Protect environment, ensure good governance

Businesses of the country should be friendly towards the environment and need to ensure good governance to make Earth safer and promote wellbeing, said stock market analysts yesterday. 

They were addressing the closing ceremony of World Investor Week 2022 organised by the Bangladesh Securities and Exchange Commission (BSEC), Central Depository Bangladesh and Central Counterparty Bangladesh at Le Méridien Dhaka.

This year the week targets to promote environment, sustainability and good governance in businesses.

Sustainable financing has been being focused as the adverse effects of environmental degradation has already increased all over the world, said Shaikh Shamsuddin Ahmed, a BSEC commissioner.

Between 2011 and 2020, deaths from natural calamities rose 15 times, he said, adding that entrepreneurs should focus as much as possible on producing goods safeguarding the environment.

Developed countries make the most carbon emissions. "However, we are the victims of the situation," he said.

Some analysts are suggesting to reduce production to reduce carbon emissions. "If we do it, our job market will be impacted," he pointed out.

"Bangladesh has no way to sacrifice jobs in the course of maintaining environment-friendly business," said the commissioner.

Some big buyers of European countries pay premium prices if any company uses recycled materials, pointed out Mohammad Tareq, a director of Central Counterparty Bangladesh.

So, time has come to give importance on environment-friendly production, he said.

Many companies have already taken up a stance on focusing environmental and governance issues in financial reports so that investors can realise how the company reacts towards the environment, sustainability and good governance, he added.

Profit maximisation should not be the main goal of a company in today's world, moreover, it should be being friendly towards the environment, said Mohammed Nasir Uddin Chowdhury, managing director of LankaBangla Securities.

The stock market regulator can launch a policy with some parameters so that listed companies are also categorised over their sustainability, he said.

While the world is focusing on the environment the most, Bangladesh needs to give massive focus on good governance issues as it is a big problem here, said Md Moniruzzaman, managing director and CEO of IDLC Investments.

Ensuring good governance has a huge impact on society, he said, adding that the government's tax collection may rise if good governance can be ensured among businesses.

For instance, the government can increase its contribution to the wellbeing of the masses if it can properly secure taxes from businesses, he added.

A tendency to run only after profits took over entrepreneurs since the 1990s, said AKM Nurul Fazal Bulbul, vice chairman of Central Depository Bangladesh.

Now, many have changed their mindset already. It should be much better in the coming days, all to ensure sustainability of their businesses and betterment of the country, he added.

Md Eunusur Rahman, chairman of Dhaka Stock Exchange, Shuvra Kanti Chowdhury, managing director and CEO of Central Depository Bangladesh, and Farhad Ahmed, managing director and CEO of Central Counterparty Bangladesh, also spoke at the event.