ICSB holds seminar on sustainable corporate governance

Institute of Chartered Secretaries of Bangladesh (ICSB) has organised a Seminar titled "Strengthening Corporate Governance Practice in Companies for Sustainable Development" on Thursday, 23 January 2025, at 3:30 PM at the Best Western Sena Kalyan Sangstha (SKS) Chattogram.  

Dr Shahadat Hossain, Mayor of Chattogram City Corporation, was the Chief Guest, and Mr. M Nurul Alam FCS, Acting President of ICSB, moderated the seminar.

Dr  Iqbal Hossain, Professor in the Department of Accounting at the University of Chittagong, and Mr Md. Sharif Hasan, FCS Council Member of ICSB and Director—Regulatory Affairs & Company Secretary of Unique Hotel & Resorts PLC (Unique Group), were the Keynote Speakers at the event.

Mr Aameir Alihussain, Managing Director of BSRM Steels Limited, Mr Zahir Uddin Ahmed, Managing Director of Confidence Cement PLC., Mr Mohammad Shafiqul Islam Bhuiyan FCS Council Member of ICSB and Deputy General Manager of Dhaka Stock Exchange PLC. were the Discussants of the Seminar.

 Session Chair Mr M Nurul Alam FCS delivered the welcome speech and thanked everyone for joining the ICSB Seminar. He highlighted the vital role of corporate governance in promoting transparency, ensuring accountability and aligning with sustainable development goals. He emphasised its importance in addressing environmental, social and economic challenges while fostering ethical practices. He encouraged active participation from stakeholders to share insights, explore innovative solutions, and promote sustainable governance for the well-being of the corporate domain as well as for society.

In his keynote address, Professor Dr Md Iqbal Hossain emphasised four fundamental pillars of corporate governance: adherence to regulatory requirements, equitable treatment of all stakeholders, transparency through comprehensive and accurate information disclosure, and the upholding of business ethics. He suggested implementing rule-based governance practices in local companies, depoliticising the decision-making process, and educating shareholders about their rights.

Mr Sharif Hasan, in his presentation, emphasised the pivotal role of corporate governance in promoting sustainability through environmental stewardship, social responsibility and ethical governance. Key challenges in Bangladesh were discussed, such as weak regulatory enforcement, the dominance of family governance over corporate governance, and lack of transparency. He also pictured how the business success ratio declines with each generation if family governance dominates over corporate structures, leading to inefficiency, lack of transparency, and weak ethical practices. Recommendations included empowering independent directors, enhancing disclosure practices, combating corruption, and fostering a robust capital market. He also underscored that Chartered Secretaries are the key factors in ensuring good governance practices in the corporate sector.

Discussing the keynote papers, Mr Aameir Alihussain addressed corporate governance as an essential framework. He focused on developing good institutions and processes and standardised workplace ethics. He also highlighted the ongoing challenges Bangladeshi companies face in establishing an ideal corporate governance framework and said that the next generation is stepping up to address them.

The subsequent discussant, Mr Zahir Uddin Ahmed, shared his insights on corporate governance, which he had drawn from his professional experience. He also discussed the factors that might impede the broad adoption of corporate governance and emphasised the importance of implementing it in our local companies.

Mr  Shafiqul Islam Bhuiyan FCS mentioned that effective corporate governance is key to a company's long-term success and resilience in the competitive business landscape. It aims to establish a framework that promotes transparency, accountability, integrity, independence, and ethical conduct within an organisation to ensure the holistic well-being of its stakeholders.  

In his speech, the Chief Guest, Dr Shahadat Hossain, accentuated the importance of governance in all aspects of society and thanked ICSB for organizing such a time-befitting Seminar. He addressed good corporate governance as essential for developing a sustainable economy and emphasised the significance of cultivating a sense of social responsibility to uphold corporate governance. He also urged ensuring good governance in the public and corporate sectors. As a people's representative, he expected a liveable city for the next.

Mr A K M Mushfiqur Rahman FCS, Vice President of ICSB, Mr Sk Sarfaraz Hossain FCS, Member Secretary of Seminar & Conference Sub Committee of ICSB, and a decent number of ICSB members and Professionals from different fields through hybrid mode attended the programme. At the end, Mr Md Delowar Hossain FCS Chairman, Chattogram Regional Chapter Sub Committee of ICSB, concluded the session with a Vote of Thanks to the Chief Guest, Keynote Speakers, Discussants, Members of ICSB, and all participants.