The Bangladesh Securities and Exchange Commission (BSEC) is taking steps to create a pool of independent service providers to strictly monitor general meetings, including annual general meetings (AGMs) and extraordinary general meetings (EGMs), of listed companies. This move comes after some companies violated guidelines during the COVID-19 pandemic by conducting meetings solely through digital platforms, instead of the prescribed hybrid system combining physical and online participation. The BSEC has formed a nine-member committee to scrutinize applications from interested firms seeking to become independent service providers. Companies will be required to hire from this approved list. Previously, without a designated panel, companies could choose providers independently, raising concerns about potential data manipulation. he regulator aims to ensure shareholders’ rights, such as voting, are properly upheld during these meetings. By having a centralized pool of service providers, the BSEC hopes to receive unedited meeting data for proper oversight. Around 37 firms have applied to be part of the panel so far.
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