Finance & Banking

CELEBRATING EXCELLENCE IN GOVERNANCE AND SUSTAINABILITY

Governance, in its etymology, represents practices that govern or direct a group of people, an organisation or a country; thus, it entails the decision-making process and the implementation therein. The term governance can apply to corporate, international, national, local governance, or to the interactions between alternative sectors of society. Good governance has become the buzzword of this decade. Traditionally, it has been used to refer to public sector organisations and institutions, however, it now also covers private businesses as well as the social sector. Ideally, good governance is participatory, conspicuous and liable. Good governance at all levels is essential to economic progress, political constancy, and security.

As part of its social responsibility initiatives and to further promote good governance practices world over, Cambridge IFA is spearheading a global initiative to promote best practices in governance and sustainability. One of the initiatives undertaken is the Global Good Governance Awards or 3G Awards, which is organised annually. The 3G Awards celebrates individuals, governments, public and private institutions and NGOs that demonstrate making governance and sustainability a strategic priority of their organisations. As a premier awards programme, 3G Awards highlight excellence in good governance and commitment to social welfare in 3 major streams: Government & Politics, Corporate Sector and Social Sector & Philanthropy. The 3G Awards promote good governance and commitment to social welfare by:
• Recognizing leadership efforts of individuals, governments, corporations and NGOs in practicing good governance principles in their functioning;
• Recognizing implementation of innovative practices, programmes and projects that promote the cause of good governance, transparency, sustainability, and social responsibility; and
• Enthusing governments, corporates and NGOs in focusing on good governance and social responsibility practices.

Since its debut in 2016, over 150 awards have been
presented to exceptional individuals and institutions drawn from
more than 25 countries in different continents. These include
public sector individuals and organisations, businesses from
the airlines industry, tourism, financial services, manufacturing,
education and energy; and social sector organisations serving
different causes in health, women empowerment and children
welfare. The inaugural 3G Awards ceremony was held in the
historical city of Istanbul, Turkey in 2016, followed by Dubai
in 2017 and Kuala Lumpur, Malaysia in 2018.The 3G Awards
2019 ceremony was hosted by the Ministry of Tourism
Indonesia and was attended by more than 200 guests and
participating organisations from over 18 countries. Guests of
honours included the Prime Minister of Djibouti, His Excellency
Abdoulkader Kamil Mohamed, Mr. Christophe Bahuet, Country
Director of the United Nations Development Programme
(UNDP) Indonesia and Professor Humayon Dar, Founder of the
3G Awards and Chairman of Cambridge IFA.

In her welcoming address, Dr. Sofiza Azmi, CEO of
Cambridge IFA said that there is no “one-size-fits all” meaning
to good governance but pointed out that one key theme
that stands out amongst the various definitions of good
governance is ‘sustainability’. “The interrelationship between
good governance and sustainability is central to long term
success be it public sector programmes, corporate profitability
or social sector programmes. In essence, good governance and
sustainability is about better managing assets and resources
with the objective of making them more inclusive, transparent
and participatory,” she explained. However, she cautioned that
the integration of good governance and sustainability is still
a far cry but emphasised that the need for good governance
and sustainability is now being increasingly felt in every sector
of social and economic activity across the world. She further
said that “It has compelled many governments, corporations,
NGOs and non-profit organisations to recognise and attach
tremendous importance to good governance in discharging
their day-to-day activities.”

This year, the 3G Awards Committee reviewed over 200
nominations from both organisations and individuals from
the public sector, corporate sector, and social sector and
philanthropy. The award nominees went through a rigorous process of selection, and winners are selected based on the 3G score card developed by Cambridge IFA, which consists
of 5 pillars: Transparency, Social Responsibility, Sustainability,
Impact and Innovation.

