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Business leaders and corporate governance experts have stressed the urgent need to modernise the Companies Act 1994 to better align with today's economic realities and support a transparent, compliant, and competitive corporate landscape.
They argued that a more updated legal framework is essential not only to facilitate smooth business operations but also to foster good governance, enhance investor confidence and support the country's economic growth.
The call for reform came at a workshop titled "Importance of Board Meeting, AGM, EGM and Compliance of Limited Companies", hosted by the Dhaka Chamber of Commerce & Industry (DCCI) on Saturday, according to a press release.
The event brought together regulators, legal experts and business representatives to discuss regulatory bottlenecks, best practices and the need for capacity building in company law compliance.
Registrar (Additional Secretary) of the Joint Stock Companies and Firms (RJSC), AKM Nurunnabi Kabir, attended the workshop as the chief guest, while DCCI President Taskeen Ahmed delivered the opening remarks.
Speaking on the occasion, Mr Kabir said nearly 275,000 business enterprises in Bangladesh are currently registered with the RJSC, with almost all company registration processes now available online, except for the share transfer system.
He added that efforts are underway to digitise this remaining component, pending necessary security evaluations.
He emphasised the importance of strict adherence to rules and regulations in business operations to avoid any unforeseen incidents.
Mr Kabir also encouraged business owners to educate and train their professionals on the provisions of the Companies Act, Articles of Association, securities regulations, and other relevant laws.
In his opening remarks, DCCI President Taskeen Ahmed highlighted the growing importance of institutional transparency, accountability, and good governance in managing limited companies, especially amid Bangladesh's economic progress and industrial development.
He noted that a lack of clear understanding among entrepreneurs and professionals regarding the complexities of company law and compliance requirements often leads to confusion. Mr Ahmed said the workshop aimed to equip participants with a deeper understanding of the importance of board meetings, annual general meetings (AGMs), extraordinary general meetings (EGMs), procedures for the timely and effective execution of meetings, and strategies for compliance under the Companies Act.
Mohammed Sanaullah, CEO and Lead Consultant of Sanaullah & Associates and Partner at Artisan, Chartered Accountants, and Md. Selim Reza, FCA, presented two separate keynote papers at the workshop. They emphasised that whether a company is public, private, or a proprietorship, all businesses must comply with applicable laws and regulations.
They stressed that compliance is not optional in today's globalised economy, where maintaining international competitiveness depends heavily on good governance practices.
The speakers further underscored that Bangladesh's Companies Act is outdated and in need of a urgent reform to meet the evolving needs of the business community.
DCCI Senior Vice President Razeev H Chowdhury and Vice President Md. Salem Sulaiman also attended the event.
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