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Vibrant capital market hinges on corporate governance

Star Business Report
Speakers at a regional seminar in Dhaka yesterday said good corporate governance is needed for a vibrant capital market
They also put emphasis on small investors' knowledge about the capital market for its overall development.
They made the observations at the fourth session on 'Country Experiences, Corporate Governance, Legal and Accounting & Auditing Standards' of the two-day seminar tided 'Capital Market Development: Asian Experiences', organised by International Chamber of Commerce-Bangladesh (ICC-B) at Dhaka Sheraton Hotel. Debapriya Bhattacharya, executive director of Centre for Policy Dialogue, chaired the session.
Presenting a paper titled 'Corporate Governance: Bangladesh Experience', AHM Moazzem Hossain, editor of The Financial Express, said the corporate bodies call for an appropriate framework and its implementation ensuring accountability, social responsibility and the protection of rights of differ-entstakeholders.
Efforts to improve the corporate
governance will equally benefit the investors, lenders, the government and the society, he added.
In die recent years, Hossain said, global financial crisis and striking corporate failures have shocked major financial centres of the world. They now consider corporate governance Issues more seriously. "The corporate entities are increasingly facing competitive environment, in terms of markets for products and sourcesoffunds."
Development of capital market, he said, requires appropriate regulatory framework, which also helps ensure market transparency. "Consequently, this leads to better corporate finance and governance."
Syed Rihirn Munaim. managing editor of The Daily Star, said role of media is also important in establishing corporate governance. Professionalism is needed in both media and corporate houses, he added.
In another paper tided 'Accounting and Auditing Standards for Development', Masud Khan, finance director of Lafarge Surma Cement Ltd, said the Institute of Chartered Accountants of Bangladesh (ICAB) has set 35 Bangladesh Standards on Auditing out of 54 effective
International Standards on Auditing. "But, it adopted none of the International Auditing Practices Statements, International Standards on Quality Control, International Standards on Related Services, International Standards on Assurance Engagements issued by the International Federation of Accountants (IFAC)."
Nihad Kabir, advocate of the Supreme Court, also presented a paper titled 'Class Action Sults' while Sang-Ho HA vice-president of Korea Exchange Ltd, presented two papers titled 'Development of Korea Capital Market' and 'Corporate Governance: Korean Experience’.
Addressing the session, Wili-ul-MaroofMatin, formerchief executive officer of the Chittagong Stock Exchange Ltd, said the small investors' should be made conscious about the activities of the capital market for their own benefit
Rafiqul Islam, managing director of Pragati Insurance Ltd. shared his experience and said the small investors even do not know what a balancesheet is.
Besides, Dophu Dorji, senior officer of Royal Securities Exchange of Bhutan Ltd, presented a country papcronBhutanstockmarket. 1