The Bangladesh Securities and Exchange Commission (BSEC) has appointed independent directors to three companies under the prominent industrial conglomerate Beximco Group. This decision, aimed at ensuring accountability and protecting the interests of shareholders, was announced through a BSEC press release on Wednesday. The companies include Beximco Limited, Beximco Pharmaceuticals, and Shinepukur Ceramics, with a total of 25 independent directors assigned.

According to BSEC, nine independent directors have been appointed to Beximco Limited and Beximco Pharmaceuticals, with seven of these individuals also taking up roles in Shinepukur Ceramics. The directors will serve for three years, effective from their date of joining the board. This decision aligns with the recommendations of an advisory committee formed under the interim government to address labor and industrial concerns within Beximco Industrial Park.

Notable among the newly appointed directors are Professor Shahinur Islam from Bangladesh University of Engineering and Technology (BUET), Bengal Overseas Chairman Syed Rezaul Karim, writer and journalist Sultan Mahmud Bin Zulfikar, and President of the Institute of Chartered Accountants of Bangladesh (ICAB) Mohammad Forkan Uddin. The list also includes freelance consultant Mirza Aminur Rahman, MNA Associates CEO M Nurul Alam, Infinitize Consulting's Chief Advisor Sheikh Nahar Mahmud, Brigadier General Mohammad Shafkat Ul Islam, and BGMEA Administrator Anwar Hossain.

In Shinepukur Ceramics, the independent directors include Professor Shahinur Islam, Sultan Mahmud Bin Zulfikar, ICAB President Mohammad Forkan Uddin, freelance consultant Mirza Aminur Rahman, M Nurul Alam, Brigadier General Mohammad Mohtashim Haidar Chowdhury, and BGMEA Administrator Anwar Hossain. These appointments are expected to bring transparency and stability to the companies' governance structures.

BSEC noted that these appointments are crucial given the challenges faced by Beximco Group. Issues like labor unrest, financial difficulties, and operational disruptions have plagued the group following the government transition. Many of the group’s directors are reportedly in hiding, and the companies have struggled to secure bank financing, leading to significant cash flow issues. The government has intervened by arranging three months’ worth of salaries for the group’s approximately 40,000 workers and employees to prevent further unrest.

The advisory committee overseeing the situation divided the group’s businesses into three categories, focusing on sustaining profitable ventures. This restructuring paved the way for the appointment of independent directors to streamline operations and safeguard shareholder investments.

Additionally, the BSEC revealed that special audits were conducted in these companies earlier this month to assess their financial and operational health. These audits were part of broader efforts to stabilize the group, which plays a critical role in the national economy.

On the same day as the announcement, shares worth BDT 8.1 million in Beximco Pharmaceuticals were traded on the Dhaka Stock Exchange's block market, with each share valued at BDT 81.30. Such significant transactions in the block market often indicate shifts in management or ownership, hinting at potential changes in the company’s leadership dynamics.

Wednesday’s announcement follows the recommendations of the Advisory Committee on Labor and Industrial Relations at Beximco Industrial Park. The committee emphasized that appointing independent directors would strengthen the governance of the listed companies, ensuring better protection for shareholders and fostering sustainable growth in the face of ongoing challenges.