Focus on improving corporate governance

FE Report
A commissioner of the securities regulator at a seminar on Saturday said company secretaries and independent directors will have to play their due role for the sake of listed companies and the capital market.
"Company secretaries of many listed companies are serving the interests of sponsor-directors without paying attention to their assigned jobs," said Prof Helal Uddin Nizami, a commissioner of the Bangladesh Securities and Exchange Commission (BSEC).
Bangladesh Merchant Bankers Association (BMBA) organised the seminar on corporate governance code for listed companies at its office in the capital.
While speaking at the seminar, some compliance officers said the role of independent directors is not satisfactory in case of improving the company's corporate governance.
BSEC commissioner Nizami said the securities regulator would take initiative to stop AGM (Annual General Meeting) of the parties who create obstacles in company's AGM.
"The stock exchanges are yet to be able to keep pace with other government entities including BSEC. The
exchange's governance should be improved further," he added.
He said the securities regulator does work keeping eye on profit and loss of any quarter.
"Investors should be more literate and conscious for the sake of their investments and the capital market," Mr Nizami said.
He also acknowledged that the securities regulator is yet to perform as per expectations especially in the areas of monitoring and enforcement due to insufficient manpower.
Mohammad Nasir Uddin Chowdhury, managing director at LankaBangla Securities, moderated the seminar. Top officials of different merchant banks were also present.
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