The Privatization and Corporatization Board (PCB) has announced the introduction of a new award, titled the Governance Award, aimed at promoting strong management practices within government-owned companies. The award seeks to reinforce good corporate governance standards and recognize those companies demonstrating excellence in this area.
Ahmed Yameen, the PCB Secretary-General, explained on local media that the Governance Award’s criteria have been established. Companies were informed of the award concept last year.
The award will be decided by an independent committee formed by the PCB, operating according to the outlined criteria. Yameen highlighted that companies’ adherence to the Corporate Governance Code, as measured in annual reviews, will significantly influence award decisions.
To assure the utmost impartiality, the award committee will conduct on-site visits and interview company leadership. Following these assessments, the awards are expected to be presented to the winning companies later this month.
The PCB continues its commitment to strengthening government companies’ management structures and fostering public trust. Last year, the board’s initiatives included a code of conduct for directors and procedures for formal investigations and disciplinary actions.
