Annual report 2015 final by ICSB Bangladesh

ICSB ANNUAL REPORT 2015

CONTENTS Key Achievements

The Institute

The Council : 2013-2016

Photograph of the Council : 2013-2016

Our Vision

Our Mission

Objectives, Roles & Functions

Codes & Conduct

Management

Unique Selling Propositions (USPs)

Global Linkage

Notice of 6th Annual General Meeting

Report of the Council

Waived Annual Subscription

Development Fund

Members Benevolent Fund

Report of the Auditors'

Statement of Financial Position

Statement of Comprehensive Income

Statement of Change in Equity

Statement of Cash Flows

Notes to the Financial Statement

Annexure-A

Annexure-B

Annexure-C

Annexure-D

Annexure-E

Annexure-F

Annexure-G

Annexure-H

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KEY ACHIEVEMENTS OF THE PRESENT COUNCIL The key achievements of the year under review were • Strong initiative taken to arrange funds from the Government for the development activities of the Institute. • The Budget allocation from the Ministry of Commerce (MoC), GoB was raised from Tk. 7.5 million to Tk. 12.5 million for the year 2015-16 and subsequently it was increased to Tk.14.72 million i.e. total increase of Tk.7.22 million during the year. • Ready to be published two new Secretarial Standards on Minutes and Dividend for the corporate sector of Bangladesh. • Successfully holding of ‘2nd ICSB National Award for Corporate Governance Excellence 2014’ where Hon’ble Minister of Finance Abul Maal Abdul Muhith, MP was present as the Chief Guest and 28 listed Companies were awarded. • Finalization of the Training Policy of ICSB. • During the year 5 CPDs were held for the professional development of the Members. • Updated the Institute’s Website and improved version of the IT enabled services introduced. • Updated the Website of the Institute with relevant resources and user friendly Interface with 32 core server to help user browse faster. • Inducted 17 new Members as Associate and 18 Associate Members elevated as Fellow Members. • Comprehensive feedback and suggestions were given to the Ministry of Commerce (MoC) for inclusion in the Draft New Companies Act - 2013. • Conducted scheduled periodic examinations and coaching classes. • Published the Comprehensive Professional Code of Conduct for Members of ICSB including the Council Members, Private Practitioners and Senior Management of the Institute. • Promoted cultural interactions through organizing events like Pohela Baishakh, Blood Donation Program, Iftar Party, Members’ Night, Celebration of the National Independence Day and Anniversary of Enactment of CS Act 2010, etc. • Created awareness among the Corporate Leaders of the country about the profession of Company Secretary through Meeting with related entities. • Started Scholarship for outstanding achievement in the Chartered Secretaries Course. • Recruited new Deputy Secretary, Assistant Director (Education), Library Officer for enhancing services for the Members and the Students as well. • Celebrated Independence Day in a befitting manner. • Received 3 Air Conditioners for the office room of ICSB. • Decorated Training Room to begin regular training courses. • Digitalized students’ data in a central Data Management System. • ICSB Accounts Management system has been automated with ERP software. • Introduction of digitalized Library Management System. • Faculty Member selection and evaluation criteria have been finalized. • Finalized the Internship Guidelines for Qualified Chartered Secretaries. • More Classrooms are equipped with permanent Multimedia System.

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2015 ANNUAL REPORT

THE COUNCIL 2013-2016

President

Mohammad Asad Ullah FCS

Senior Vice President M. Naseemul Hye FCS

Vice President Md. Monirul Alam FCS

Immediate Past President & Councilor Past President & Councilor Mohammad Sanaullah FCS Itrat Husain FCS

Councilor

Md. Azizur Rahman FCS

Councilor

Md. Shawkat Ali Waresi Additional Secretary, GoB

Councilor

Md. Selim Reza FCS

Councilor

Md. Ekhlasur Rahman Additional Secretary, GoB

Treasurer Mohammad Bul Hassan FCS

Councilor N. G. Chakraborty FCS

Councilor

Councilor Hossain Sadat FCS

Mohammad Nurul Alam FCS

Councilor

Nasreen Begum Additional Secretary, GoB

Councilor

Prof. Md. Helal Uddin Nizami Commissioner, BSEC

Secretary to the Council

Mustafa Mohiuddin

Councilor Md. Shahid Farooqui FCS

Councilor A.T.M. Tahmiduzzaman FCS

Councilor

Md. Atiqur Rahman Khan Registrar, RJSC, GoB

ICSB ANNUAL REPORT 2015

Institute of Chartered Secretaries of Bangladesh A Statutory Body Under an Act of Parliament

OUR VISION To be the institutional leader in the creation of skilled professionals for proper development of corporate management and good governance.

OUR MISSION To remain the premier body of professional studies to cultivate the profession of Chartered Secretary so as to ensure sound Corporate Governance and build up capable management professionals by continuously working for proactive professional development.

OBJECTIVES, ROLES AND FUNCTIONS 



To develop, promote and regulate the profession of Chartered Secretary in Bangladesh and confer professional degree in Chartered Secretary. To import requisite training and education and then to offer membership of the Institute to the deserving candidates. To enforce strict discipline for exercising control over the conduct of members and students and uphold ethics.

