Inception of Corporate Governance In Bangladesh, Corporate Governance is relatively new idea. The first initiative was taken by a private consulting firm, Bangladesh Enterprise Institute (BEI), in August 2003 when it conducted a diagnostic study in this field. Based on the study, the BEI published the corporate governance code for Bangladesh in March 2004. Subsequently the Institute of Chartered Accountants of Bangladesh (ICAB) came up with principles and rules to be followed. In January 2006, the SEC issued an order for complying with a number of governance codes. However those conditions are imposed on ‘comply or explain’ basis. The companies listed with any stock exchange in Bangladesh should comply with those conditions or shall explain the reasons for non-compliance. One reason for the slow progress in adopting corporate governance in Bangladesh is that most of the listed companies in Bangladesh are owned by family members or peers. The owner becomes the chief executive officer an
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