43 companies receive ICSB awards for corporate governance

The Institute of Chartered Secretaries of Bangladesh (ICSB) yesterday recognised 43 companies for their outstanding performance in establishing corporate governance.

ICSB gave the awards in 14 categories with its 12th ICSB National Award for Corporate Governance Excellence, 2024, at an event held at Pan Pacific Sonargaon, Dhaka.

The winning companies were selected out of 181 firms that participated in the competition. The winners include banks, insurance, textile, telecom, pharmaceuticals, food, and cement makers. The awards were given in gold, silver, and bronze categories.

Handing over the awards to the winners, Lutfey Siddiqi, special envoy to the chief adviser on international affairs, said it is hard to uphold standards and governance in companies.

As professionals, chartered secretaries analyse company reports following certain sets of principles, standards, and ethics, he said.

In a recorded video message, Bangladesh Bank (BB) Governor Ahsan H Mansur said the ICSB has been playing a vital role in establishing corporate governance.

A member of the jury board, Abu Ahmed, also chairman of the Investment Corporation of Bangladesh (ICB), said some companies do not make profits but claim to be making profits.

"Strong corporate governance is the foundation of sustainable business growth, fostering transparency, accountability, and ethical leadership," said BB Deputy Governor Md Habibur Rahman.

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

Md Sajjad Hossain Bhuiyan, chairman of the Financial Reporting Council (FRC), said corporate governance is the foundation of trust, transparency, and accountability in any organisation.

ICSB President Hossain Sadat called for a shared commitment to advancing corporate governance towards national development.

He emphasised the incorporation of ICSB-submitted reform proposals into the existing Companies Act, making it progressive and forward-leaning.