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Corporate governance code vital to cutting corruption

Speakers observe at BEI-Junior Chamber seminar

STAR BUSINESS REPORT
Speakers at seminar yesterday called for formulating a national corporate governance code to bring in transparency and reduce corruption in corporate sector.
They said the comprehensive code should cover private sector as well as state-owned enterprises and nongovernmental organisations.
"Corporate governance ensures ethical business practices helping to cut corruption in society," Junior Chamber International (JCI) President Fernando Sanchez-Arias said speaking at the seminar on corporate governance.
Bangladesh Enterprise Institute (BEI), a local think tank, and Junior Chamber International (JCI) Bangladesh, local chapter of JCI, a federation of world's young leaders and entrepreneurs, organised the seminar.
The discussants said many of the companies are family-run which maintain little corporate practices. The
directorship in many companies is still an honorary position, they said calling for developing professionalism in directorship.
Lack of corporate governance in listed companies hinders smooth growth of country's capital market and erodes investors' confidence, they observed.
The JCI president said, "For implementation of corporate governance, the government and private sector need to work together. Corporate governance and corporate social responsibility are so important because they benefit the society as a whole."
The company management and employees should be given extensive training and education to practise corporate code, he suggested.
Moderating the seminar, BEI President Farooq Sobhan said government cannot force companies to practise corporate governance, but regulators like Securities and Exchange Commission and Bangladesh Bank can
play role in this regard.
International Chamber of Commerce-Bangladesh President Mahbubur Rahman said corporate governance in companies in a country depends on how the country is governed.
The country should practise good governance and companies inside it international standard corporate governance, he suggested.
Anne Marshal, charge d'affaires of European Commission delegation in Bangladesh, said corporate code should also cover labour standards, working environment, workers' right, consumer rights and compliance with other international conventions.
Chief Financial Officer of Siemens Bangladesh Christian Laufer said it is hard to practise corporate governance but it should be practised as it benefits not only the particular company and its employee but also the country.
"What the companies need is change of mindset to adopt corporate gover-
nance," he said.
American Chamber of Commerce in Bangladesh President Aftab-ul Islam said corporate governance code should cover other issues like intellectual property rights.
Foreign Investors' Chamber of Commerce and Industry President Mahbub Jamil said many multinationals and local companies are practising corporate governance in Bangladesh and this should be projected properly.
Wendy Werner, corporate governance working group member of BEI, Data Magfur, JCI National President, Syed Almas Kabir, former national president of JCI Bangladesh and Rumi Saifullah, JCI national executive vicepresident, also spoke.