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Enactment of 'Chartered Secretaries Act' soon
FE Report
3/6/2006
Commerce Minister Altaf Hossain Choudhury Sunday gave assurance that the 'Bangladesh Chartered Secretaries Act' will be enacted within a short time.
The assurance came as he was speaking at a workshop as the chief guest at a city hotel.
Once enacted, the act will help improve the corporate management in Bangladesh.
The Institute of Chartered Secretaries and Managers of Bangladesh (ICSMB) organised the continuing professional development (CPD) workshop on 'Corporate Governance: Are we on the right track and Corporate financial reporting'.
He also said the Securities and Exchange Commission (SEC) is playing a significant role in establishing good corporate governance among the listed companies of the country.
"Corporate governance has become the top priority for the regulatory bodies with the objective of providing better and effective protection to all stakeholders and also to make the market confident", he said.
He alleged, corporate governance in the country is lagging behind due to unwillingness of companies to disclose their financial status and the increasing number of family-oriented companies.
The SEC specified the duties and responsibilities of the company secretaries that empowered them along with making the company activities transparent, he further said.
Former SEC chairman Mirza Azizul Islam stressed the need for a specific guideline to pave the way of enactment of corporate governance.
He said the 2006 annual general meeting of SEC revealed that the number of loan defaulters recorded a satisfactory decrease of 22 per cent, compared to the 42 per cent in 2001 which was possible due to ensuring the good corporate governance.
ICSMB Senior Vice President Md Asad Ullah delivered the vote of thanks at the workshop.
Managing Director of Organon (Bangladesh) Limited Akhter Matin Chaudhury presented the keynote paper on "corporate governance-are we on the right track?' and former member of the SEC, AKM Sahabub Alam, presented his paper on 'Corporate financial reporting'.
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