The Institute of Cost and Management Accountants of Bangladesh (ICMAB) yesterday awarded 23 financial institutions, insurers and pharmaceuticals and telecoms companies for their efforts to establish corporate governance in their entities.
Finance Minister AMA Muhith gave away the ICMAB Best Corporate Award 2011 at a ceremony at Sonargaon Hotel in Dhaka.
The ICMAB has introduced the award to recognise the country’s best corporate enterprises and encourage others to adopt good corporate culture and management.
Janata Bank won the top award in the state-run commercial bank category. Agrani Bank and Rupali Bank came out second and third.
In the private commercial bank (traditional operation) category, Prime Bank became first, with National Bank in the second position and Eastern Bank in the third.
Standard Chartered Bank grabbed the top position in foreign commercial bank category. HSBC was second and Commercial Bank of Ceylon third.
Islami Bank Bangladesh won the first prize in private commercial bank (Islamic operations) category with EXIM Bank and Shahjalal Islami Bank securing the second and third positions.
In the non-bank financial institution category, IDLC Finance won the top award, while LankaBangla Finance was second and Prime Finance & Investment third.
Green Delta Insurance topped the general insurance category winners. Reliance Insurance and Pioneer Insurance finished second and third respectively.
Square Pharmaceuticals was the first in the pharmaceuticals category, followed by Beximco Pharmaceuticals in the second position and GlaxoSmithKline Bangladesh in the third.
Grameenphone, the country’s top mobile phone operator, won the top award in the telecommunication category. Orascom Telecom Bangladesh that operates Banglalink came second.
Speaking as the chief guest, Muhith described the accountants as watchdogs. “Managing cost and management is important in shaping activities of a business house.”
Muhith said the ICMAB and the government need to work together in setting standard for the accountants.
In his immediate reaction, Tore Johnsen, chief executive officer of Grameenphone, said corporate governance has always received proper attention in the history of Grameenphone and acted as a driver for what it is today. “This award proves that our focus is correct.”
Muzaffar Ahmed, who headed the award selection committee, and Zahir Uddin Ahmed, president of ICMAB, also spoke.
-With The Daily Star input
