DHAKA, Nov 20, 2024 (BSS) – Experts at a workshop here has laid emphasis on strengthening environmental, social and governance (ESG) disclosure practices in Bangladesh for fostering greater transparency, confidence of investors and sustainable development.

They made the call at the workshop on ‘International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards’, held on Monday at DSE multipurpose hall in the city, said a press release today.

The Dhaka Exchange PLC (DSE), in collaboration with the International Finance Corporation (IFC), a member of the World Bank Group, hosted the workshop.

Chief financial officers, company secretaries and senior officials of listed companies participated in this programme.

This initiative aims to align the country’s capital markets with global ESG Standards, fostering greater transparency, investor confidence, and sustainable development.

The workshop was made possible with the support of the Swiss State Secretariat for Economic Affairs (SECO) through the Embassy of Switzerland in the city.

Their commitment, alongside IFC’s expertise in ESG leadership and global partnership with standard-setting bodies such as the IFRS Foundation, underscores the importance of strategic partnerships in addressing local challenges and enabling the adoption of global sustainability standards.

By adopting this global standard, Bangladesh aims to empower its private sector to share consistent and comparable ESG and Sustainability-related data, boosting investor trust and positioning the nation as a competitive destination for sustainable investment.

Mominul Islam, Chairman of Dhaka Stock Exchange PLC said, “The IFRS sustainability Disclosure standards mark a transformative step toward aligning Bangladesh’s capital markets with global best practices in ESG reporting. This workshop underscores our commitment to fostering transparency and accountability in sustainability Disclosures, paving the way for more informed investment decisions and a resilient, sustainable future for our economy.”

“IFC has been at the forefront of shaping the global ESG landscape for decades, “said Martin Holtmann, IFC Country Manager for Bangladesh, Bhutan and Nepal.

“In Bangladesh, we are proud to support the adoption of strong corporate governance and environmental and social standards through our investments and advisory programmes, working closely with clients, regulators, and stakeholders to build capacity and drive positive change,” he added.

This workshop serves as a cornerstone for building a roadmap toward integrating ESG considerations into financial decision-making. It also highlights the critical role of collaboration between regulators, issuers, and stock exchanges in driving sustainable practices at the national level.

Speaking as chief guest, Farzana Lalarukh, Commissioner of Bangladesh Securities and Exchange Commission (BSEC) expressed BSEC’s commitment to ensuring that the highest standard of disclosure is met by the regulators and standard setting bodies keeping in mind the Bangladesh business needs and context.

“I am pleased to note that IFC has extended its support to improve the capacity and training needs of listed companies in Bangladesh to ensure that companies are able to develop a roadmap for their Sustainability Reporting and improve their disclosure practices using globally recognized standards” she added.

Special guest FRC Executive Director Mohammad Anwarul Karim said FRC works on financial reporting and auditing companies in Bangladesh. Financial reporting and auditing are related to each other.

FRC works as an umbrella among various other organizations, he added.