This year the award winners came from about 15 countries.
The top 3G Leadership Award in Government & Politics 2019
was bestowed to the President of Djibouti, Ismail Omar Guelleh.
The Award was received by the Djibouti Prime Minister, His
Excellency Abdoulkader Kamil Mohamed. The Government of
Djibouti under the leadership of President Ismail Omar Guelleh
has succeeded in attracting an increasing amount of foreign
direct investments, thanks to the ease of doing business in
the country. It is due to the efforts of the President and his
government that Djibouti has been successfully playing the
role of a bridge between the Middle East and the wider African
region, especially in the neighbouring troubled areas of Somalia
and South Sudan. As a result of the role of the government, the
approach of the central bank, and the personal patronage of
the President; Djibouti stands tall amongst the African nations
in promoting good practices in business and finance

Out of the 35 awards presented during a glittering awards
ceremony, Indonesia bagged 7; including the 3G Excellence in
Sustainable Tourism – Leadership Role, a new award category introduced this year. His Excellency Arief Yahya, the Minister of Tourism Indonesia, was named as the recipient of this award
in recognition of the bold and innovative steps taken under his
able leadership to develop and promote sustainable tourism as
well as ecotourism in Indonesia. The 3G Awards Committee
applauded the vision and steadfast commitment His Excellency
Arief Yahya has made in developing actionable standards for
sustainable destination development and management. Under
his strong leadership, the Sustainable Tourism Destination
Standard for Indonesia has achieved ‘GSTC-Recognized’ status,
which affirms the country’s commitment to promote sustainable
tourism products and services, thus positioning Indonesia as a
regional hub for sustainable tourism practices.

Other winners from Indonesia include PT Trakindo Utama,
BTPN Syariah, Badan Wakaf Indonesia (BWI), BAZNAS (Badan
Amil Zakat Nasional) and PT Bhimasena . BTPN Syariah bagged
two awards: the 3G Financial Inclusion Innovation and the 3G
Customer Care. The 3G Excellence is Sustainable Practices was
presented to PT Trakindo Utama, the 3G Best Public Sector
Programme (Financial Inclusion) Award was awarded to Badan
Wakaf Indonesia (BWI) and the 3G SDGs Champion Award
went to Badan Amil Zakat Nasional (BAZNAS).

This year PT Bhimasena Power Indonesia was awarded the 3G
Environmental Responsibility Award 2019 (Corporate Sector)
for its Central Java Coal Fired Power Plant (CJ CFPP) 2×1000
MW. This award category recognises an organisation’s efforts
to incorporate the concept of environmental protection into its
business operations and in imparting the best environmental
responsibility practices. Its Community Empowerment
Program (CEP) implementation reflects the company’s strong
commitment and efforts to empower surrounding community,
bringing positive impact of CJ CFPP project development in
environmental, social & economic aspects. According to Mr.
Yasuhiro Koide, President Director of PT Bhimasena Power
Indonesia, “A high standard of social mitigation program with
comprehensive CSR program are implemented through good
governance program, transparent, accountable, documented
and participative to empower the local community to gain and
generate a variety of potential to grow as well as promoting
close partnership and trust with our local community”. Last
year, the company bagged the 3G Social Empowerment Award
at the 3G Awards ceremony in Kuala Lumpur, Malaysia.

Although this year’s 3G Awards winners were diverse, the
number of winners from the social sector was impressive as
shown in Table 1. The 3G Leadership Award for Social Sector &
Philanthropy 2019 was awarded to Mr. Suliman Noor Mohamed
who is a well-respected South African business tycoon and
philanthropist. His philanthropic donations have covered
small places of worship to large educational establishments.
Currently, he serves as the President of World Memon
Organisation (WMO), an international body representing the
ethnic Memon communities from around the world. WMO
has funded, initiated or managed a wide range of philanthropic
projects – schools, hospitals, community centres, orphanages,
and scholarships & bursaries – in Africa, Asia, Europe and
America.

