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32 cos get ICMAB corporate awards

FE Report | December 09, 2018 00:00:00

Finance Minister AMA Muhith with the recipients of "ICMAB Best Corporate Awards 2017" and others at a city hotel on Saturday — FE photo

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) has honoured 32 companies in 13 categories for excellence in corporate governance.

The 'ICMAB Best Corporate Award-2017' was handed on the sidelines of SAFA International CFO Conference held at a city hotel on Saturday.

Finance Minister AMA Muhith distributed the awards to the representatives of the winning institutions as the chief guest at the programme.

Bangladesh Securities and Exchange Commission (BSEC) chairman Dr M Khairul Hossain addressed the inaugural session as the special guest.

SAFA president Dr Suvod Kumar Karn was the guest of honour at the event with ICMAB president Mohammed Salim in chair.

The awards were given in categories like bank, non-bank, insurance, apparel, multinational, pharmaceutical and power generation.

BRAC Bank was adjudged the country's top private commercial bank while Eastern Bank and City Bank were placed in second and third spots respectively.

In Shariah-based private bank category, Al-Arafah Islami Bank won the first place, followed by Islami Bank Bangladesh and Export Import Bank of Bangladesh.

Meanwhile, Janata Bank bagged the award in state-run commercial bank category. However, there was no other bank in this category.

In non-banking financial institutions (NBFIs), IDLC Finance was placed on the top while LankaBangla Finance second and Delta Brac Housing Finance Corporation secured third positions.

Under the category of general insurance companies, Green Delta Insurance secured first position, followed by Reliance Insurance and Pioneer Insurance.

In cement manufacturing category, Heidelberg Cement Bangladesh got the first price followed by Premier Cement Mills and M.I. Cement Factory.

The first prize in textile manufacturing category went to Envoy Textiles while second and third prizes to Matin Spinning Mills and Rahim Textile Mills.

Square Pharmaceuticals bagged the first position in pharmaceuticals manufacturing category while Beximco Pharmaceuticals second and Renata third positions.

In multinational company category, British American Tobacco Bangladesh secured first position and Berger Paints Bangladesh second.

Summit Power topped the power generation category for sixth consecutive years while Ashuganj Power Station Company and United Power Generation and Distribution Company secured second and third positions.

Padma Oil Company won a prize under miscellaneous trading category while miscellaneous service award went to Dockyard and Engineering Works.

Under miscellaneous manufacturing category, RAK Ceramics, Olympic Industries and Agricultural Marketing Company got first, second and third prizes respectively.

The ICMAB introduced the awards in 2007 aimed at encouraging corporate houses to do their activities and publish reports in more transparent and accountable manner.

The competition also allows the awardees to compare themselves with similar international organisations.

Former ICMAB president Prof Momtaz Uddin Ahmed delivered an address of welcome at the event where ICMAB secretary Md Abdur Rahman Khan gave a vote of thanks.

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