A new rule has been formulated to award government-owned in various categories.
According to the Privatization and Corporatization Board (PCB), the awards are designed to enhance management practices and ensure adherence to corporate governance principles. Awards will be granted to government-owned companies in five categories to acknowledge, encourage, and celebrate their exceptional performance.
The five award categories are:
Outstanding progress
Outstanding Board Chairman
Excellence in Governance
Outstanding Company Secretary
Outstanding Managing Director
The PCB will begin awarding in three categories -- Outstanding Board Chairman, Outstanding Company Secretary, and Outstanding Managing Director --one year after the new rule comes into effect.
Nominees for the award must be government-owned companies that are not listed in the CMDA, which is required to comply with the Code of Corporate Governance for State-Owned Enterprises. Individuals that the PCB has taken action against and companies that have not held annual general meetings are not eligible for nomination.
The recipients of the award will be determined by the Corporate Governance Award Committee.
