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18 companies vie for Ram & McRae Business Report awards

Jul 22, 2010 News

The first ever Award in Guyana directed at a company for its performances as it relates to its annual report is underway.
The Ram and McRae initiative which coincides with that entity’s 25th Anniversary views the Annual Reports of 18 of Guyana’s leading Businesses and the winner will be announced on Saturday July 31 at the Marian Academy.
Some of the companies competing for the award include Banks DIH Limited, Caribbean Container Inc., Citizens Bank Guyana Inc., Demerara Bank Limited, Demerara Distillers Limited
Demerara Tobacco Company Limited, Guyana Bank for Trade and Industry Limited, Guyana Manufacturing and Services Association Limited Guyana Stockfeeds Inc. and Hand-in-Hand Mutual Life Assurance Company Ltd J.P. Santos and Company Limited among others.
The panel of Judges, described as independent of Ram and McRae, includes its Chairman Quincy Bourne, Paul Chan-a-Sue, FCCA, Patrick Dyal, AA; Nigel Niles, LLB, LEC and Roubinder Rambarran, MBA.
The criterion was developed by the Committee with the firm of Ram and McRae providing support resources and adopted
A two-stage judging system was developed whereby an initial review would be used to shortlist the top four reports for a more intensive review.
The criterion includes accessibility and timeliness of reporting, adequacy of discussion and analysis, compliance with accounting standards, compliance with regulatory requirements, corporate governance disclosures, physical appearance as well as social responsibility and sustainability comments.
Niles, who was on hand at a press briefing, yesterday, said that while it is a tedious task they are confident that they will be able to make the necessary comparisons to adjudicate.
Rakesh Latchana in explaining the initiative said that it was the first such in Guyana and possible the region and is aimed at having companies prepare better Annual Reports.
Christopher Ram explained that the report that is presented each year is one of the most important documents in that it has to conform with the laws.
He said that shareholders depend on this report more that what it said by Chair persons in their reports.

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