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Corporate governance guideline needed for developing nations

STAR BUSINESS REPORT
International agencies should come forward to develop a model for corporate governance to help the developing countries practise it, speakers told an international conference in Dhaka yesterday.
They also underscored the need for a joint effort by the multilateral development agencies to allocate more funds for corporate governance guidelines.
They were speaking at a two-day international conference on 'Corporate Governance in Bangladesh' at Dhaka Sheraton Hotel. The Center for Corporate Governance and Finance Studies (CCGFS) of Dhaka University, Dhaka Stock Exchange, Organisation for Economic
Corporation and Development (OECD) and the Asia Foundation jointly organised the conference.
Kim McQuay of the Asia Foundation chaired the first working session on "Corporate Governance: Current Issues."
Louis Bouchez, principal administrator of OECD, presented the keynote speech while Prof Mahmood Osman Imam of CCGFS, DU presented a paper in the session.
Bouchez said corporate governance is essential for improving company management and economic competitiveness. It also helps increase access to investment financing and reduce cost of capital.
Farooq Sobhan of Bangladesh Enterprise Institute chaired the
second session on "Asian Experiences -- Corporate Reporting, Disclosure and Transparency." Prof Stephen Cheung of City University Hong Kong made a presentation on the relevance of independent directors and audit committee while Prof Kyung Suh Park of Korea University made a presentation on "Corporate Governance: Financial Reporting, Transparency and Accountability."
Mohammad Ali (Rumi), deputy governor of Bangladesh Bank, and MA Baree, former president of the Institute of Chartered Accountants, Bangladesh, also spoke in the session.
Baree said a financial expert should be included in the audit
committee of parliament.
Chairing the third session on "Asian Experiences -Shareholders' Rights," Mirza Azizul Islam, chairman of the Securities and Exchange Commission, said management here sometimes hires a small number of shareholders to approve the issues, which the management prefers.
Prof Hasung Jang of Korea University made a keynote presentation on "Corporate Governance in Asia: Shareholders' Rights and the Essence of Shareholder Activism."
Moazzem Hossain, editor of The Financial Express, and Imtiyaz Husain, former chairman of DSE, spoke as discussants in the concluding session.