CODES OF CONDUCT   

Professionalism Ethics Judgement

  

Integrity Dynamism Flexibily

MANAGEMENT Governed and managed by its Council. All major decisions are generally taken by the Council. The President is the head of the Institute.

UNIQUE SELLING PROPOSITIONS (USPs)     

Qualified Chartered Secretaries Providing wide range of support services Enforcing strict ethical codes of conduct Promoting best practices in all spheres of corporat governance Suggesting improvements on all management and regulatory issues.

GLOBAL LINKAGE ICSB is a full Member of the Corporate Secretaries International Association (CSIA) - Global Voice of Governance, Headquarter of which is in Geneva, Switzerland.

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NOTICE OF THE 6th ANNUAL GENERAL MEETING Notice is hereby given that the 6th annual General Meeting of the Institute of Chartered Secretaries of Bangladesh (ICSB) will be held on Saturday, August 27, 2016 at 3:30 p.m. at the Multipurpose Hall Room of BIAM, 63, New Eskaton, Dhaka to transact the following businesses:

AGENDA 1. To receive, consider and adopt the Report of the Council for the year ended December 31, 2015; 2. To receive, consider and adopt the Audited Financial Statements of the Institute for the year ended December 31, 2015 together with the Report of the Auditors thereon; 3. To appoint a Chartered Accountant Firm as the Auditors of the Institute for the year 2016 and to fix their remuneration; 4. To elect 3rd Council of the Institute (ICSB) pursuant to the Chartered Secretaries Act 2010 and Chartered Secretaries Regulations 2011.

By order of the Council Date: 02 June 2016

Kazi Mafizur Rahaman Secretary in Charge

ICSB ANNUAL REPORT 2015 INSTITUTE OF CHARTERED SECRETARIES OF BANGLADESH (ICSB)

Report of the Council Dear Members,

1.0

Assalamu Alaikum, The Council of the Instittue of Chartered Secretaries of Bangladesh (ICSB) welcomes you all to the 6th Annual General Meeting (AGM) of the Institute.

This Report is for the third year of the three year tenure of the Second Council which took the responsibility of the Institute on September 12, 2013. In accordance with the Chartered Secretaries Act 2010, the tenure of the present Council will expire on September 11, 2016. Detailed activities of the Institute for the year 2015 are stated below:

Pursuant to Regulation 8(2) of the Chartered Secretaries Regulations 2011, the Council of the Institute of Chartered Secretaries of Bangladesh (ICSB) is pleased to present its 6th Anuual Report together with the Audited Accounts and the Auditorâ&#x20AC;&#x2122;s Report thereon, for the year ended in December 31, 2015.

1.1

ACTIVITIES OF THE COUNCIL

Council Meetings and Attendance

During the year under review, 04 Council Meetings were held. The attendance record of the Councilors is as follows:

A Council Meeting in Progress

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Leave of absence was granted to the Members who could not attend the Meeting upon prior information. 1.2 Meetings of the Standing Committees and other Sub-Committees A good number of Meetings of the Standing Committees and other Sub-Committees were held during the period for discharging its activities. The numbers of Meetings held by the Standing Committees are listed below:

1.3 Key Achievements The key achievements of the year 2015 were: • Strong initiative taken to arrange funds from the Government for the development activities of the Institute. • After relentless eﬀorts and persuasions during the year under review the GoB has increased its Funding to a great extent. The Budget allocation from the Ministry of Commerce (MoC), GoB was raised from Tk. 7.5 million to Tk. 12.5 million for the year 2015-16 and subsequently it was increased to Tk.14.72 million i.e. total increase of Tk.7.22 million during the year. • Ready to be published two new Secretarial Standards on Minutes and Dividend for the corporate sector of Bangladesh. • Successfully holding of ‘2nd ICSB National Award for Corporate Governance Excellence 2014’ where Hon’ble Minister of Finance Abul Maal Abdul Muhith, MP was present as the Chief Guest and 28 listed Companies were awarded and thus a tremendous awareness was crated about the profession of Chartered Secretaries in the Corporate Sector of Bangladesh. • Finalization of the Training Policy of ICSB. • During the year 5 CPDs were held for the professional development of the Members. • Updated the Institute’s Website and improved version of the IT enabled services introduced. • Updated the Website of the Institute with relevant resources and user friendly Interface with 32 core server to help user browse faster. • Inducted 17 new Members as Associate and 18 Associate Members elevated as Fellow Members. • Comprehensive feedback and suggestions were given to the Ministry of Commerce (MoC) for inclusion in the Draft New Companies Act 2013.

