10 Bangladeshi firms get SAFA awards

November 30, 2011

Bangladesh’s Prime Finance and Investment Ltd yesterday beat competitors from other South Asian countries to win the top award for best published accounts and corporate disclosures.
The non-bank financial institution defeated its domestic competitor IDLC, which came first runner-up, and Hatton National Bank of Sri Lanka, which was the second runner-up, to win the prestigious regional award.
Commerce Minister Faruk Khan handed over the awards among the winners from banks, financial institutions, government entities and non-government organisations at Bangabandhu International Conference Centre in the city.
South Asian Federation of Accountants (SAFA) organised the award giving ceremony, sponsored by the Institute of Chartered Accountants of Bangladesh (ICAB).
Khan said the recognition would encourage the winners to do better.
ICAB President Parveen Mahmud FCA said the award seeks to ensure enhancement of good governance and transparency in financial reporting with adequate disclosures and application of internationally accepted accounting and auditing standards in the Saarc region.
“We will be able to take our financial reporting and corporate governance standards to globally acceptable level through organising these annual events among the SAFA countries,” she said.
A total of 10 Bangladeshi companies clinched the awards in different sectors.
In the banking sector, Prime Bank Ltd of Bangladesh and Hatton National Bank PLC of Sri Lanka came out as joint winner for best published accounts.
Atlas Insurance of Pakistan and Union Assurance of Sri Lanka came out as joint winners in the insurance sector.
In the financial services sector, Bangladesh’s IDLC Finance Ltd and Prime Finance and Investment Ltd won the top award jointly, while LankaBangla Finance Ltd came out as joint first runner-up.
Grameenphone, Bangladesh’s leading mobile operator, and Sri Lanka Telecom jointly bagged the top award in the communication and information technology sector.
In the manufacturing sector, Pakistan Siemens Engineering Company Ltd won the top award. Bangladesh’s GlaxoSmithKline, a leading healthcare company, became the second runner-up.
In the services sector, John Keells Holdings of Sri Lanka won the best award.
Among non-government organisations, Sri Lanka’s AAT Foundation won the top award, while Bangladesh’s Sajeda Foundation and BRAC, the world’s largest NGO, became the first runner-up and second runner-up respectively.
Surat Municipal Corporation of India won the best award as a public sector entity. Investment Corporation of Bangladesh became the first runner-up.
In the agriculture sector, Watawala Plantations of Sri Lanka won the top award for best published accounts.
Union Assurance PLC of Sri Lanka and Islami Bank Bangladesh Ltd shared the top award for corporate governance disclosures.
Formed in 1984 as a regional forum of the accounting bodies of the Saarc countries, SAFA aims to harmonise the accounting profession on uniform standards and codes in the region.
The award giving ceremony is part of the five-day international conference styled “Best Practices and Reporting for Sustainable Development”.

-With The Daily Star input

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