Forty-four listed companies have won Gold, Silver and Bronze trophies across 14 categories at the 13th ICSB National Award for Corporate Governance Excellence 2025, organised by the Institute of Chartered Secretaries of Bangladesh (ICSB) in Dhaka on Thursday.
BRAC Bank and Eastern Bank jointly won Gold in the General Banking Companies category, while City Bank received Silver and Pubali Bank Bronze.
Shahjalal Islami Bank won Gold in the Islami Banking Companies category, while IDLC Finance took the top award among finance companies, followed by DBH Finance with Silver and IPDC Finance with Bronze.
In the General Insurance Companies category, City Insurance and Sena Insurance jointly won Gold. Nitol Insurance received Silver and Reliance Insurance Bronze.
Meghna Life Insurance won Gold in the Life Insurance Companies category, with Chartered Life Insurance taking Silver and Pragati Life Insurance Bronze.
In the Pharmaceuticals and Chemicals Companies category, IBN SINA Pharmaceutical Industry won Gold, Reckitt Benckiser (Bangladesh) Silver and ACME Laboratories Bronze.
Paramount Textile secured Gold in the Textiles and RMG Companies category. Envoy Textiles and Matin Spinning Mills jointly received Silver, while Shasha Denims won Bronze.
Unilever Consumer Care won Gold in the Food and Allied Companies category, followed by Agricultural Marketing Company with Silver and Golden Harvest Agro Industries with Bronze.
In the Information and Communication Technology Companies category, IT Consultants won Gold, BDCOM Online Silver and ADN Telecom Bronze.
Walton Hi-Tech Industries secured Gold in the Engineering Companies category, while Bangladesh Steel Re-Rolling Mills received Silver and Rangpur Foundry Bronze.
Heidelberg Materials Bangladesh won Gold in the Manufacturing Companies category. RAK Ceramics Bangladesh received Silver, while Bata Shoe Company Bangladesh and Crown Cement jointly won Bronze.
MJL Bangladesh secured Gold in the Fuel and Power Companies category, followed by United Power Generation & Distribution with Silver and Linde Bangladesh with Bronze.
Eastern Housing won Gold in the Service Companies category, while Unique Hotel & Resorts received Silver and Summit Alliance Port Bronze.
In the Telecommunications Companies category, Grameenphone won Gold, Robi Axiata Silver and Bangladesh Submarine Cables Bronze.
Commerce Minister Khandakar Abdul Muktadir attended the ceremony as chief guest and presented trophies and certificates to the winning companies.
Speaking at the ceremony, Bangladesh Securities and Exchange Commission (BSEC) Chairman Masud Khan said good corporate governance was essential for sustainable business and long-term corporate success.
“Governance is not all about compliance; it is about integrity, accountability and transparency,” he said, urging companies to move beyond treating governance as a regulatory box-ticking exercise.
He said the traditional objective of maximising shareholders’ wealth had evolved, with environmental, social and governance principles becoming increasingly important for corporate sustainability.
Khan identified the separation of ownership from management as a fundamental principle of good corporate governance, particularly in Bangladesh. Companies maintaining such separation had prospered, while governance failures in the banking sector had exposed the risks of concentrated ownership and management, he said.
He stressed that independent directors must understand their responsibilities, prepare adequately and actively contribute to board decisions. They also have a particular responsibility to protect minority shareholders’ interests, as boards dominated by owners may face inherent conflicts of interest.
The BSEC chairman said the commission had updated its corporate governance rules, placing greater emphasis on board composition, independent directors’ responsibilities and the implementation of International Financial Reporting Standards (IFRS) S1 and S2 on sustainability-related disclosures.
Under the updated rules, companies are required to have a separate Risk Management Committee alongside the Audit Committee and the Nomination and Remuneration Committee, he said.
He also highlighted the importance of fair financial reporting, audit committees and risk management in protecting investors and ensuring corporate accountability.
“Good corporate governance is good business,” Khan said, adding that companies practising sound governance ultimately reap its benefits.
The commission was also considering ways to protect key corporate professionals, including chief financial officers, internal auditors and company secretaries, against undue influence, he added.
