"Corporate entities also must be accountable, transparent and socially responsible to shareholders, customers, beneficiaries and the society as well," Dr AB Mirza Azizul Islam said inaugurating a national convention of the Institute of Chartered Secretaries and Managers of Bangladesh (ICSMB) in Dhaka yesterday.

The convention titled 'Corporate Governance: Achieving Global Standards' was organised to mark the ICSMB's 10th founding anniversary.

The adviser said anyone can avoid compliance for some time with the help of vested quarters. But one day they must face punishment, he added.

Without mentioning Rangs Bhaban, he said the incident on Old Airport Road in Dhaka has resulted from non-complying with rules and regulations.

He also said the corporate entities must learn to survive in the age of competition. The government cannot provide subsidy or give protection for a long time, he said.

The country's corporate houses lack ambition to take position in the global market, the adviser pointed out.

He urged the corporate houses to come out of family ownership and management.

He also called on the company secretaries to play an important role in establishing good corporate governance.

Faruq Ahmad Siddiqi, chairman of Securities and Exchange Commission, said corporate governance is a prerequisite to the growth of a private sector-led economy.

Commerce Secretary Feroz Ahmed said corporate governance practice is necessary for a sustainable economy in a developing country like Bangladesh.

ICSMB President Mohammad Asadullah also spoke at the function. Akhter Matin Chaudhury, council member of ICSMB, presented a theme paper at the function.

Three technical sessions titled 'Amendments to the Companies Act 1994: Attaining Compatibility to the Corporate Needs', 'The Need for Company Secretarial Standards' and 'Governing Excellence: Role of Corporate Professionals' were held at the convention.