The Pak-Kuwait Investment Company (Pvt) Limited and its management has been honoured to receive internationally recognised prestigious 'Corporate Governance Award' for the year 2004 bestowed by the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP).
The Corporate Governance Award is awarded to institutions to recognise an undertaking, a programme or project developed, instituted or adopted by the bank that advocates, promotes or sustains good corporate governance practices and ideals.
In 2003, Pak-Kuwait was an ADFIAP winner in the category of Technology Development due to its initiatives and achievements in the field of information Technology.
The ADFIAP is the largest and most prestigious organisation of its kind in Asia and the Pacific with 65 members in 30 countries including India, China, Japan, Malaysia, Australia, Singapore, Thailand, Turkey, Kazakhstan, etc.
And with member institutions like ICICI India, Asian Development Bank, China Development Rank, Development Bank of Japan, Industrial Development Bank of India, Korea Development Bank, Bank Industri & Teknologi, Malaysia and others. On an annual basis, the ADFIAP recognises and honours ADFIAP member-banks, which have instituted projects that have created a developmental impact in their respective countries.
It consists of both institutional and individual awards. The institutional award recognises and honours a member-bank that has been found to implement or enhance outstanding and innovative development projects during the year.
In 2003, Pak-Kuwait became the first financial institution in Pakistan to be rated on Corporate Governance Rating (CGR).
A rating of CGR-8 was assigned on a scale of 1-10, with CGR-10 being the highest, reserved for listed entities only. The CGR of Pak-Kuwait was carried out by JCR-VIS Credit Rating Company Limited (an affiliate of Japan Credit Rating Agency Limited).
Besides taking into account compliance with legal and regulatory frameworks, the rating also involves an in-depth study of the corporate governance practices of the institution and matching these against global 'best practices vis-à-vis research from Cadbury Committee (UK), Blue Ribbon Committee (USA), Turnball Report (UK), etc.
"Attainment of prestigious international corporate governance award by the ADFIAP is recognition of the advancement and progress achieved in terms of management excellence by Pak-Kuwait in particular and by Pakistan in general," said a release issued by the Pak-Kuwait Investment Company.