The Institute of Chartered Secretaries of Bangladesh (ICSB) has recognised Unique Hotel and Resorts Limited and 39 other companies for good corporate governance based on the evaluation criteria set by the institute.
Commerce Minister Tipu Munshi, who was the chief guest at the 8th ICSB National Award for Corporate Governance Excellence 2020, presented trophies and certificates to the winning companies in 13 categories.
The programme was held at a hotel in the capital on Sunday.
The companies were mainly judged in terms of how well they promoted corporate fairness, transparency, and accountability in the overall management of their teams in 2020, says a press release.
The commerce minister said efficient corporate governance was gaining increasing importance in today’s business world.
“The government is committed to ensuring a culture of good corporate governance among all listed companies in Bangladesh,” he added.
Speaking as the special guest at the event, Professor Shibli Rubayat-Ul-Islam, chairman of Bangladesh Securities and Exchange Commission (BSEC), said corporate governance is a major determinant of stability and development of the capital market.
“BSEC is constantly reviewing the activities of corporate governance in the country, where chartered secretaries are playing a huge role in ensuring excellence in governance.”
Emphasising the importance of having a team mentality in ensuring proper governance in the workplace, Commerce Secretary Tapan Kanti Ghosh said, “Good governance is the key to our country’s sustainable economic development.”
Muzaffar Ahmed FCMA, FCS, president of ICSB, said practicing good corporate governance is now the demand of time.
“It requires a whole-hearted commitment of all individuals working in the company for sustainable development and maximisation of shared values. Good governance practice helps improve employees’ morale and high productivity and also ensures long-term goals of the business,” he added.
Among the awardees in the category of service-providing companies, Unique Hotel and Resorts got the gold award while Eastern Housing and Summit Alliance Port achieved silver and bronze respectively.
In the general banking sector, BRAC Bank achieved the gold award while Eastern Bank and Dutch-Bangla Bank obtained silver and bronze respectively.
In the Islami banking category, Shahjalal Islami Bank achieved gold while Islami Bank Bangladesh and Social Islami Bank obtained silver and bronze respectively.
Similarly, in the category of non-banking financial institutions, Delta Brac Housing Finance Corporation achieved the gold award. IDLC Finance and Bangladesh Finance and Investment Company achieved silver and bronze respectively.
In the general insurance category, Green Delta Insurance Company received the gold award while Reliance Insurance and Prime Insurance Company got silver and bronze respectively.
In the category of life insurance companies, Pragati Life Insurance received the gold award, National Life Insurance Company got the silver award, and Sonali Life Insurance Company got the bronze award.
In the category of pharmaceutical and chemical companies, Square Pharmaceuticals got the gold award while Beximco Pharmaceuticals and IBN SINA Pharmaceutical Industry achieved silver and bronze respectively.
In the category of textiles and RMG companies, Matin Spinning Mills got the gold award, Paramount Textile bagged silver, and Envoy Textiles won bronze.
In the category of food and allied companies, Golden Harvest Agro Industries achieved the gold award. Unilever Consumer Care won silver and Olympic Industries got bronze.
In the category of IT and telecom companies, Grameenphone achieved the gold award while Bangladesh Submarine Cable Company and aamra networks achieved silver and bronze respectively.
In the category of engineering companies, Singer Bangladesh got gold while BBS Cables and Walton Hi-Tech Industries bagged silver and bronze respectively.
In the category of manufacturing companies, British American Tobacco Bangladesh Company won the gold. On the other hand, Marico Bangladesh achieved the silver award while the bronze award was given to LafargeHolcim Bangladesh and RAK Ceramics (Bangladesh).
In the category of fuel and power companies, Summit Power won the gold award. MJL Bangladesh and United Power Generation and Distribution Company achieved silver and bronze respectively.
