38 FIs, cos bag ICMAB Corporate Award

FE Report | Published: April 28, 2014 00:00:00 | Updated: November 30, 2026 06:01:00

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) awarded Sunday 38 financial institutions (FIs) and companies in different sectors, including pharmaceuticals, power and multinationals, for their efforts to establish corporate governance.
Finance Minister Abul Maal Abdul Muhith distributed the ICMAB Best Corporate Award 2012 at a ceremony in a city hotel.
President of ICMAB Mohammad Selim delivered the welcome address while Chairman of award evaluation committee Muzzaffar Ahmed and ICMAB Secretary Jamal Ahmed Choudhury spoke at the event.
Rupali Bank Limited won the award in the state-owned commercial bank category for its contribution to accountability and good governance. No other bank's name has been considered in the category.
The ICMAB introduced the award in 2007 to recognise the country's best corporate enterprises and encourage others to go for good corporate culture and management.
Reliance Insurance Limited topped the list in the general insurance category. Green Delta Insurance Company and Pioneer Insurance finished second and third respectively. Rupali Insurance Company Limited, Eastland Insurance Company Limited and Phoenix General Insurance Company became fourth, fifth and sixth in the category.
In the private commercial bank (traditional operation) category, Prime Bank became first with the Eastern Bank securing the second position and Standard Bank third. AB Bank, Bank Asia Limited, and Pubali Bank stood fourth, fifth and sixth respectively.
HSBC (The Hongkong & Shanghai Banking Corporation Limited) grabbed the top position in the foreign commercial bank category. Standard Chartered Bank was second and the Commercial Bank of Ceylon PLC third.
Islami Bank Bangladesh Ltd won the first prize in the private commercial bank (Islamic operations) category with Shahjalal Islami Bank and Al-Arafah Islami Bank Limited securing the second and third positions. Social Islami Bank Ltd and Export and Import Bank Limited emerged fourth and fifth in this category.
In the non-bank financial institution category, IDLC Finance bagged the top position while Delta Brac Housing Finance Corporation and Uttara Finance and Investment became second and third. LangkaBangla Finance Limited, Prime Finance & Investment Limited and GSP Finance Company (Bangladesh) Limited have received fourth, fifth and sixth prizes respectively.
Square Pharmaceuticals was the top company in the pharmaceuticals category, followed by Beximco Pharmaceuticals in the second position and Renata Limited in the third.
Summit Power Limited, one of the top companies in the power sector, retained the top position for the award in this category. The second and third companies are Khulna Power Company Limited and Barakatullah Eletro Dynamics Limited respectively.
Berger Paints Bangladesh Limited, the country's one of the top multinational companies, clinched the top slot in the multinational companies category. Singer Bangladesh Limited got the second prize.
In the Special category, Bangladesh Submarine Cable Company Limited won the top prize while Investment Corporation of Bangladesh and Power Grid Company of Bangladesh were second and third.
Rupali Bank Managing Director Farid Uddin, Chief Financial Officer of HSBC Steve Ball, Standard Chartered Bank Senior Manager Hasif Sowdagar, Commercial Bank of Ceylon PLC Country Head Ajith Narayan Panawe, Islami Bank Managing Director Md. Abdul Mannan, Shahjalal Islami Bank MD Farman R Chowdhury, Al Arafah Islami Bank MD Md. Habibur Rahman and Social Islami Bank DMD Ihsanul Aziz received the awards on behalf of their companies and FIs. Others who received the awards are Dr. Md. Haider Ali Mia of Exim Bank, Prime Bank Limited MD Ehsan Khasru, Eastern Bank Limited DMD Hasan O Rashid, Standard Bank Limited MD Nazmus Salehin, Bank Asia President Mehmood Hossain, Pubali Bank Limited MD Helal Ahmed Chowdhury, IDLC Finance Limited DMD H M Ziaul Haque, Delta Brac Senior Manager Syed Aminul Islam, Uttara Finance MD Shamsul Arefin, LankaBangla MD Nasiruddin Chowdhury, GSP Finance MD Kaiser Tamij Amin, Reliance Insurance MD Khaled Mamun, Green Delta Insurance MD Farzana Chowdhury, Pioneer Insuranace DMD AKM Jasim Uddin Ahmed, Rupali Insurance MD PK Roy,   Eastland Insurance Company Limited MD Arun Kumar Saha, Phoenix Insurance MD  Jamirul Islam, Square Pharmaceuticals GM for Accounts and finance Md. Zahangir Alam, Beximco Pharma ED (Finance) Jamal Ahmed Chowdhury, Renata Limited Chief Financial Officer  Khokon Chandra Das, Summit Power and Khulna Power Company Chairman Aziz Khan, Barkatullah Electro Dynamics MD Golam Rabbani Chowdhury, Berger Paints Director Finance Abul Khalek and SINGER Director Md. Sanaullah. In the special category, Abu Bakar Chowdhury, Secretary of the Ministry of Telecommunication, Dr. SM Mahfuzur Rahman and Fayekuzzaman of the ICB and Masum Al Biruni and Jamal Uddin Anamul Kabir Imon of Power Grid Company Limited received the awards on behalf of their respective entities.
Abul Maal Abdul Muhith said Bangladesh's financial sector was performing quite well and was on the right track.
He said corporate governance became unusually important in the country due to rapid expansion of the private sector growth.
Terming the day very important, he said it must lead to a competitive mindset of other corporate organisations who did not get award this year.
ICMAB President Mohammad Selim said it was a modest effort of the national institute to recognise corporate organisation for their performance with honesty and accountability.
Muzzaffar Ahmed, who headed the award selection committee, said it was not an ordinary award.
"Before selecting the right organisations, we had to examine all their documents including financial, ethical, local and international compliance capabilities from different dimensions," he said adding that it had never been an easy task.
CFO of HSBC Steve Paul said HSBC was the only bank that exclusively contributed to the country's export by setting up branches in all export processing zones.
Abdul Mannan, Islami Bank MD, said the award gave them more responsibility to perform better.
Summit Power Chairman Aziz Khan said receiving such an award in a free market economy was not an easy task. Summit had been receiving the award for the four consecutive years.