Corporate governance has become one of the defining themes of Bangladesh's corporate sector over the past three decades.
Regulatory reforms, expanding capital markets and growing investors’ expectations have steadily reshaped how companies are expected to operate.
Alongside these changes, a number of professionals have helped translate governance principles into practice.
Md Shafiqul Alam FCA, FCMA, FCS is one of them.
Over the past two decades, his work has spanned audit, financial reporting, governance advisory and professional education, bringing him into close engagement with the boards of directors of public and private companies, regulators and corporate leaders.
Currently serving as managing partner and CEO of Shafiqul Alam & Co., Chartered Accountants, and as council member of the Institute of Chartered Accountants of Bangladesh (ICAB) for the 2025–2028 term, Alam has been part of the broader conversation on governance standards in Bangladesh.
The introduction of the Corporate Governance Guidelines in 2006 was one of the earliest attempts to establish structured governance expectations for listed companies.
More than a decade later, the Corporate Governance Code introduced in 2018 expanded those expectations and strengthened board oversight, with greater emphasis on independent directors, audit committees, risk management and disclosure standards.
More recently, the Financial Reporting Council's (FRC) initiative to develop a dedicated governance code for non-listed Public Interest Entities (PIEs) has drawn attention to governance practices beyond the listed sector–an area that has remained relatively less regulated despite its significant economic footprint.
These changes have also reshaped the role of directors, senior executives, finance professionals and auditors.
Issues that rarely appeared on boardroom agendas two decades ago, such as cybersecurity, ESG reporting, enterprise risk management, succession planning and board effectiveness, are now regular subjects of discussion.
As governance expectations have evolved, so too has the role of governance professionals.
Alam views corporate governance as more than regulatory compliance.
His professional work reflects the view that governance is about building institutions that are transparent, accountable and capable of sustaining long-term growth.
Good governance, he believes, should become part of an organization's culture rather than a checklist prepared for regulators.
Organizations create lasting value when transparency, ethical leadership, sound risk management and board accountability are embedded in everyday decision-making.
Alongside his professional practice, Alam has remained actively engaged in governance education and capacity building.
Those engagements have included training programs with the Bangladesh Securities and Exchange Commission (BSEC), Dhaka Stock Exchange (DSE), Bangladesh Institute of Capital Market (BICM) and the Bangladesh Academy for Securities Markets (BASM).
The programs have brought together directors, senior executives, company secretaries, finance professionals, auditors and market participants to examine the practical application of governance principles and evolving regulatory requirements.
The discussions focused on helping participants understand how governance principles can be applied in day-to-day business decisions rather than treated solely as compliance requirements.
Alam has also been involved in professional discussions on strengthening governance standards for non-listed public interest entities.
While listed companies are already subject to comprehensive governance requirements under the BSEC Corporate Governance Code, many non-listed public interest entities–including large financial institutions, insurers, state-owned enterprises and other significant players–manage substantial public resources without being covered by a dedicated governance framework.
Strengthening governance within these entities, he argues, can improve accountability, enhance financial reporting quality, protect lenders and other stakeholders, and reinforce confidence across the broader financial system.
For Alam, strengthening governance in these entities is ultimately about strengthening the institutions that underpin Bangladesh's economy.
As businesses become larger, more technology-driven and increasingly connected to international markets, governance frameworks must adapt to address emerging issues such as enterprise risk management, cybersecurity, ESG reporting, succession planning and board effectiveness.
Sustainable governance depends not only on well-designed regulations but also on competent professionals capable of implementing those regulations effectively.
Over the years, Alam's work with chartered accountants, company secretaries, finance executives, internal auditors and board members has focused on promoting higher professional standards and encouraging continuous learning.
His work across audit, assurance, financial reporting and board advisory has given him practical exposure to governance practices across a wide range of companies.
This experience has reinforced his view that governance cannot be reduced to documentation alone–effective governance ultimately depends on leadership, ethical decision-making and institutional culture.
Rather than viewing governance as an obstacle to entrepreneurship, he presents it as a framework that enables businesses to grow sustainably while protecting the interests of investors, lenders, employees and society.
Bangladesh's governance journey remains a work in progress. As regulatory expectations continue to evolve and businesses face increasingly complex risks, governance is likely to remain central to corporate decision-making.
Professionals involved in policy, education and advisory services will continue to shape that transition.
Md Shafiqul Alam's career reflects one part of that broader institutional story.
