Thrust on raising accountability, transparency in company affairs

The Corporate Secretaries are the custodian of Corporate Governance and Corporate Compliances in operating company affairs specially the banking corporate which are now facing serious erosion in maintaining professional ethics.

The observation came by experts in a seminar titled "Emerging Role of Corporate Secretaries in the Banking Sector", organised by CRISL for the Corporate Secretaries working in different banks and financial institutions at a local hotel recently, said a statement.

Mr Muzaffar Ahmed, FCMA FCS, President and CEO of Credit Rating Information and Services Limited (CRISL), the leading rating agency of the country presented a keynote presentation.

Mr. Muzaffar Ahmed outlined the role of company secretaries in the changed global and national scenario. He said that the global economic scenario has been changing faster than ever before and is being fuelled by continuous innovation, technology changes, improved connectivity, trade war, economic supremacy and other factors which is globally recognized as the 4th Industrial Revolution. .

Mr Ahmed urged upon the company secretaries working in different banks and financial institutions to be more vigilant in discharging their responsibilities so that that the desired level of accountability, fairness, transparency and independence could be established at every level of the company's affairs.

A large number of company secretaries from different banks, financial institutions and corporate groups attended the seminar. The seminar was attended by Professor Dr. Swapan Kumar Bala FCMA, Commissioner , Bangladesh Securities and Exchange Commission (BSEC) as Chief Guest.

The CRISL CEO emphasized that under the changed scenario, increasingly different and more technical and complicated types of responsibilities are being added to the regular responsibilities of company secretaries of ensuring overall compliance and good governance of the company, among others. In the face of increasing frauds, corruption, inefficiency, lack of trust and transparency, , the company secretaries need to be more vigilant than ever so that no issues of non-compliances could take place in the key functional areas such as maintaining capital adequacy, assets quality, management efficiency, earnings, liquidity and sensitivity issues. If any non-compliance ever arises, that must be addressed properly and be immediately brought to the notice of the ultimate decision makers to avoid future complications, he said.

In his speech Dr. Swapan Kumar Bala, FCMA said that company secretaries always remain at the focal point of the decision making process and shoulder huge responsibilities. Their pro-active role in guiding the company in appropriate direction can tremendously benefit the company in many ways. He urged the company secretaries to act responsibly and proactively, in good faith and in the interest of the company. He also requested them to uphold ethics, remain always stick to the principles and present unbiased and true pictures to the decision makers regardless of fear and favor and make recommendations, if any, as deem proper and appropriate.

Established in 1995, CRISL is the first credit rating company of the country and pioneer in establishing credit rating practices in Bangladesh. Apart from its regular rating assignments, CRISL organizes from time to time seminars, workshops, training sessions etc. for officials of banks and financial institutions on different topics in different parts of the country. In January this year CRISL organized a seminar in Chattogram on bank's capital adequacy and credit rating practices which was largely attended by high officials of banks and FIs of the region.

Mr. Md. Asaduzzaman Khan, former Executive Director of Bangladesh Bank and now Executive Director, CRISL, also spoke on the occasion and delivered vote of thanks.