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ICSB Award on corporate governance: 28 listed firms win awards

  • Published at 06:06 pm November 11th, 2018
ICSB award
Top officials of 28 award winning companies by the Institute of Chartered Secretaries of Bangladesh (ICSB) seen at the award ceremony held at the Radisson Blu Dhaka Water Garden on Saturday. The listed firms got the recognition for their good practice in corporate governance courtesy

Finance Minister AMA Muhith handed over certificates to the winning companies

A total of 28 companies listed under 11 categories in the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE), won the fifth “Institute of Chartered Secretaries of Bangladesh (ICSB) National Award for Corporate Governance Excellence, 2017”.

Finance Minister AMA Muhith handed over certificates to the winning companies at the award ceremony held at the Radisson Blu Dhaka Water Garden, on Saturday.

Speaking at the event, the finance minister said that efficient corporate governance is increasingly becoming important in today’s business world.

He also underscored the present government’s commitment in ensuring a culture of good corporate governance among all listed companies in Bangladesh, and applauded the role of ICSB in developing professional skills in the corporate sector.

Among the winners, Eastern Bank Ltd won the gold award, Southeast Bank Ltd won silver, while Prime Bank Ltd won the bronze award in the “Banking” category.

Similarly, IDLC Finance Ltd bagged the gold award in the “Non-banking Financial Institutions” category, while Delta BRAC Housing Finance Corporation and Union Capital Ltd won the silver and bronze awards, respectively.

In the “Food and Allied Companies” category, Golden Harvest Agro Industries Ltd emerged victorious  by winning the gold award. Olympic Industries won the silver award, and Gemini Sea Food Ltd bagged the bronze award.

Green Delta Insurance won the gold award in the “Insurance Companies” category, while Prime Insurance Company Ltd won silver, and Phoenix Insurance Company Ltd won the bronze award.

ACME Laboratory Ltd dominated the “Pharmaceutical and Chemical Companies” category by winning the gold award, while IBN SINA Pharmaceuticals Industry Limited took the silver award.

In the “Textiles and RMG Companies” category, Matin Spinning Mills Ltd got the gold award,  Paramount Textile Ltd got silver, and Regent Textile Mills Ltd won thebronze award.

Bangladesh Submarine Cable Company Ltd took the gold awardin the “IT and Telecom Companies” category, while Grameenphone Ltd won the silver award.

Summit Power Ltd wonthe the gold awardin the “Fuel and Power Companies” category.

In the “Engineering Companies” category, Singer Bangladesh Ltd got the gold award, BBS Cables Ltd won the silver award, and BSRM Steel Ltd bagged thebronze award.

In the “Manufacturing Companies” category, British American Tobacco Bangladesh won the gold award, while RAK Ceramics Bangladesh Ltd and Premier Cement Mills Ltd won thesilver and bronze awards,  respectively.

Finally, in the “Services Companies” category, Eastern Housing Ltd got gold award while Unique Hotel and Resort Ltd bagged the silver award.

Speaking as a special guest at the event, Chairman of Bangladesh Securities and Exchange Commission (BSEC) Dr M Khairul Hossain said: “Corporate governance is a major determinant for stability and development of the capital market.”

“This year, we have converted the Corporate Governance Guideline into the Corporate Governance Code, under which chartered secretaries will play a much bigger role in ensuring excellence in corporate governance,” he added.

Chairing the ceremony, President of ICSB Mohammad Sanaullah said thatit requires the whole hearted commitment of all individuals working in a company for  sustainable development and maximization of its share value. 

“Good Governance practice helps to improve employees’ morale and productivity, whilefulfilling long-term goals of the business,” explained Sanaullah, adding thatintroduction of the Corporate Governance Code 2018 is a bold step by the BSEC, which will  help  develop corporate governance practices.

Among others, former Finance Advisor to the Caretaker Government A B Mirza Md Azizul Islam was also present at the ceremony. 

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