- Corporate Governance Codes and Standards are to be developed targeting to encourage Private Sector Commitment to Good Governance.
- It is in the public interest to encourage and enable the owners of corporations to participate in their governance ethically.
- Corporate management is responsible for developing and executing an enterprise’s strategic and routine operational risk program, in line with the strategy set by the board and subject to its oversight.
Bad governance is being recognized now as one of the root causes of corrupt practices in our societies. Major donors, institutional investors and international financial institutions provide their aid and loans in condition that reforms that ensure "good governance" are put in place by the recipient nations. As with nations, corporations too are expected to provide good governance to benefit all their stakeholders. At the same time, good corporate are not born, but are made by the combined efforts of al stakeholders, which include shareholders, board of directors, employees, customers, dealers, government and the society at large. Law and regulation alone cannot bring about changes in corporate to behave better to benefit all concerned. Directors and management, as goaded by stakeholders and inspired by societal values, have a very important role to play. The company and its officers, who, inter alia, include the board of directors and the officials, especially the senior management, should strictly follow a code of conduct.
The Bangladesh Bank can regularly act as a compliance advisor for commercial banks and financial institutions and monitor for a wide range of industries and companies-small and large, family owned and publicly listed-because all these are the stakeholders of banks. This means that we are particularly well placed to address corporate requirements across diverse legal and compliance related risks and to tackle the challenges of preventing white-collar crime within a company, whether it is bribery, money laundering or trade sanctions.