Chartered secretaries law passed

Mohammad Asad Ullah, president of Institute of Chartered Secretaries and Managers of Bangladesh (ICSMB), speaks at a press conference at Dhaka Reporters Unity yesterday. ICSMB organised the meeting as the government passed the Chartered Secretaries Act 2010 on Monday. Photo: ICSMB

The government passed the long-awaited Chartered Secretaries Act 2010 on Monday, recognising the profession in Bangladesh. The bill had been pending since 1998.
With the passage of the law, chartered secretaries or company secretaries have come under a legal framework like chartered accountants and cost and management accountants.
“Corporate governance will improve with the passage of the law,” said Mohammad Asad Ullah, president of the Institute of Chartered Secretaries and Managers of Bangladesh (ICSMB), at a press conference at Dhaka Reporters Unity yesterday.
In a written statement, Asad Ullah, also company secretary of Beximco Group, said: “Transparency and accountability will be established in the corporate management.”
From now, chartered secretaries will be able to practise independently. Asad Ullah said the profession is highly respected in the developed world as well as in neighbouring India and Pakistan. "The profession is recognised in 140 countries."
Replying to a query, he said there are 110,000 registered companies in the country.
“There is a huge deficit of certified company secretaries in Bangladesh,” said Mohammad Sanaullah, company secretary of Singer Bangladesh.
ICSMB was set up in 1997 by a group of working company secretary professionals.