Institute of Chartered Secretaries of Bangladesh (ICSB) organized a workshop on July 28, 2018 at its Conference hall. The workshop was held on ‘Corporate Governance Code’ and ‘Financial Reporting and Disclosures’ notifications issued by Bangladesh Securities and Exchange Commission (BSEC).
Mr. Mohammad Sanaullah FCS, President of Institute of Chartered Secretaries of Bangladesh chaired the workshop.
In his presentation he focused on new provisions that are incorporated in Corporate Governance Code and Financial Reporting and Disclosures in comparison with earlier provisions. He also highlighted the relevant provisions which are in practice of our neighboring and other countries.
The President of ICSB mentioned that family governance is more popular than Corporate Governance to the local entrepreneurs of our country. In such business environment Chartered Secretaries have been working to establish Corporate Governance in the corporate sector of our country. BSEC has been working on these issues since its inception and as continuous process released new Corporate Governance Code and Financial Reporting and Disclosures.
He pointed about general perception of corporate governance issues that are applicable for listed companies not for others. New Corporate Governance Code will be the pathway of changing this statement. Introduction of provision “Managing Director or Chief Executive Officer, Company Secretary, Chief Financial officer and Head of Internal Audit and Compliance of a listed Company shall not hold any executive position in any other company at the same time” is the new step to bring the non-listed companies under the preview of Corporate Governance Code.
He also highlighted the issues on Board of Directors, Independent Directors, Duality of Chairman and MD or CEO, Directors’ Report to Shareholders, Code of Conduct of Board Members, Meeting of the Board of Directors, Role of Audit Committee, Role of Nomination and Remuneration Committee, External or Statutory Auditors, Maintaining of Website and Reporting and Compliance of CG was covered by the key note presenter. In addition, the president of ICSB also presented updates/different changes of Financial Reporting & Disclosures.
During floor discussion, Q & A session, Members of the Institute and the Company Secretaries of different organizations attended and discussed on different aspects of recently notified CG code mainly the practical application of the CG code and the difficulties in application of different provisions. The President ICSB nicely replied all the questions.