1- THE FUTURE OF ADVERTISING
2-
PAK-AFGHAN TRADE RELATIONS
3- MAP AWARDS
4-
SOIL SALINITY AND RICE CROPS

 

MAP CORPORATE EXCELLENCE AWARDS FOR THE YEAR 2001

 

The revised criteria for the evaluation of companies' performance give more weightage to good management practices

 

By SHABBIR H. KAZMI
Apr 14 - 20, 2003
 

 

 

 

 

 

In Pakistan the tradition of acknowledging the success stories is not very common. However, one institution, Management Association of Pakistan (MAP) has been awarding the good performing companies the Corporate Excellence Awards for many years. While the Top 25 Award of Karachi Stock Exchange mainly takes into account dividend payout, MAP's Award assigns more weightage to good management practices. The ceremony to confer awards and certificates to the companies achieving the highest level of excellence during the year 2001 was held recently, slightly later than expected. Minister for Privatization and Investment, Dr. Abdul Hafeez Shaikh, was the chief guest.

The recipients of awards in the two categories were Al-Ghazi Tractors (Business and Industrial category) and International General Insurance Company of Pakistan (Financial category). The certificates in Business and Industrial category were awarded to Colgate Palmolive (Pakistan), Unilever Pakistan, Bolan Casting and Thal Jute Mills. The single certificate in Financial category was given to Orix Leasing Pakistan. Al-Ghazi Tractors has received this prestigious award for the second time. The company has been awarded certificates four times.

In his keynote address, Dr. Abdul Hafeez Shaikh said that Pakistanis must learn to celebrate success stories. Pakistan grossly suffers due to the poor perception. This image can only be improved if overseas investors come to know about the companies operating in Pakistan and their profitability. Pakistan has not been able to let the investors know that over 600 of the global top corporations operate in Pakistan. Over the years they have enhanced their stake in the country, only because they are able to earn reasonably attractive return on their investment.

As regards the GoP's policies governing privatization and investment, Dr. Shaikh said, "The GoP's performance has been exceptionally good in the back drop of post 9/11 scenario. While the foreign investors have reposed confidence in the GoP's policies, the local investors have also participated in the process with the keen interest." It may be worth noting that while the best efforts are being made by the GoP to follow the indicated timeframe; efforts are also being made to ensure greater participation of the local investors. The performance of Pakistan's equities market clearly indicates that the appetite is higher than the available shares in the market. Therefore, offering of some percentage of the GoP share holding in state-owned enterprises through stock exchanges, is a viable proposal.

 

 

Earlier, in his welcome address, Syed Masoud Ali Naqvi, President MAP, said "Institution of Corporate Excellence Awards is manifestation of MAP's aims to achieve corporate excellence through encouraging constructive competition amongst the business entities." He added, "The Executive Committee has recently setup a taskforce to re-evaluate the whole process of the Award including the criteria. The taskforce will recommend the wayfound to ensure that the MAP Award continues as an Award which creates the highest competitive recognition as a National Corporate Excellence Award with a unique focus on management practices."

Syed Mumtaz Saaed, Chairman, Corporate Excellence Awards Sub-Committee, said, "Although the process to identify the companies is both systematic and comprehensive but keeping MAP's tradition alive it has been under constant review. Useful improvements were brought in the awards criteria and questionnaire for management practices appraisal to bring the MAP awards in line with internationally recognized awards.