Dr. Ishrat Hussain, eminent economist and ex-Governor State bank has stated that the business should ponder upon the social purpose of a company; corporate excellence should also focus on social aspects and not only on shareholder value and profits. He was presiding the 33rd Corporate Excellence Awards of the Management Association of Pakistan (MAP).
“The emphasis should be on the triple bottom line i.e. Profits, People and Planet, which now is being followed globally,” said Dr. Hussain. He added, “The driver of growth in future would be intellectual capital and corporate entities need to invest in the training of their employees.” He praised MAP for organizing the Corporate Excellence Awards consistently since 1982 and suggested to keep reviewing the criteria of awards in line with social purpose of business, which shall also be considered as a benchmark for corporate excellence.
Earlier, Mr. Asif Ikram, President, Management Association of Pakistan talked about the role that MAP has played in creating awareness about the best management practices amongst the companies. For this purpose MAP instituted its Corporate Excellence Award in 1982 which today is considered the ultimate accolade in the realms of corporate management. The Award seeks to recognize and reward the best managed companies in Pakistan. He stressed upon the need for keeping up with changing times as the rate of change has changed and it is happening exponentially. In this age of hyper competition, barriers have come down due to change in technology and therefore, companies must seek new ways to compete through innovation. Managing these challenges leads us to achieving excellence.
He informed the gathering about MAP’s interaction with international bodies like Asian Association of Management Organizations (AAMO) and various value added benefits which the MAP members can avail.
Ms. Amina Aziz, Director, SECP gave a presentation on Evolution of Corporate Governance Framework in Pakistan.
The top trophy winner in the Amir S. Chinoy Industrial category was Indus Motors Company Ltd. while Jubilee General Insurance Co. Ltd was awarded the top trophy in the financial category.
Sector wise awards in the Industrial sector were given to Pakistan Tobacco Co. Ltd, Mari Petroleum Co. Ltd, Al_Ghazi Tractors Ltd, Thal Ltd, Pakistan International Container Terminal Ltd, Lucky Cement Ltd, Fauji Fertilizer Co. Ltd, Abbott Laboratories Pak Ltd, Archroma Pakistan Ltd, Cherat Packaging Ltd, Colgate-Palmolive Pakistan Ltd, KSB Pumps Ltd and Shifa International Hospitals Ltd.
Sector wise awards in the Financial Sector were received by Allied Bank Ltd, Jubilee Life Insurance Company Ltd, Orix Leasing Pakistan Ltd, Orix Modaraba, EFG Herms Pakistan Ltd and Atlas Stock Market Fund.
Certificates of Excellence in the Not for Profit Sector were presented to Shaukat Khanum Memorial Hospital, The Citizens Foundation and LRBT.
The runner-up companies were awarded Certificates of Corporate Excellence.