Dr Ishrat Hussain, eminent economist and ex-Governor State Bank of Pakistan 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. The driver of growth in future would be intellectual capital and corporate entities need to invest in the training of their employees", he added.
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, 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 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. 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.-PR
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