Friends of Cancer Patients (FOCP) was once again awarded
the 3G Service Excellence Award for three year in the row.
This award recognises a non-profit organisation that has
demonstrated an exceptional ability in service excellence
and is dedicated to continuously striving to exceed customer
expectations, deliver industry leading standards of service and
is creative and innovative around customer experience. FOCP
was established to help alleviate the financial and emotional
burden that cancer often imposes on cancer patients and their
families and to raise awareness about the six early detectable
forms of the disease; breast cancer, cervical cancer, prostate
cancer, skin cancer, testicular cancer and colorectal cancer.
Since winning this award in 2017, FOCP has continued strongly
in their efforts to alleviate the sufferings of cancer patients and
their families by offering financial, psychological and moral
support through fund-raising activities and free treatment. It
has led several community initiatives and organised forums to
heighten people’s awareness about the risks of cancer.

Amana Ikhtiar Malaysia (AIM) bagged two awards – 3G Women
Empowerment Award 2019 and 3G Financial Inclusion Award 2019.As the first Islamic microfinance institution in Malaysia, AIM offers microcredit to poor and low-income households
without the need for collateral or guarantors. AIM’s Chairman,
Datuk Junaidah Kiting said: “Women empowerment is the key
to strengthen their participation in decision-making. There is no
better tool for national development than empowering women.
When women participate in the economy, everyone benefits.”

In the corporate sector, the 3G Leadership Award for
Corporate Sector 2019 was presented to Meinhardt Group,
one of the most respected engineering companies in the
world and the largest independent engineering consultancy
in Asia. Headquartered in Singapore, Meinhardt has become
synonymous with trust, innovation and engineering excellence
around the world for over 60 years. Receiving the award on
behalf of Meinhardt Group was Mr. Omar Shahzad, Group CEP.

The Group was also named the recipient of the 3G Creativity
& Innovation Award 2019. “We are delighted that CambridgeIFA, one of the largest financial intelligence consultancies in the Islamic world, has conferred upon us two awards that recognise
our leadership in the corporate sector as well as innovation
and creativity. The awards are an affirmation of Meinhardt’s
hallmark traits of trust, innovation and engineering excellence,
which are recognised in the Middle East and the world over,”
said Mr. Omar Shahzad.

The 3G Leadership Award for Corporate Sector 2019
(Individual) was presented to Dr. R. Seetharaman (Group CEO,
Doha Bank). Commenting on his win, Dr. R Seetharaman said
“I am proud to receive this leadership award. Leaders globally
are focused on realigning business model in accordance with
structural changes in environment, building strong corporate
image, sustaining growth, grooming people for global
environment, leveraging technology, giving back to society and
managing stakeholder expectations.” Doha Bank also received
the 3G Financial Services Award for the second year in a row.

The Qatar General Electricity and Water Corporation
or Kahraama took home 2 awards – 3G Best Public Sector
Programme (Sustainability) Award 2019 for its National Program for Conservation and Energy Efficiency (Tarsheed)
and 3G Most Innovative Environmental Education Award
2019 for the Kahraama Awareness Park. Kahramaa’s
President Eng. Essa Bin Hilal Al Kuwari said: “Our international
recognition reflects that we are going in right direction and
our technological advancement embedded with our continued
efforts to adopt innovative ideas.”

Another two financial institutions that was honoured
during the awards ceremony were Bank Islam Brunei
Darussalam (BIBD) and BTPN Syariah. BIBD was the recipient
of two awards – BIBD SEED Programme won the 3G Women
Empowerment Award 2019 (Corporate Sector), while BIBD
Connects won the 3G Best Community Development Initiative2019.BTPN Syariah was awarded the 3G Financial Inclusion Innovation Award 2019 and 3G Customer Care Award 2019.
BTPN Syariah is the only bank in Indonesia that focuses on
serving productive underprivileged families – also known as
the “unbankable” for having neither financial records nor legal
documentation, and the Bank’s infrastructure has been built to
ensure that the products and services are able to effectively
serve this segment.

