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ICAB awards for listed companies

President of ICAB Md Abdus Salam addressing the 13th ICAB National Awards ceremony on 'Best Presented Annual Reports 2012' Saturday. Finance Minister AMA Muhith handed over the awards among the winners at the ceremony.

President of ICAB Md Abdus Salam addressing the 13th ICAB National Awards ceremony on ‘Best Presented Annual Reports 2012’ Saturday. Finance Minister AMA Muhith handed over the awards among the winners at the ceremony.

Islami Bank Bangladesh Ltd (IBBL) has bagged the first award among all the private sector banks in preparing and publishing transparent annual reports maintaining good corporate governance for the year 2012.

In the category of public sector banking institutions, only Rupali Bank Ltd won the first prize at an award giving ceremony, arranged by the Institute of Chartered Accountants of Bangladesh (ICAB) at a city hotel in the city Saturday(21 December 2013).

Finance Minister AMA Muhith handed over the ’13th ICAB National Awards’ for ‘Best Presented Annual Reports 2012’ among the winners at the ceremony.

Commerce Secretary Mahbub Ahmed was the special guest on the occasion while MdAbdus Salam FCA, President of the ICAB and Abbas Uddin Khan, Chairman of the Review Committee for Published Accounts and Reports of the ICAB, spoke at the function.

ICAB gave the awards to the banks, insurance companies, non-government organisations (NGOs) and public sector entities for their best presented annual reports for the year 2012.

ICAB has been giving such awards since 2001.

In the category of private sector banks (including co-operative banks), Prime Bank Ltd and Dutch Bangla Bank Ltd grabbed the second and third positions respectively.

IDLC Finance Ltd topped the Non-bank Financial Services sector while Union Capital Ltd became the second and Prime Finance and Investment Ltd the third.

Reliance Insurance Ltd for second time became the first and Green Delta Insurance Company Ltd the second and Prime Insurance Co. Ltd the third in the categoryof insurance sector.

Among the manufacturing entities, RAK Ceramics (Bangladesh) Ltd was awarded the top prize while GlaxoSmithKline Bangladesh Ltd came out as the second and BSRM as the third.

Country’s largest telecom operator Grameenphone bagged the top award in the sector of information and communication technology (ICT). No other company qualified in the category.

In the NGO category (including NPOs), Uddipan grabbed the top position while BRAC the second and Buro Bangladesh the third.

The first award in the category of SAARC Anniversary Award for Corporate Governance went to the Islami Bank Bangladesh Ltd (IBBL) while IDLC Finance Ltd and Prime Bank Ltdbecame the second and the third winners respectively in the same category.

Investment Corporation of Bangladesh occupied the first position in the category of public sector entities (excluding entities covered under other sectors/categories).

None was able to make room in award list in the Service and Agriculture sectors.

The finance minister said that the area of accounting and reporting is important as it is involved with money. He said ICAB has been playing a commendable role in the country’s economy.

ICAB meticulously evaluate the performance of all listed companies in different sectors, Mr Muhith added.

Mr Abdus Salam, the ICAB president,saidthe institute directly encourages the corporate entities for achieving excellence in corporate performance through this award.

Mr Abbas Uddin Khan said that the committee diligently evaluated and assessed the Annual Reports of 2012 of the organisations objectively with the disclosures of information particularly within the framework of International Accounting Standards and IFRS as applied by the entities.

He further said the best Annual Reports manifested business operation results of the entities vision, mission, socio-economic achievements and corporate governance concerning compliance of applicable rules, regulations maintaining high level of professional and business ethics.

Apart from the first, second and third awards, 11 private commercial banks won the ‘certificate of merit’ awards in the private sector banks (including co-operative banks) category. These are: Bank Asia, Eastern Bank, Jamuna Bank, National Bank, Mercantile Bank, Shahjalal Islami Bank, Dhaka Bank, Mutual Trust Bank, NCC Bank, Social Islami Bank and Southeast Bank.

LankaBangla Finance Ltd and Uttara Finance Ltd received the ‘certificate of merit’ awards in the financial services sector category while Singer Bangladesh Ltd and Summit Power Ltd were qualified for the ‘certificate of merit’ in the manufacturing sector category.

Sajida Foundation and DESCO secured the ‘certificate of merit’ in the category of NGO and public sector entities categories respectively, while Bank Asia Ltd won the ‘certificate of merit’ in the category of SAARC Anniversary Award for Corporate Governance.

-http://www.thefinancialexpress-bd.com/2013/12/22/9953
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