ICAB awards 22 firms for best-presented annual reports

The Institute of Chartered Accountants of Bangladesh (ICAB) has awarded 22 entities in 13 different sectors for best presented annual reports for 2023 to promote transparency and accountability through financial and non-financial disclosures.

As the chief guest, Dr Salehuddin Ahmed, finance and commerce adviser to the interim government, handed over the awards to the winners at an event held today at the Pan Pacific Sonargaon Hotel, Dhaka.

In the private sector banking category, Bank Asia and Shahjalal Islami Bank shared the gold award, while City Bank won silver. Brac Bank and United Commercial Bank jointly took the bronze award.

In the financial services sector, IPDC Finance Limited secured the gold award, and IDLC Finance PLC received the bronze.

In the manufacturing sector, British American Tobacco Bangladesh won gold, Walton Hi-Tech Industries took silver, and Reckitt Benckiser (Bangladesh) earned the bronze award.

In addition to awarding gold, silver, and bronze positions in each sector, "Merit" certificates were presented to eight entities for meeting the minimum threshold scores. Among all the winners, Bank Asia emerged as the overall winner.

An 11-member jury board recommended a list of the winners of the ICAB National Award for their best-presented annual reports, integrated reporting, and corporate governance disclosures-2023. During the year, the ICAB- Review Committee for Published Accounts & Reports received annual reports from 76 entities.

Dr Md Khairuzzaman Mozumder, secretary, Finance Division, Ministry of Finance; Md Selim Uddin, secretary, Ministry of Commerce; and Md Abdur Rahman Khan, secretary, Internal Resources Division, Ministry of Finance and chairman, National Board of Revenue (NBR), were present at the event as special guests.

ICAB President Mohammed Forkan Uddin FCA delivered the address of welcome and the chairman of the review committee Mohammed Humayun Kabir FCA and Co-chairman Md Moniruzzaman spoke on the award evaluation process.

In his speech, the ICAB president said that the objective of the ICAB National Award is to promote good governance, transparent reporting, and adequate disclosures through the application of accounting, financial reporting, and auditing standards.

"This reflects ICAB's firm commitment to serve the public interest and contribute to the country's economic development," he added.

Other awardees

United Power Generation & Distribution Company Ltd earned the silver award in the power and energy sector.

ACI Limited received the bronze award in the diversified holdings sector.

In the insurance (general) sector, Green Delta Insurance Company claimed gold, Reliance Insurance Limited took silver, and City General Insurance Company secured bronze.

National Life Insurance Company Limited received the bronze award in the insurance (life) sector.

In the NGOs/NPOs category, the SAJIDA Foundation earned silver, while the Shakti Foundation for Disadvantaged Women took bronze.

Robi Axiata Limited won gold in the communication & IT sector, with Grameenphone Ltd securing silver and Genex Infosys Limited receiving bronze.

Unique Hotel & Resorts was awarded bronze in the Service sector.

For corporate governance, Bank Asia secured gold, Shahjalal Islami Bank took silver, and BRAC Bank earned bronze.

In integrated reporting, Bank Asia and Shahjalal Islami Bank shared the gold award, IDLC Finance claimed silver, and BRAC Bank took bronze.

The infrastructure and construction, along with agriculture categories, were not considered as the participating entities did not meet the required threshold scores.