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Posted on Dec 14, 2021 |

ICSB Organized its 8th ICSB National Award for Corporate Governance Excellence 2020

ICSB Organized its 8th ICSB National Award for Corporate Governance Excellence 2020

Institute of Chartered Secretaries of Bangladesh (ICSB) recently organized its 8th ICSB National Award for Corporate Governance Excellence 2020 in the Grand Ball Room of Radisson Blu Dhaka Water Garden, on Sunday, 12 December, 2021.

40 companies were recognized in this ceremony for good corporate governance based on the evaluation criteria set by the institute. The companies were mainly judged in terms of how well they promoted corporate fairness, transparency and accountability in the overall management of their team during the year 2020.

Tipu Munshi, MP, Hon’ble Minister, Ministry of Commerce graced the occasion as the chief guest. He presented trophies and certificates to winning companies in 13 categories, covering all companies listed under DSE & CSE.

Professor Shibli Rubayat-Ul-Islam, Chairman, BSEC. and Tapan Kanti Ghosh, Secretary, Ministry of Commerce attended the programme as special guests. Muzaffar Ahmed FCMA, FCS, President of ICSB chaired the award-giving program. Itrat Husain FCMA, FCS, Former President & Chairman of Corporate Governance Committee was also present at the occasion.

Among the awardees in the General Banking sector, BRAC Bank Limited achieved the gold award while Eastern Bank Limited and Dutch-Bangla Bank Limited obtained silver and bronze respectively. 

In the Islami banking category, Shahjalal Islami Bank Limited achieved gold while Islami Bank Bangladesh Limited and Social Islami Bank Limited obtained silver and bronze respectively.

Similarly, in the category for non-banking financial institutions, Delta Brac Housing Finance Corporation Limited achieved the gold award while IDLC Finance Limited, and Bangladesh Finance and Investment Company Limited  achieved Silver and Bronze respectively.

Likewise, in the category for General Insurance, Green Delta Insurance Company Limited received the gold award while Reliance Insurance Limited and Prime Insurance Company Limited ensured Silver and Bronze respectively.

In the category for Life Insurance companies, Pragati Life Insurance Limited received the gold award, National Life Insurance Company Limited got the silver award and Sonali Life Insurance Company Limited got the bronze award.

Similarly, in the categories of pharmaceutical and chemical companies, Square Pharmaceuticals Ltd. got the gold while Beximco Pharmaceuticals Limited and IBN SINA Pharmaceutical Industry Ltd. achieved silver and bronze respectively.

In the category for Textiles and RMG companies, Matin Spinning Mills Limited got the gold award, Paramount Textile Limited bagged silver, while Envoy Textiles Limited bagged bronze.

In Food and Allied Companies category, Golden Harvest Agro Industries Limited achieved the gold award. Unilever Consumer Care Limited won silver and Olympic Industries Limited got bronze.

Likewise, in the category for IT and telecom companies, Grameenphone Ltd. achieved the gold while Bangladesh Submarine Cable Company Limited and aamra networks limited achieved the silver and bronze respectively.

In the category for engineering companies, Singer Bangladesh Limited got gold while BBS Cables Ltd. and Walton Hi-Tech Industries Limited bagged silver and bronze respectively.

In the category for manufacturing companies, British American Tobacco Bangladesh Company Limited won the gold, on the other hand, Marico Bangladesh Limited achieved the silver. The bronze award was awarded to two companies, LafargeHolcim Bangladesh Limited and RAK Ceramics (Bangladesh) Limited.

Similarly, in the category for fuel & power companies, Summit Power Limited awarded the gold while MJL Bangladesh Limited and United Power Generation & Distribution Company Ltd. achieved silver and bronze respectively.

Finally, in the category for service-providing companies, Unique Hotel & Resorts Limited got the gold award while Eastern Housing Limited and Summit Alliance Port Limited achieved silver and bronze respectively.

The chief guest, Tipu Munshi, MP, Commerce Minister, Ministry of Commerce, in his speech, appreciated the initiative of ICSB to award the listed companies for practicing good governance. He added that efficient corporate governance is gaining increasing importance in today’s business world. Mr. Tipu Munshi also said that the present government is committed to ensure a culture of good corporate governance among all listed companies in Bangladesh. Thereby, he appreciated the role of ICSB in developing professional skills in the corporate.

Speaking as the special guest at the event, Professor Shibli Rubayat-Ul-Islam, Chairman, BSEC said, “Corporate governance is a major determinant for stability and development of the capital market.” He added that BSEC is constantly reviewing the activities of corporate governance in the country, where chartered secretaries are playing a huge role of ensuring excellence in governance.

Tapan Kanti Ghosh, Secretary, Ministry of Commerce, in his speech, congratulated the award winners and congratulated ICSB for such an arrangement. He urged that good governance is the key to our country’s sustainable economic development. He emphasized the importance of a having team mentality in ensuring proper governance in the workplace.

Muzaffar Ahmed FCMA, FCS, President of the Institute emphasized that practicing good corporate governance is now the demand of time. It requires the whole-hearted commitment of all individuals working in the company, for the purpose of sustainable development and maximization of shared values. Good governance practice helps to improve employees’ morale and high productivity and also ensures long term goals of the business.

While extending the heartiest congratulations to all award recipients, Mr. Itrat Husain FCMA, FCS, Past President & Chairman, Corporate Governance Committee, applauded the role of ICSB for developing professional skills in the corporate sector. “Good governance practice helps to improve employees’ morale and productivity, while fulfilling long-term goals of the business,” explained Mr. Husain, adding that introduction of the corporate governance code was a bold step taken by the BSEC. This will definitely help to develop a culture of well-regulated corporate governance in the country. He also urged to extend the scope of the Corporate Governance Code to large public/private limited companies that are operating in Bangladesh for fair business competition.

The 5th and 6th Bangladesh Secretarial Standards (BSS-5 and BSS-6) developed by ICSB were released on the occasion. Former President of ICSB and Council Member Mohammad Sanaullah FCS, delivered the keynote address. These two BSS contain detailed instructions on virtual and hybrid meetings and resolutions by circulation.

The program was also streamed live on various virtual platforms. Many esteemed dignitaries, professionals, corporate executives from leading corporate houses of Bangladesh, members of the institute, media & journalists attended the program.