Corporate Governance

Corporate Governance 
PRAN RFL: Statement of Commitment to Corporate Governance September 2018 
The company recognizes that PRAN/RFL was created and built by Maj. Gen. Amjad Khan Chowdhury and is currently led by his son, Mr. Ahsan Chowdhury the Chairman & CEO and his daughter, Mrs Uzma Chowdhury as Finance Director. Mr. Chowdhury and his family intend to retain effective control of the group over the medium term. Mrs. Seema Chowdhury wife of Mr. Ahsan Khan Chowdhury have been appointed as board member of PRAN and RFL to ensure governance practices within the company. Moreover, two daughters, Samia Chowdhury and Sameen Chowdhury have also been included in the board w.e.f: 30 May, 2021.

Mr Chowdhury and his family remain committed to the Mission Statement defined by Maj. Gen Amjad Khan Chowdhury: “Poverty and Hunger are curses. Our aim [is to promote] general employment and earn dignity and self-respect for our compatriots through profitable enterprises.”

While retaining control of PRAN/RFL, Mr. Chowdhury and his family are committed to leading a broad process that will strengthen the Corporate Governance policies and practices of the PRAN/RFL Group in a way that will bring benefits to the Group and its constituent businesses, its employees, its clients, its investors, other stakeholders, and also to its shareholders.

Creation of an Advisory Board/Board of Directors 
PRAN/RFL is committed to creating an Advisory Board, and in due course, a formal Board of Directors, that will provide high level guidance and oversight of the company’s operations. This Advisory Board will include Independent members as well as executives. 

The Advisory Board will have Terms of Reference. 

The Board will designate one of its members to lead oversight of Audit and Internal Controls, one of its members to lead oversight of HR, and one of its members to lead oversight of risks. Each of these designated members will present a short, written report at each board meeting, identifying priorities for action in the respective subject matter area. 

As the Advisory Board transitions into a more formal Board of Directors, an Audit Committee and an HR Committee will be created with two or three members.

 A well-qualified Corporate Secretary will provide administrative support and guidance to the Advisory Board and to the Board of Directors.

Clear Management Structures
PRAN/RFL recognizes that the role of an Advisory Board /Board of Directors is different from that of senior management. 

The Group is committed to creating clear management structures with logical reporting lines that are rooted in formal job descriptions. 

The Group recognizes that as it expands and adds new business lines and legal entities, management structures must evolve.

Strong internal controls
PRAN/RFL believes that strong internal controls will not only safeguard the company’s assets but that they will also make PRAN/RFL a better place to work because everyone will know what is expected of them and how their own work related to the work of those around them.

Everyone in a company is responsible for ensuring that internal controls are followed, but the internal audit department has a particular role to play: providing independent assurance to internal controls are effective and also providing expert guidance on how best to design and implement internal controls.

PRAN/RFL is committed to building a strong internal control department that operates independently of the business lines and reports directly to the Advisory Board/Board of Directors.

As part of this commitment to strong internal controls, PRAN/RFL is committed to having its legal entities audited by audit firms that have the highest reputation in Bangladesh and the region. For internal Audit issues, the findings been checked and reported by the Head of Internal Audit and reported to Audit Committee for publicly listed entities. Audit Committee, headed by an Independent Director, take it to the boards concern for their decision. 

PRAN/RFL believes that being transparent about its ambitions and its performance will bring benefits to the Group. Externally, transparency will give greater assurance to clients, suppliers and investors that the company is on the right track. Internally, transparency will hold everyone to a high standard - it will ensure that what we do is what we say that we do. 

Within this overall view of transparency, the Group recognizes that confidential and competitive information must not be disclosed. All employees have an obligation to safeguard such information.

PRAN/RFL is committed to increasing the amount of information that it discloses about itself on its website.

Treating Shareholders Fairly
The Choudhury family holds the great majority of shares in most of the legal entities that comprise the PRAN/RFL group, but there are minority shareholders in many of the companies, and in two of them, there is a substantial proportion of shares traded publicly on the stock exchange. As the Group develops, it is reasonable to assume that the amount of money invested by minority shareholders will increase. 

PRAN/RFL recognizes that if it takes people’s money as investments it must treat those people fairly. Minority investors must be able to exercise any legal rights that they have (for example, to attend Annual Shareholders Meetings) and they must be given the information they need to monitor the performance of their investments.

Part of the work of the Advisory Board/Board of Directors will be to ensure that minority shareholders are being treated fairly

কর্পোরেট গভর্নেন্স: প্রাণ-আর এফ এল গ্রুপ
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