43 firms win ICSB Awards for corporate governance excellence

A total of 43 corporate entities listed on the country's stock market were honoured with the prestigious ICSB National Award in recognition of their efforts to uphold corporate governance standards.

The Institute of Chartered Secretaries of Bangladesh (ICSB) organised the awards ceremony titled '12th ICSB National Award for Corporate Governance Excellence, 2024' at a city hotel on Monday night, celebrating the outstanding contributions of these companies towards transparency, accountability and governance practices.

The 12th ICSB National Award, themed 'Promoting Governing Excellence', recognised companies that demonstrated exemplary governance in 2024. These companies adhered to the Corporate Governance Codes set by the Bangladesh Securities and Exchange Commission (BSEC) and other relevant regulatory frameworks.

Commerce Adviser Sk Bashir Uddin was present at the event as the chief guest and the Chief Adviser's Special Envoy on International Affairs Lutfey Siddiqi as the guest of honour.

The ceremony also featured the virtual presence of Bangladesh Bank (BB) Governor Dr. Ahsan H. Mansur, BB Deputy Governor Dr. Md. Habibur Rahman, BSEC Commissioner Md. Saifuddin, and Financial Reporting Council (FRC) Chairman Dr. Md Sajjad Hossain Bhuiyan.

The event was presided over by ICSB President Hossain Sadat while Md Abdullah Al Mamun, Chairman of the Corporate Governance Committee of ICSB, presented an overview of the Corporate Governance Awarding Charter.

The awards were presented in 14 different categories, with companies winning Gold, Silver, and Bronze trophies.

BRAC Bank PLC won the Gold trophy in the General Banking category, while Eastern Bank secured Silver and City Bank won the Bronze trophy.

Shahjalal Islami Bank was awarded the Gold trophy in the Islamic Banking category.

IDLC Finance bagged the Gold in the Non-Banking Financial Institutions category, while DBH Finance won Silver and IPDC Finance took home Bronze.

In the General Insurance category, City Insurance and Sena Insurance shared the Gold, while Green Delta Insurance secured Silver and Reliance Insurance won the Bronze.

In the Life Insurance category, Sandhani Life Insurance bagged the Silver award while National Life Insurance and Chartered Life Insurance jointly received Bronze trophy.

Reckitt Benckiser (Bangladesh) took home the top honour in the Pharmaceuticals and Chemical category while The IBN Sina Pharmaceutical Industry won Silver and Square Pharmaceuticals received the Bronze trophy.

In the Textile and RMG Company category, Paramount Textile bagged the Gold, and Matin Spinning Mills and Tosrifa Industries both won Silver while Envoy Textiles received the Bronze trophy.

Unilever Consumer Care won Gold, Olympic Industries received Silver and Agricultural Marketing Co. and Golden Harvest Agro Industries both secured the Bronze award in the Food and Allied Company category.

ADN Telecom bagged the Gold trophy in the Information and Communication Technology category while Aamra Networks won Silver and Daffodil Computers received Bronze trophy.

Walton Hi-Tech Industries earned the Gold in the Engineering category, with Bangladesh Steel Re-Rolling Mills and BSRM Steels Limited both receiving Silver and Rangpur Foundry Limited taking Bronze.

LafargeHolcim Bangladesh won the Gold in Manufacturing category, with Heidelberg Materials Bangladesh receiving Silver and Index Agro Industries Limited earning Bronze.

In the Fuel and Power Company category, Linde Bangladesh secured Gold and United Power Generation & Distribution Company Ltd. and Doreen Power Generations and Systems Limited shared the Bronze trophy.

Unique Hotel & Resorts won the top honour in the Service Company category while Eastern Housing Limited bagged the Silver trophy.

In the Telecommunications category, Grameenphone bagged the Gold award, Robi Axiata received Silver and Bangladesh Submarine Cables PLC secured the Bronze trophy.

In his speech as the chief guest, Commerce Adviser Bashir Uddin praised the award-winning companies and emphasised the need for continued focus on corporate governance.

Lutfey Siddiqi, who was the guest of honour, said ICSB has played a vital role in strengthening corporate governance across sectors by promoting ethical leadership and professional excellence.

Strong governance must remain central to building a prosperous, democratic, and resilient Bangladesh, he added.

Governor of Bangladesh Bank Dr Ahsan H. Mansur praised the ICSB's initiative to recognise companies that excel in governance.

This initiative encourages organisations to maintain high standards of corporate governance and ensure internal good governance, he said.

BB Deputy Governor Dr Md Habibur Rahman highlighted that strong corporate governance is the foundation of sustainable business growth, fostering transparency, accountability, and ethical leadership.

It is not merely about regulatory compliance, but a strategic advantage that builds stakeholder trust and drives long-term economic success, he added.

BSEC Commissioner Md. Saifuddin emphasised that promoting compliance and ethical management enhances stakeholder confidence and strengthens Bangladesh's competitiveness in the global market.

FRC Chairman Dr Md Sajjad Hossain Bhuiyan said, "Corporate governance is the foundation of trust, transparency, and accountability in any organisation. Recognitions like the ICSB Corporate Governance Excellence Award not only honour best practices but also inspire institutions to strengthen ethical conduct, investor confidence, and long-term sustainability."

In his welcome address, ICSB President Hossain Sadat called for shared commitment to advancing corporate governance towards national development.

He urged the government to incorporate ICSB's reform proposals into the Companies Act to make it more progressive.

jubairfe1980@gmail.com