The Institute of Cost and Management Accountants of Bangladesh (ICMAB) has honoured 32 companies in 13 categories for excellence in corporate governance.
The 'ICMAB Best Corporate Award-2017' was handed over on the sidelines of SAFA International CFO Conference held at InterContinental hotel on December 08, 2018. Finance Minister AMA Muhith distributed the awards to the representatives of the winning institutions as the chief guest at the programme. Bangladesh Securities and Exchange Commission (BSEC) chairman Dr M Khairul Hossain addressed the inaugural session as the special guest. SAFA president Dr Suvod Kumar Karn was the guest of honour at the event while ICMAB president Mohammed Salim FCMA in chair.
The awards were given in categories like bank, non-bank, insurance, multinational companies, pharmaceutical and power generation. BRAC Bank was adjudged the country's top private commercial bank while Eastern Bank and City Bank were placed in second and third spots respectively. In Shariah-based private bank category, Al-Arafah Islami Bank won the first place, followed by Islami Bank Bangladesh ltd and Export Import Bank of Bangladesh.
Meanwhile, Janata Bank bagged the award in state-run commercial bank category. However, there was no other bank in this category. In non-banking financial institutions (NBFIs), IDLC Finance was placed on the top while LankaBangla Finance second and Delta Brac Housing Finance Corporation secured third positions. Under the category of general insurance companies, Green Delta Insurance secured first position, followed by Reliance Insurance and Pioneer Insurance. In cement manufacturing category, Heidelberg Cement Bangladesh got the first price followed by Premier Cement Mills and M.I. Cement Factory.The first prize in textile manufacturing category went to Envoy Textiles while second and third prizes to Matin Spinning Mills and Rahim Textile Mills ltd.
Square Pharmaceuticals bagged the first position in pharmaceuticals manufacturing category while Beximco Pharmaceuticals second and Renata third positions. In multinational company category, British American Tobacco Bangladesh secured first position and Berger Paints Bangladesh second. Summit Power topped the power generation category for sixth consecutive years while Ashuganj Power Station Company and United Power Generation and Distribution Company secured the second and third positions. Padma Oil Company won a prize under miscellaneous trading category while miscellaneous service award went to Dockyard and Engineering Works.Under miscellaneous manufacturing category, RAK Ceramics, Olympic Industries and Agricultural Marketing Company got first, second and third prizes respectively.
The ICMAB introduced the awards in 2007 aimed at encouraging corporate houses to do their activities and publish reports in more transparent and accountable manner. The competition also allows the awardees to compare themselves with similar international organisations.
Former ICMAB president Prof Mamtaz Uddin Ahmed FCMA delivered an address of welcome and Chairman ICMAB Corporate Award and branding Committee Mohammad Ali Nawaz FCMA also addressed at the event where ICMAB secretary Md Abdur Rahman Khan gave a vote of thanks.