Brokers demand professional accountants, women in DSE board

The DSE Brokers Association of Bangladesh has urged the Bangladesh Securities and Exchange Commission (BSEC) to reconsider its recent selection of independent directors for the Dhaka Stock Exchange (DSE) board, demanding representation of professional accountants and the women there.

In a letter sent to BSEC Chairman Khondoker Rashed Maqsood yesterday, the brokers' association said the DSE is a non-listed public limited company owned by local and foreign shareholders which previously never saw the BSEC unilaterally imposing independent directors on the bourse.

Unfortunately, for the first time the DSE is not going to have a female in its board of directors while having 20%-30% female representation is well practised in the international corporate world, the letter read.

The recent mass movement has been equally participated by the women which brought a victory for all and ignoring women in the DSE board undermined their devotion, said the brokers' association.

Also, the recent selection by the BSEC did not include any professional accountant that goes against the principles of an effective board of directors, it added.

DSE shareholders have stood against the recent BSEC selection of its independent directors ignoring the list the regulator had verbally asked from the bourse.

The DSE nomination and remuneration committee became dysfunctional following the resignation of all seven previous-regime appointed independent directors and the BSEC said it was not possible to consider the DSE recommendation that was not through the DSE nomination and remuneration committee and that is why the regulator had to select new independent directors for the betterment of the capital market and investors.

Previously, the BSEC used to approve upcoming DSE independent directors' names sent by the DSE nomination and remuneration committee.

The BSEC has long been criticised for grabbing more power from the bourses.