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Kenya: Bidco Scoops Top Honours At Companies Gala
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Business Daily (Nairobi)
6 July 2008
Posted to the web 7 July 2008
Mwaura Kimani
Fast moving consumer goods manufacturers scored a high approval rating for their management practices during the 2008 Company of the Year Awards (Coya), elbowing out service firms that have dominated the event in the past.
Judges at the Coya awards, said the quality of corporate governance, human capital management, and market orientation among firms had greatly improved, buoyed by regulatory reforms in various sectors.
Increasing competition locally and globally as well as trends towards ethical production in value chains had also piled pressure on managers to move towards accepted best practice.
Despite their management practices being under close scrutiny from regulatory bodies, firms listed at the Nairobi Stock Exchange (NSE) failed to produce a strong showing.
Most of them actually kept off this year's awards organised annually by the Kenya Institute of Management (KIM).
Only five publicly listed companies participated in the awards, which were dominated by Thika-based edible oils manufacturer Bidco Oil Refineries which bagged four key awards including the top honours.
Other consumer goods manufacturers who made a star showing at the awards were Nairobi Bottlers, Mumias Sugar and Blowplast Limited.
The listed firms included Barclays Bank of Kenya, which was third in the top honours as well as the best in human resource management practices. Kenya Airways scooped two awards for strategic planning and emergency preparedness practices while Mumias Sugar's environmental management initiatives emerged the best among the 33 participating companies.
The other two were Kenya Commercial Bank, which won the award for best corporate citizenship practices and Crown Berger.
Safaricom, AccessKenya, Nation Media Group, British American Tobacco were among quoted firms which have participated in past awards that were absent this year. Coya seeks to identify and publicly recognise companies that demonstrate excellence and integrity in their management practices. Companies were gauged under a newly introduced grading system-Organisational performance Index- which combines organisational processes and results by examining things like, employee and customer satisfaction, social impacts and financial results.
Mr Mwangi Ngumo, the KIM boss, said only two companies; Bidco and Nairobi Bottlers - which came second overall- scored a grade of six and above. "A company with a grade of less than four has the markings of a globally competitive firm and those with six and above are potentially the best," said Mr Ngumo.
Bidco Oil's MD Vimal Shah was named the chief executive of the year, beating Kenya Wildlife Service MD Julius Kipng'etich who came second. Mr Vimal's firm also won the awards for Market Orientation, Productivity Improvement Services. Kenya's Airways human resources director Paul Kasimu was declared the Manager of the Year while Joseph Murigi of Kenya Pipeline Corporation was second.
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Other winners were Davis and Shirtliff which won the Quality Improvement Practices award, Blowplast Limited with Innovation and Creativity Award and KWS which scooped the Leadership and Corporate Governance Practices Award.
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