The Institute of Chartered Accountants of Bangladesh (ICAB) yesterday honoured 30 firms for their well presented annual reports in 2017.
Finance Minister AMA Muhith presented the 18th ICAB National Award to banks, manufacturers, companies and public sector entities from 10 categories at a ceremony held at the capital's Pan Pacific Sonargaon hotel.
Among private banks, Bank Asia took home the first prize, followed by Brac Bank and Dutch-Bangla Bank respectively.
IDLC Finance took home the top honour in the financial services sector. LankaBangla Finance came second followed by IPDC Finance.
In the manufacturing sector, British American Tobacco Bangladesh bagged the first position. GlaxoSmithKline Bangladesh came second and Premier Cement and Orion Pharma were joint thirds.
The ICAB honoured Green Delta Insurance Company with the first prize in the insurance category, Prime Insurance the second prize and Reliance Insurance the third.
In the non-governmental organisation category, Brac retained the top award; the second spot went to Sajida Foundation and Uddipan jointly and third to BURO Bangladesh.
Grameenphone was the only firm in the communication and information technology category that was honoured.
The Investment Corporation of Bangladesh was awarded the top honour in the public sector entities category, while Bangladesh Infrastructure Finance Fund came second and Infrastructure Development Company third.
Golden Harvest Agro Industries won the award in the agriculture category. Under the category of corporate governance disclosures, IDLC Finance topped the group. LankaBangla Finance came second while British American Tobacco, Bank Asia and Green Delta Insurance were all adjudged third.
In the integrated reporting category, IDLC Finance was recognised the best. The second spot went to Brac Bank and the third jointly to Bank Asia and Islami Bank Bangladesh.
IDLC Finance, a non-bank financial institution, was the overall winner of the annual award for winning three honours.
Eleven entities also received the certificates of merit.
Speaking at the ceremony, Muhith said: “Businesses depend on trust to expand. Transparency also helps companies accountable.”
The ICAB, an autonomous body under the commerce ministry, regulates the profession of accountants in Bangladesh.
The evaluation criteria of the South Asian Federation of Accountants (SAFA) were followed in evaluating the annual reports, the ICAB said in a statement.
The three best annual reports selected under each award category will be nominated by the ICAB to compete in the SAFA forum next year in recognition of their excellence in financial disclosure.
A nine-member jury board chaired by M Matiul Islam, the country's first finance secretary, reviewed the recommended list of the winners for the award.
The other eight members of the board were: former advisers to caretaker governments Wahiduddin Mahmud, Rokia Afzal Rahman, Rasheda K Chowdhury; former Bangladesh Bank Governor Atiur Rahman; former CAG Ahmed Ataul Hakeem; Acting Editor of the Financial Express Shahiduzzaman Khan; former chairman of the Bangladesh Securities and Exchange Commission Faruq Ahmad Siddiqi; and Centre for Policy Dialogue Distinguished Fellow Mustafizur Rahman.
ICAB has been holding this event since 2001 to inspire companies to prepare annual reports based on transparency.
CQK Mustaq Ahmed, chairman of the Financial Reporting Council; Mohammad Muslim Chowdhury, Comptroller and Auditor General of Bangladesh; Abdur Rouf Talukder, finance secretary; Md Ashadul Islam, financial institutions secretary; Ajit Kumar Paul, additional secretary of the financial institutions division; Dewan Nurul Islam, ICAB president; and M Farhad Hussain, chairman of the review committee for published accounts and reports of the association, spoke.