Engro wins Best Corporate Report Awards

Awards given in categories of banking, chemicals, energy and others.

KARACHI:

Engro Corporation was declared the overall winner in the Best Corporate Report Awards 2012 in a ceremony organised by the joint committee of the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP) on Thursday.

Best corporate report awards were given in the categories of banking, chemicals, sugar and cement, engineering, fuel and energy, non-banking financial institutions, textiles, non-government organisations (NGOs) and miscellaneous to recognise excellence in corporate and sustainability reporting while promoting transparency through timely, factual and reader-friendly annual reports.

Among commercial banks, MCB Bank, Allied Bank and Askari Bank received the first, second and third awards, respectively, for best corporate reports in 2012. In the category of chemicals, Fauji Fertilizer, ICI Pakistan and Fauji Fertilizer Bin Qasim were the top three award-receiving companies.

Top three slots in the energy and fuel category went to Hub Power Company, Pakistan Petroleum and Pakistan State Oil. Among the NBFIs, first three positions were secured by Arif Habib Corporation, First Habib Modaraba and Jubilee General Insurance.

Addressing the ceremony, former finance minister Salman Shah said all problems that the country faces emanate from lack of investment. Saying that the investment-to-gross domestic product ratio has declined to 11% from 24% in 2007, Shah said it translates into $40 billion worth of lost investment opportunities.

In the category of miscellaneous, Engro Corporation, Engro Foods and Rafhan Maize Products were awarded the best corporate report awards. Nishat Mills was the recipient of the top award in the textile category.

The Citizens Foundation secured the best corporate report award in the category of non-profit organisations.

Addressing the gathering, AKD Securities CEO Farid Alam said the quality of financial reports prepared by Pakistan’s development finance institutions (DFIs) is low.

“Although we gave certificates of merit to encourage DFIs in the past, they don’t participate in these awards actively,” Alam said, while urging them to try and improve their financial reporting standards.

The ICAP-ICMAP joint committee also launched another category under the name of Sustainability Awards and Certificates last year. Its top three recipients for 2012 were Lucky Cement, Fauji Fertiliser and Attock Refinery.

Published in The Express Tribune, August 23^rd 2013.

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