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ICAB awards 28 for best presented annual reports

ICAB awards 28 for best presented annual reports

The Institute of Chartered Accountants of Bangladesh (ICAB) yesterday honoured 28 firms for the best presented annual reports in 2016.

Finance Minister AMA Muhith and Commerce Minister Tofail Ahmed presented the awards to the banks, manufacturers and public sector entities from 13 categories at a programme at the Pan Pacific Sonargaon Hotel in Dhaka.

Brac Bank Ltd won the first prize in the private banking sector category while Southeast Bank and United Commercial Bank jointly became second and Prime Bank third. Janata Bank was honoured from among public sector banks.

LankaBangla Finance Ltd and IDLC Finance Ltd were jointly awarded from among non-banking financial institutions. IPDC Finance Ltd came second followed by Union Capital.

In the manufacturing sector, RAK Ceramics (Bangladesh) Ltd and British American Tobacco Bangladesh Ltd were recognised for top reports. Orion Pharma Ltd got second prize and GlaxoSmithKline Bangladesh Ltd third, according to an ICAB press release.

In the non-governmental organisation category, Brac got the top award while that for the second best report went to Sajida Foundation and the third to Uddipan.

Grameenphone Ltd was the only firm in the communication and information technology category that was honoured. Reports by other firms did not qualify, said an ICAB official. Investment Corporation of Bangladesh was awarded in the public sector entities category. Infrastructure Development Company Ltd became second and Bangladesh Infrastructure Finance Fund Ltd third.

Unique Hotel & Resorts Ltd was the first prize winner in the service category while Golden Harvest Agro Industries Ltd in agriculture. Under the category of corporate governance disclosures, Southeast Bank became first followed by Islami Bank Bangladesh Ltd and Bank Asia.

In another category termed as integrated reporting, IDLC Finance was recognised as the best. Green Delta Insurance became second and UCB third.

The ICAB said it would nominate the three best annual reports from each category to compete in the Safa forum in recognition of their excellence in financial disclosure.

Bangladesh secured first position in five categories — private banks, financial services, public sector entities, NGOs and corporate governance — among the South Asian Federation of Accountants (Safa) countries last year.

The ICAB, which has been presenting the recognition since 2001, said the evaluation criteria of the Safa were followed to appraise the annual reports.

A six-member jury board, chaired by Md Matiul Islam, chairman of Industrial and Infrastructure Development Finance Company, reviewed the recommended list of the award and the merit certificate winners.

The other members were former advisers to caretaker governments Prof Wahiduddin Mahmud and Rokia Afzal Rahman, former Bangladesh Bank governor Mohammed Farashuddin, Financial Express Editor AHM Moazzem Hossain and former Bangladesh Securities and Exchange Commission chairman Faruq Ahmad Siddiqi.

CQK Mustaq Ahmed, chairman of the Financial Reporting Council, Masud Ahmed, Comptroller and Auditor General of Bangladesh, and Parveen Mahmud, chairman of the review committee for published accounts & reports of the ICAB, also spoke.

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