico Bangladesh Limited won Bronze.
In the Fuel and Power category, United Power Generation & Distribution Company Limited won Gold, MJL Bangladesh PLC won Silver, and Linde Bangladesh Limited won Bronze.
In the Service category, Unique Hotel & Resorts PLC won Gold, and Eastern Housing Limited won Silver.
In the Telecommunications category, Grameenphone Limited won Gold, Robi Axiata PLC won Silver, and Bangladesh Submarine Cables PLC won Bronze.
In his keynote address, Dr. Salehuddin Ahmed said, “This award is not just a token of appreciation but a benchmark for corporate excellence in our country. ICSB has become a trusted name in corporate governance over the past few decades, which is truly commendable.” Congratulating the winners, he added, “Such recognition motivates listed companies to maintain good governance and compliance, further inspiring them to improve their policies and governance.”
Special guest BSEC Chairman Khandaker Rashed Maksud emphasized the need for listed companies to commit to following the corporate governance code to ensure transparency and accountability for a sustainable capital market. Another special guest, Dr. Md. Khairuzzaman Majumder, Secretary of the Finance Division, said, “The most significant aspect of this event is raising awareness about governance, transparency, and accountability in corporate management. ICSB is tirelessly working to enhance the skills and creativity of chartered secretaries in the business sector.” Commerce Ministry Secretary Mr. Salim Uddin highlighted the crucial role of company secretaries in ensuring governance within companies, maintaining professionalism, and making independent decisions.
Mr. Md. Abdur Rahman Khan FCMA, Secretary of the Internal Resources Division and Chairman of the National Board of Revenue, emphasized the importance of governance in the ever-changing business environment, stating, “This award helps corporate entities become globally competitive and sets a standard for establishing corporate governance.”
Mr. M. Nurul Alam FCS, Senior Vice President of ICSB and Chairman of the Corporate Governance Committee, welcomed the participants at the event. He stated, “Our aim is to promote and uphold good governance in Bangladesh’s corporate sector. We honor those companies and their management who are committed to governance and follow the BSEC Corporate Governance Code, the Companies Act 1994, and global best practices.”
ICSB Vice President Mr. A.K.M. Mushfiqur Rahman FCS highlighted the necessity and effectiveness of the Corporate Governance Awards and congratulated the winners, expressing hope that the award will inspire further progress in the corporate sector.
Finally, Mr. Mohammad Shafiqul Islam Bhuiyan FCS, ICSB Council Member, thanked all the attendees on behalf of the ICSB Institute. The event was attended by dignitaries, government officials, professionals, chairpersons, directors, managing directors, senior officials of various corporate entities, business leaders, and journalists. The guests highly praised ICSB’s role in establishing corporate governance and ensuring sustainable development in Bangladesh’s corporate sector.