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Corporate Governance

Status of compliance with the conditions imposed


by the Securities & Exchange Commission's Notication
No. SEC/CMRRCD/2006-158/Admin/02-08 dated 20 February, 2006

Condition
No.

Title

Compliance status
(Put in the appropriate column)
Complied

1.1

Board's Size: Board members should


not be less than 5 (ve) and more
than 20 (twenty)

1.2 (i)

Independent Directors: At least 1/10th

1.2 (ii)

Appointment of Independent Director


by Elected Directors

1.3

Chairman of the Board and Chief


Executive ocer should be preferably
be lled by dierent individuals

1.4

The Directors' Report to Shareholders on:

1.4 (a)

Fairness of Financial Statement

1.4 (b)

Maintenance of Proper books of accounts

1.4 (c)

Adoption of appropriate Accounting


policies and estimates

1.4 (d)

Compliance with International Accounting


Standard (IAS) as applicable in Bangladesh

1.4 (e)

Soundness of internal control system

1.4 (f)

Ability to continue as a Going Concern

1.4 (g)

Signicant deviations from last year

1.4 (h)

Presentation of last three years data

1.4 (i)

Declaration of dividends

1.4 (j)

Details of Board meetings

1.4 (k)

Shareholding pattern

2.1

Appointment of CFO, Head of Internal Audit


and Company Secretary and dening of
their respective roles, responsibilities
and duties

2.2

Attendance of CFO and the Company


Secretary at the Board of Directors' meetings

Not Complied

Explanation for noncompliance with


the condition

Condition
No.

Title

Compliance status
(Put in the appropriate column)
Complied

3.00

Audit Committee

3.1 (i)

Constitution of Committee

3.1 (ii)

Constitution of Committee with Board


members including one Independent Director

3.1 (iii)

Filling of Casual vacancy in Committee

3.2 (i)

Chairman of the Committee

3.2 (ii)

Professional qualication and experience


of the Chairman of the Committee

3.3.1 (i)

Reporting to the Board of Directors

Not Complied

Not Applicable

3.3.1 (ii) (a) Reporting of conict of interest to


the Board of Directors

Not Applicable

3.3.1 (ii) (b) Reporting of any fraud or irregularity to


the Board of Directors

Not Applicable

3.3.1 (ii) (c) Reporting of violation of laws to the Board


of Directors

Not Applicable

3.3.1 (ii) (d) Reporting any other matter to the Board


of Directors

Explanation for non


compliance with
the condition

3.3.2

Reporting of qualied point to Commission

Not Applicable

3.4

Reporting of activities to the shareholders


and general investors

Not Applicable

4.00

External/Statutory Auditors

4.00 (i)

Non-engagement in appraisal or valuation

4.00 (ii)

Non-engagement in designing of nancial


information system

4.00 (iii)

Non-engagement in book-keeping

4.00 (iv)

Non-engagement in broker-dealer services

4.00 (v)

Non-engagement in actuarial services

4.00 (vi)

Non-engagement in internal audit

4.00 (vii)

Non-engagement in any other service

The Audit Committee had


no ndings reportable to
shareholders and general
investors. However, the
Managing Director, being
a member of Audit
Committee, had initiated
instant actions on the
issues that arrived in the
meetings.