Businessworld Most Respected Company Awards includes 3 more sectors

McDowell's Signature Businessworld Most Respected Company Awards 2004 will be held in Mumbai on October 29. This year's awards will cover three more sectors taking the total number of industries covered to 17.

While IT enabled services is a new sector to be included in the list, insurance and auto ancillaries sectors have a separate entity this year. The insurance sector was earlier a part of the banking and finance segment, while auto ancillaries was a part of the automobile sector.

Apart from this, three special categories of awards have also been introduced in this year's awards ceremony. This includes Most Ethical Company, Most Globally Competitive Company and Most Dynamic Company.

Although Businessworld had instituted this award last year, the magazine has been carrying the survey since 1983 - two years after the magazine was launched. When Businessworld had started this survey, companies in India were only measured by the turnover and assets of the company. The survey on most respected company was the first of its kind in India where a company was rated on the basis of various parameters other than just assets.

DN Mukerjea, deputy editor, Businessworld says, "Most of the corporate awards are just based on jury's decision, but this award is is based on peer perception survey." The survey done by IMRB covers 1,200 respondents, who essentially are the top management team of companies which includes vice-presidents and above.

The survey is done in two phases. In the first phase, companies are ranked on 19 parameters - overall quality; top management leadership; depth/quality of talent; ability to attract, manage and retain talent; ethics; transparency; social responsiveness; environmental consciousness; quality of products and services provided; customer satisfaction; track record; dynamism; speedy response to change in business environment; continuous innovation; global competitiveness; consistent corporate performances; returns of shareholders; value for shareholders and ability to cope with recession.

The top three companies for the previous year were Infosys, HLL and Reliance. Answering to a query, Mukerjea said that while even foreign companies were part of the survey, none of the companies which have expatriates as its top could make it to the top.

Talking about the association of McDowells' Signature with the awards, G Balasubramaniun, controller-marketing, The UB Group, says, "Signature has always been associated with success - whether it's theaters or recognising entrepreneurs, who have created wealth and not inherited wealth, or a game like golf which is generally played by successful individuals."

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