ICSB Presented Corporate Governance Excellence Award

Institute of Chartered Secretaries of Bangladesh (ICSB) has awarded 41 companies for their outstanding corporate governance practices as well as transparency and accountability in overall management. The ‘11th ICSB National Award for Corporate Governance Excellence, 2023’ was organized at the Grand Ball Room of Pan Pacific Sonargaon, Dhaka.

According to the fixed standards of ICSB, 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 2023 and ensuring compliance of Corporate Governance Code of Bangladesh Securities and Exchange Commission (BSEC). Theme of the award is ‘Promoting Governing Excellence’.

Dr. Salehuddin Ahmed, Honorable Adviser, Ministry of Finance, Commerce, Science and Technology, Government of the People’s Republic of Bangladesh graced the occasion as the Chief Guest. Mr. Khondoker Rashed Maqsood, Chairman of Bangladesh Securities and Exchange Commission (BSEC), Dr. Md Khairuzzaman Mozumder, Secretary, Finance Division, Ministry of Finance, Government of the People’s Republic of Bangladesh, Mr. Md. Selim Uddin, Secretary, Ministry of Commerce, Government of the People’s Republic of Bangladesh and Mr. Md. Abdur Rahman Khan, FCMA, Secretary, Internal Resources Division & Chairman, National Board of Revenue (NBR), Government of the People’s Republic of Bangladesh were present as Special Guests. Mr. M Nurul Alam FCS, Chairman of the Corporate Governance Committee and Senior Vice President of ICSB presided over the program.

The program’s Chief Guest, Dr. Salehuddin Ahmed, presented trophies and certificates to 41 winning companies under 14 categories who are listed with the Dhaka Stock Exchange PLC. and Chittagong Stock Exchange PLC. Companies were recognised with awards in the Gold, Silver and Bronze categories.

Eastern Bank PLC. won the Gold trophy in the General Banking category while BRAC Bank PLC. secured silver and City Bank PLC. Bronze.
In Islami banking category no company was considered.

IDLC Finance PLC. won the Gold award in the Non-Banking Financial Institutions category while IPDC Finance PLC. bagged Silver and DBH Finance PLC. received Bronze award.

In the General Insurance category, the Gold trophy went to City Insurance PLC. the Silver to Green Delta Insurance PLC. and the Bronze to Sena Insurance PLC.

In the Life Insurance category Pragati Life Insurance Limited bagged Silver award and National Life Insurance PLC received Bronze trophy.

Square Pharmaceuticals PLC. took home the top honor in the Pharmaceuticals and Chemical category The IBN Sina Pharmaceutical Industry PLC won Silver and The Acme Laboratories Limited and Navana Pharmaceuticals PLC. both received Bronze trophy.

In the Textile and RMG Company category Paramount Textile PLC. bagged the Gold, Matin Spinning Mills PLC. got Silver and Square Textiles PLC and Shasha Denims Limited both received Bronze trophy.

Unilever Consumer Care Limited won Gold, Olympic Industries Limited won Silver and Agricultural Marketing Company Ltd. Bronze respectively in the Food and Allied Company category.

IT Consultants PLC. got the Gold trophy in the Information and Communication Technology category, ADN Telecom Limited won Silver and BDCOM Online Limited and Aamra Technologies Limited both received Bronze trophy.

Walton Hi-Tech Industries PLC. got the Gold trophy in the engineering category, Singer Bangladesh Limited won Silver and BSRM Steels Limited won Bronze trophy.

LafargeHolcim Bangladesh Ltd. won the Gold, RAK Ceramics (Bangladesh) Limited bagged won Silver and Index Agro Industries Limited and Marico Bangladesh Limited both received Bronze trophy in the Manufacturing category.

In the Fuel and Power Company category, United Power Generation & Distribution Company Ltd. secured Gold, MJL Bangladesh PLC. Won Silver and Linde Bangladesh Limited received Bronze trophy.
Unique Hotel & Resorts PLC won the top honor in the Service Company category while Eastern Housing Limited bagged Silver.

In the Telecommunications category, Grameenphone Ltd. bagged Gold award and Robi Axiata PLC. received Silver and Bangladesh Submarine Cables PLC. secured Bronze trophy.
Speaking at the event as a Chief Guest, Dr. Salehuddin Ahmed, Honorable Adviser, Ministry of Finance, Ministry of Commerce and Ministry of Science and Technology, 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. This award will motivate organizations and their leaders to make further improvements in governance. He mentioned that ICSB is grooming our corporate people with a vision to establish better corporate culture in our country.

In his special guest address, Mr. Khondoker Rashed Maqsood, Chairman of Bangladesh Securities and Exchange Commission (BSEC), said ‘For a sustainable capital market, listed companies must be committed to the compliance of the corporate governance code and be transparent and accountable’

Another special guest, Mr. Dr. Md Khairuzzaman Majumdar, Secretary of the Finance Division of the Ministry of Finance, said, “The most important contribution of this event is raising awareness about governance, transparency, and accountability in corporate management. ICSB is working to enhance the capabilities and creativity of chartered secretaries in the business sector.”

Another special guest, the Secretary of the Ministry of Commerce, Mr. Md. Selim Uddin, stated, “The role of company secretaries is crucial in ensuring good governance within a company. They possess a high level of professionalism, competence, and behavior, along with the ability to communicate effectively and take independent positions when necessary.”

Another special guest, Mr. Md. Abdur Rahman Khan, FCMA, Secretary, Internal Resources Division & Chairman, National Board of Revenue (NBR) remarked, “This award is helping corporate institutions become globally competitive and excel beyond their peers.” While congratulating the award winners, he also underscored the importance of evolving governance practices in an ever-changing business landscape.

The Chairman of the Corporate Governance Committee and Senior Vice President of ICSB, Mr. M Nurul Alam FCS welcomed all the participants. He said, “We promote and encourage good governance practices in Bangladesh’s corporate sector. We recognize the companies and their management teams committed to good governance, compliance to the corporate governance code of BSEC, IDRA, the Companies Act 1994 and global best practices.”

Mr. A. K. M. Mushfiqur Rahman FCS, Vice President of ICSB shared the insights of Corporate Governance Awarding Charter. He congratulated the award winners and expressed hope that the award would inspire them to achieve excellence in all areas.

Finally, Mr. Mohammad Shafiqul Islam Bhuiyan FCS, Council Member of ICSB delivered a vote of thanks on behalf of the Institute.

The event was attended by dignitaries, government officials, professionals, chairpersons, directors, managing directors, and senior officials from the country’s leading corporate houses, along with members of the Institute and journalists. The guests praised ICSB’s role in establishing governance in Bangladesh’s corporate sector and ensuring sustainable development.