MAJOR ACHIEVEMENTS OF BAPLC
- PUBLISHING/ DISBURSEMENT OF PLC’S ANNUAL REPORT IN DIGITAL FORM:
Since the inception of BAPLC, the Association has been maintaining interaction with the regulators and other stakeholders for protecting the interests of the listed companies. It is also known to all that BAPLC has repeatedly requested the Bangladesh Securities and Exchange Commission (BSEC), since 2012, for allowing placing of Annual Report of the PLCs on their respective websites alongwith digitally disbursement instead of printing them, which is a complex job entailing huge expenditure and allocation of valuable management time. This is also environment friendly and in line with the Honorable Prime Minister’s vision for a Digital Bangladesh.
Due to continued efforts and follow up by BAPLC, the Bangladesh Securities and Exchange Commission (BSEC) has adopted the provision in the Financial Reporting and Disclosure gazette on August 8, 2018, which is a great achievement for BAPLC as well as the PLCs.
- ERADICATION OF MULTIPLE TAXATION ON DIVIDENDS:
Previously, dividends were taxed each time a company pays it to its subsidiary, as well as when it was finally given to the shareholder. Thereby, a multiple taxation phenomenon was prevailed and that had a negative effect in attracting investors both at home and abroad. On March 13, 2018, a delegation of BAPLC met with Mr. Md. Mosharraf Hossain Bhuiyan, NDC, Chairman, National Board of Revenue (NBR), BAPLC proposed to tax dividend only when it is finally given to a natural person and not when dividend flows from company to company. NBR had adopted the point in Finance Act, 2018 for the resident company and subsequently exempted it for non-resident company in Finance Act. 2019.
- REDUCING DISTURBANCES AT PLC AGMs:
In view of the chaotic situation surrounding distribution of food/refreshments in the Annual General Meetings of the PLC’s, BAPLC was able to convince BSEC to issue a circular stating that “No benefit in cash or kind, other than in the form of cash dividend or stock dividend, shall be paid to the holders of equity securities”, which has led to PLCs holding their Annual general Meetings (AGM) in a more congenial and peaceful atmosphere.
- VIRTUAL AGM / EGM / BOD MEETINGS OF PLC’S:
By the good offices of BAPLC, the Bangladesh Securities and Exchange Commission has permitted the Public Listed Companies to hold their AGM / EGM / BOD meetings by using digital platform at different locations considering Covid-19 pandemic subject to ensuring proper protective measures during the meeting, voting and other rights of the shareholders complying with the relevant conditions of the Commission’s orders issued time to time.
- HOLDING VARIOUS SEMINARS RELATING TO CAPITAL MARKET:
- Seminar on “RAISING AWARENESS ON VARIOUS ASPECTS OF THE CAPITAL MARKET”:
- On November 08, 2017, BAPLC arranged a seminar to help raise awareness on various aspects of the Capital Market and improve networking of BAPLC with major stakeholders and the business community. Honourable Finance Minister Mr. Abul Maal Abdul Muhith, senior Government officials, regulators, prominent businesspersons of the country and other stakeholders participated in the seminar, which helped disseminate better information and views.
- Seminar on “sharing experince of virtual agm”
- To disseminate the experience of virtual AGM first ever in Bangladesh, BAPLC hosted a virtual Seminar on “Sharing Experience” of virtual AGM” on June 12, 2020. Mr. Md. Saifur Rahman, Executive Director, BSEC was the Chief Guest of the event. Mr. Hasanur Rahman Rakib, General Manager, Company Secretary Department, Grameenphone Ltd made a presentation and shared their experience on virtual AGM.
- Seminar on “Movement towards virtual meetings / agm and paperless reporting”
- With a view to administering the online / virtual meetings for PLCs, The Association had hosted a virtual Seminar on “Movement Towards Virtual Meetings / AGM and Paperless Reporting” on June 19, 2021 where the Chairman, BSEC Prof. Shibli Rubayat Ul Islam was the Chief Guest. The Keynote Paper was presented by Dr. ATM Tariquzzaman, Lecturer, Victoria University of Wellington, New Zealand & Executive Director, BSEC (on leave).
- CELEBRATING WORLD INVESTOR WEEK DECLARED BY IOSCO:
To celebrate World Investor Week declared by IOSCO in every year, BAPLC observes the World Investor Week by holding various seminars in alignment with Bangladesh Securities and Exchange Commission (BSEC) which help dissemination better information amongst the stakeholders.
Apart from the above major achievements, And as a body of the companies listed with the Stock Exchange in Bangladesh, BAPLC has been keeping interaction with the Regulators, Stakeholders and Govt. agencies and taking up the issues raised from time to time for the interest of the listed companies.