Bangchak Corporation, a Thai energy company , took home
the 3G CSR Award for the second time in a row, and also bagged
the 3G Best Green Initiative Award 2019 through its Bangchak
Initiative and Innovation Center (BiiC). Another Thai-based
company that was celebrated at the 4th 3G Awards ceremony
was PTT Exploration and Production Public Company Limited
(PTTEP), a leading Asian petroleum exploration and production
company, who was named the recipient of the 3G Best CSR
Campaign 2019. “A strong commitment to creating positive
impact in marine biodiversity and ecosystem services is the
key mission of PTTEP as a national petroleum exploration and
production company. Winning the 3G Best CSR Campaign
Award 2019 reflects our efforts have been acknowledged as
contributing to sustainable value creation for our stakeholders
and in the community we operate. PTTEP is committed to
creating value for society through sharing its best practices and
its model as a company with strong corporate governance.” – Mr.
Phongsthorn Thavisin, President and Chief Executive Officer,
PTT Exploration and Production Public Company Limited.

Another notable winner was Dubai Electricity and Water
Authority (DEWA), which bagged two awards – 3G Excellence
in Corporate Governance Award 2019 and 3G Best Corporate
Governance Reporting Award 2019. This win signifies the vision
of Sheikh Mohamed Bin Rashid Al Maktoum, Vice President and
Prime Minister of the UAE and the Ruler of Dubai, who aims
at making Dubai a global centre of excellence for governance
in government departments, while facilitating the corporate
sector to grow their businesses in a socially responsible manner.

Ayala Land is the largest property developer in the
Philippines was named the winner of the 3G Environmental
Sustainability Award 2019 for the organisation’s efforts to
incorporate the concept of environmental protection into its
business operations and in imparting the best environmental
responsibility practices.

The 3G Education Award 2019 went to Oasis Bursary
Programme, an initiative of Oasis Crescent based in South
Africa. Adam Ebrahim, CEO of Oasis said: “ As a business that
has been actively involved in addressing the educational needs
faced by our country, Oasis has prioritised its investment in this
critical area. Our backing of education has been far-reaching
and the company is deeply involved in projects that span from
foundational development through to post graduate learning.
Benefitting from this funding are students on the Oasis Bursary
Programme, who also benefit from the peer mentoring, support
and practical work exposure and experience gained upon
graduation.”

Another winner from South Africa was Kwantu Private
Game Reserve whom received the 3G Responsible Wildlife
Tourism Award 2019. Kwantu Private Game Reserve is an
award winning 5 star game reserve situated at 85km from Port
Elizabeth, near the famous Garden Route of South Africa.

Over the last four years, 3G Awards have been instrumental in
highlighting the good governance in the educational sector as well.
The University of Education, Lahore won the 3G Capacity Building
Award 2019 whilst 3G Excellence in Higher Education Award was
presented to COMSATS University Islamabad, Pakistan.

Malaysia is one country that has consistently bagged multiple
awards in the past four years. This reflects upon the success of
the country in implementing a good governance agenda, in public
sector organisations, educational institutions, charitable sector
and the private businesses. One of the remarkable success stories
is Accounting Research Institute (ARI) at the Universiti Teknologi
MARA, which has over the years undertaken impressive research
projects to promote transparency and good accounting practices
in public and private sector organisations

Its work on Islamic finance criminology has earned it numerous
awards and accolades. This year ARI won the 3G Research
Excellence Award 2019.

As for the 3G Sustainability of Performance Award, the
Awards Committee decided in favour of Sunway Group,
Malaysia. The Committee was highly impressed with the Group’s
sustainability policy and practices as part of its business culture
and core values. In tandem with its commitment towards
embracing sustainability throughout all its businesses, Sunway
Group has incorporated sustainable business practices into its
core strategic and operational activities and achieved positive
growth through #sunwayforgood sustainability and social
responsibility initiatives, that is creating value for the people,
while conserving the planet and making a considerable profit.

Apart from celebrations, the 3G Awards ceremonies provide
ample opportunities for networking and getting connected
with the leading players in the good governance regime.
Leading figures from various parts of the world appreciated the
opportunity to network, familiarise with the best practices in
corporate social responsibility, and learn from each other.

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