Bangladesh Securities and Exchange Commission (BSEC) will finally incorporate the rational suggestions in the draft Code of Corporate Governances (CCG), proposed by the different trade and corporate bodies and professional institutes, Dr. Swapan Kumar Bala, Commissioner, BSEC said at a conference on Tuesday in the city.
The Institute of Chartered Accountants of Bangladesh (ICAB) organised the Members’ Conference on ‘Code of Corporate Governance’ on the day at its auditorium where Dr. Swapan Kumar Bala FCMA was present as the chief guest.
ICAB President Dewan Nurul Islam FCA delivered welcome speech and Member Council & Past President Md. Humayun Kabir FCA conducted the conference as Session Chairman. ICAB fellow member Snehasish Barua FCA, Partner, Snehasish Mahmud & Co., Chartered Accountants presented the keynote paper.
ICAB organised the conference to seek opinions from the members of the Institute on the draft CCG. It will submit its recommendations on proposed CCG very soon as requested by the BSEC.
It would not be overburdened with the huge compliances, Mr Bala said. He informed that BSEC has plan to make all its activities virtual through digitalization of its functions.
In this aspect BSEC will try to formulate the CCG so that it could easily remove the conflicting provisions from the guidelines. He also made clarification of some queries which came from the audience regarding the CCG.
ICAB President Dewan Nurul lslam FCA said Corporate Governance Guideline was introduced in 2006 for better functioning of the capital market. Modifications were brought by BSEC in the guideline in 2012 and in 2017 BSEC again brought modifications in the guideline. The country is moving towards middle income country. In this transition of the economy he urged the authority to formulate the Code taking into consideration of the dynamics of economy. We require a practical corporate governance guidelines for doing businesses under a conducive environment in the country, he added.
ICAB President said, it is necessary to maintain coordination between the guidelines pronounced by the Bangladesh Bank and the BSEC. Otherwise, it will create confusion among the stakeholders and the users. Talking about the appointment of independent director in the Board, Mr. Islam said the Board of Directors of a company should be free from nepotism and political biasness, said a statement.
-rmc//
