Corporate good governance should be a part of our life: Atiur Rahman

Economist Atiur Rahman said that corporate good governance should be a part of life, not the expectation, which will be a source of value creation for any of the entities in the private and the public sectors.

He said not only in the financial sector, but corporate good governance is also essential for all kinds of enterprises to extend the industrial revolution.

Former Bangladesh Bank Governor Atiur said this at a seminar in Kolkata organised jointly by the Insurance Institute of India and Kolkata, Insurance Institute on Tuesday (13 June 2023).

Presided by Basant Kumar Naik, Principal of the Institute of Insurance in Kolkata the seminar was attended by Babu Paul, General Manager, National Insurance; Miss Y. Lama, an insurance expert; Professor Konika Chatterjee, Department of Commerce, Calcutta University; and faculties, students, and experts from financial sectors.

“Customer trust is the foundation of good governance of any organization. They want delivery and not empty promises,” Atiur said.

Again, if they don’t get the promised services, they must be provided with a customer interest protection mechanism to redress their grievances, he pointed out.

The long-term sustainability of the organisation depends largely on corporate good governance, which thrives on the execution of well-set-out rules and procedures of the board with enough competent independent members, he said.

Atiur said that knowledge management and human resource management are pivotal to good governance. And for up-to-the-mark knowledge management- there is no alternative to ensuring exchanges between national, regional, and international peers.

He urged that such discourses and exchanges must be facilitated so that governance practices can be revisited and augmented on a regular basis.