MODULE 3: ICPSK COG AWARD GOVERNANCE AUDITOR ACCREDITATION COURSE

Contents of Module 3 1. Categories of ICPSK COG Award 2. Parameters Evaluated in the ICPSK COG Award 3. The ICPSK COG Award Process 4. The ICPSK COG Award Evaluation Tool and Scoring 5. Champions of Governance Index

The ICPSK COG Award “ICPSK Champions of Governance (COG) Award” was inaugurated in the year 2010 as an Award for excellence in governance. It is given to those organizations and individuals that exhibit the highest standards of practice of good governance in line with its vision and mission.

The ICPSK COG Award( Ctd..) The COG Award aims at promoting practices in good governance in the following ways: a) Recognition of practice and application of good governance in both public and private sector entities. b) Recognition of innovations in organizations that support good governance. c) Encouraging organizations to focus on enhancement of good governance.

Categories of ICPSK COG Award The award is given in three levels i.e. best in the category and first and second runners up. Currently, the Award covers the categories of institutions: a) Finance and Investment Sector Award b) Commercial and Services Sector Award c) Industrial and Allied Sector Award d) Insurance Sector Award e) Statutory Bodies Award f) Small and Medium Enterprises Award

Categories of ICPSK COG Award(Ctd…) g) Co-operative Sector Award h)Retirement Benefits Sector Award i) Water Services Sector j) NGO/Humanitarian Sector Award k) Chairman of the year Award l) CEO of the year Award m) Company Secretary of the year Award n) Champion of Governance Award o) Most improved Organization Award

Parameters Evaluated in the COG Award Some parameters are applied discreetly, depending on the sector/organization set-up. The following parameters are evaluated: a) The Board of Directors b) Ethical Leadership and Corporate Citizenship c) Accountability, Risk Management and Internal Control d) Transparency and Disclosure e) Shareholders’ Rights and Obligations f) Shareholders’ Relationship

Parameters Evaluated in the COG Award (Ctd..) g) Compliance with Laws and Regulations h) Sustainability and Performance Management i) Proper planning and preparation by all parties. j) Common understanding of the governance audit tools and checklists. k) Use of structured simple open ended questionnaires. l) E.t.c.

COG Award Process a) Various awareness campaigns are done to market the award. This include sending letters to various organizations inviting them to participate in the award. b) Participating organizations complete a registration form and submit it to the Institute together with the registration fee and supporting documents. c) A team of at least two Assessment Consultants is assigned to each organization to carry out the evaluation. d) Data collected from the organization is then analyzed.

COG Award Process (Ctd…) e) The organizational results are classified accordingly. f) Background checks are carried out on the participants. g) The evaluation results are then submitted to a Jury for final decision making. h) The Gala Night is then held where the results are announced.

COG Award Evaluation Tool and Scoring For the COG Evaluation Tool is carried out in the following manner with designated categories namely for: 1. Organizational COG of the year; 2. COG - Chairman of the year Award; 3. Company Secretary of the Year Award; 4. COG CEO of the Year Award Each category has an evaluation criteria.

COG Award: Parameter Questions The assessor is required to read the performance statement, make observations and provide for evidence to support his/her observations, write down notes to record and indicate the status of the evidence and then rate this evidence on the scale provided in the OBSERVATION column i.e High = 3, medium = 2, Low = 1; and Max = 3. The assessor should complete each and every box/space/question with a short precise statement.

COG Award Process and parameter Scoring Refer to the manual on diagrammatic representations of the process and parameter scoring.manual

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