Proving to be a shining exception to the rule that news regarding transparency and Bangladesh is usually negative, BRAC managed to secure the top prize for the 2005 Financial Transparency Award in a pool of 175 applicants from 57 countries all over the world.

"The CGAP Financial Trans-parency Award is designed to promote greater transparency in annual financial reporting. By recognising the primary sources of transparent financial reporting and recognising micro finance institutions (MFIs) that achieve high standards in financial disclosure, this annual award seeks to stimulate improvements in MFI reporting," according to a CGAP press release.

The financial statements of each applicant were examined and scored by reviewers across Latin America, Africa, The Middle East, Europe and North America. These reviewers were all professional from the fields of finance, accounting or auditing who judged the applicants on their compliance with international disclosure guidelines such as the CGAP disclosure guideline as well as the International Financial Reporting Standards. The top award winners had to obtain the "5-diamond" rating that recognises the full compliance with international disclosure guidelines.

Among the steps that Brac has taken to ensure a supportive organisational are the following: Cultivation of a culture of honesty, written procedures and guidelines for transparency, accounting manuals, a strong internal control system, regular review and incorporation of modern technology. All of the above qualities related to the willingness of its policymakers and supportive organisational cultures have led Brac to achieve financial transparency throughout the organisation.