Efficient corporate governance vital for business excellence: Tipu Munshi

Commerce Minister Tipu Munshi said that efficient corporate governance is increasingly becoming important in today’s business world. 

Minister said that, ensuring a culture of good corporate governance among all listed companies in Bangladesh is the commitment of present government.

He appreciated the role of the Institute of Chartered Secretaries of Bangladesh (ICSB) in developing professional skills in the country’s corporate sector.

ICSB organized its 7th ICSB National Award for Corporate Governance Excellence, 2019 on Saturday at Grand Ball Room, Radisson Blu Dhaka Water Garden in the capital.

 A total of 35 Companies were recognized for good Corporate Governance based on the evaluation criteria set by the Institute along with promoting corporate fairness, transparency and accountability in the overall management of the company during the year 2019. 

Speaking as a special guest at the event, Chairman of Bangladesh Securities and Exchange Commission (BSEC) Professor Shibli Rubayat-Ul-Islam said: “Corporate governance is a major determinant for stability and development of the capital market.” 

He added that BSEC constantly reviewing the Corporate Governance activities of the country. Chartered secretaries will play a much bigger role in ensuring excellence in corporate governance.

While addressing Dr. Md. Jafar Uddin, Secretary, Ministry of Commerce in his speech congratulated the award winner and appreciated ICSB for such arrangement. 

He urged that Good Governance is the key to our country’s sustainable economic development. To ensure governance we have work together like a team.  

The award giving ceremony was also addressed by Professor Shibli Rubayat-Ul-Islam, Chairman, BSEC and Dr. Md. Jafar Uddin, Secretary, Ministry of Commerce, GoB as the special guests. Muzaffar Ahmed FCMA, FCS, President of ICSB chaired the Award giving Program. Mohammad Sanaullah FCS, Past President & Chairman CGA Organizing Committee also spoke on this occasion.

Among the awardees in the General Banking sector BRAC Bank Limited achieved the Gold while Eastern Bank Limited and Bank Asia Limited obtained Silver and Bronze respectively.  

In the Islami Banking sector Islami Bank Bangladesh Limited achieved the Gold while Shahjalal Islami Bank Limited and Al-Arafah Islami Bank Limited obtained Silver and Bronze respectively.

Similarly, in Non-Banking Financial Institutions category, Delta Brac Housing Finance Corporation Ltd. achieved the gold while IDLC Finance Limited and IPDC Finance Limited achieved Silver and Bronze respectively.

President of the Institute Muzaffar Ahmed FCMA, FCS emphasized that practicing good Corporate Governance is now the demand of time.