A Comparative Analysis of Corporate Governance Guidelines: Bangladesh Perspective

The purpose of this research study is to make a comparative analysis between corporate governance guidelines 2006 and 2012 and area of further improvement to ensure better governance, accountability and transparency. This research study is mainly based on the corporate governance guidelines 2006 and 2012 issued by the regulatory authority known as Bangladesh Securities and Exchange Commission (BSEC). This study finds that corporate governance guideline 2012 include some new issues such as criteria and qualification of independent director; some additional statements in the directors report; mandatory requirement of separation of chairman and CEO; constitution of audit committee, chairman of audit committee; role of audit committee; duties of CEO and CFO on financial statements; and collection of compliance certificate from professional accountant or secretary in compare to corporate governance guidelines 2006. This study suggests that the regulatory authority should include more issues such as tax management and reporting, risk management and reporting; individual and overall performance analysis of the board and independent directors; separate nomination and compensation committee; assessment of true independence of the board and its supporting committees to ensure higher quality of corporate governance and transparency.