ICSB ANNUAL REPORT 2015 • Conducted scheduled periodic examinations and coaching classes. • Published the Comprehensive Professional Code of Conduct for Members of ICSB including the Council Members, Private Practitioners and Senior Management of the Institute. • Promoted cultural interactions through organizing events like Pohela Baishakh, Blood Donation Program, Iftar Party, Members’ Night, Celebration of the National Independence Day and Anniversary of Enactment of CS Act 2010, etc. • Created awareness among the Corporate Leaders of the country about the profession of Company Secretary through Meeting with the Finance Minister, Commerce Minister, Housing & Public Works Minister, Sr. Finance Secretary, Sr. Commerce Secretary, Chairman of National Board of Revenue (NBR), Chairman of Bangladesh Securities and Exchange Commission (BSEC) and Managing Director of Dhaka Stock Exchange Ltd. (DSE) and other related entities. • Started Scholarship for outstanding achievement in the Chartered Secretaries Course. • Recruited new Deputy Secretary, Assistant Director (Education), Library Oﬃcer for enhancing services for the Members and the Students as well. • Celebrated Independence Day in a beﬁtting manner.

• Received 3 Air Conditioners for the office room of ICSB. • Decorated Training Room to begin regular training courses. • Digitalized students’ data in a central Data Management System. • ICSB Accounts Management system has been automated with ERP software. • Introduction of digitalized Library Management System. • Faculty Member selection and evaluation criteria have been finalized. • Finalized the Internship Guidelines for Qualified Chartered Secretaries. • More Classrooms are equipped with permanent Multimedia System. 2.0 INTERNAL AND EXTERNAL MEETINGS 2.1 Meeting with Hon’ble Senior Secretary, Ministry of Commerce The Council Members of the Institute of Chartered Secretaries of Bangladesh (ICSB) led by its President Mohammad Asad Ullah FCS called on Hedayetullah Al Mamoon ndc, Senior Secretary of Ministry of Commerce, Government of Bangladesh on March 12, 2015 at his chamber. The President apprised the Hon’ble Senior Secretary about the various initiatives that ICSB has recently undertaken for the development of the Institute and its Members.

Senior Commerce Secretary Hedayetullah Al Mamoon ndc, with the President & Council Members of ICSB

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Hon’ble Senior Secretary, Ministry of Commerce gave a patience hearing to various activities of the Institute and appreciated the potential role of ICSB in promoting governing excellence. He assured of fullest co-operation from the part of the Ministry for further development of this profession in the country. Again, the Council Members of the Institute led by the President Mohammad Asad Ullah FCS called on Hedayetullah Al Mamoon, ndc, Senior Secretary, Ministry of Commerce, Government of Bangladesh on August 25, 2015. The President briefed the Senior Secretary about the upcoming ICSB National Award for Corporate Governance Excellence 2014 to be held on November 10, 2015 and invited him to be the Special Guest on this occasion to which the Senior Secretary gave his kind consent. 2.2 Meeting with Hon’ble Finance Minister Abul Maal Abdul Muhith, MP The President of Institute Mohammad Asad Ullah FCS along with the Council Members met with Hon’ble Finance Minister Abul Maal Abdul

Muhith, MP on June 18, 2015 at his chamber in the Bangladesh Secretariat. The President introduced the Council Members to Hon’ble Finance Minister and highlighted on various activities pursued by ICSB since its establishment for the development of professional skills of the Members and for ensuring Corporate Governance and Corporate Management in the listed Companies of the country. Hon’ble Finance Minister appreciated the activities of ICSB and role of Company Secretaries in the listed Companies and hoped that the Company Secretaries with the Professional Degree of ICSB will play a pivotal role in fair functioning of Capital Market as well as ensuring corporate governance, and compliance issues of securities laws in the Listed Companies. Senior Vice President of the Institute M. Naseemul Hye FCS, Past President Itrat Husain FCS, Council Members -Md. Shahid Farooqui FCS, Md. Selim Reza FCS, Mohammad Nurul Alam FCS and Secretary of the Institute Mustafa Mohiuddin were present during the Meeting.

Meeting with Honorable Finance Minister, Abul Maal Abdul Muhith, MP with the Delegates of ICSB

ICSB ANNUAL REPORT 2015 2.3 Meeting with the Chairman of National Board of Revenue (NBR) Mohammad Asad Ullah FCS, President of the Institute along with his Council Members had a meeting with Md. Nojibur Rahman, Chairman, National Board of Revenue (NBR) on June 25, 2015 at NBR. The President discussed the issues concerning the profession of Chartered Secretary in Bangladesh as well as various activities undertaken by ICSB for

the development of the Institute. The President requested the Chairman to include the profession of Chartered Secretary as the authorized representatives of their clients before any authority of the NBR by inserting the profession of Chartered Secretaries in the Section 174 (2)(e) and 174 (3) (b) of the IT Ordinance, 1984. The Chairman assured of his all possible cooperation towards the Institute.

Meeting with Honorable Chairman, National Board of Revenue (NBR) with the Delegates of ICSB Led by its President, Mohammad Asad Ullah FCS

2.4 Meeting with A. K. M. Rahmatullah, MP Senior Vice President, M. Naseemul Hye FCS

alongwith other Council Members of ICSB had a Meeting with A. K. M. Rahmatullah (MP), Honâ&#x20AC;&#x2122;ble

Meeting with A. K. M. Rahmatullah, MP with the Delegates of ICSB

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Member of the Bangladesh Parliament at his oﬃce on June 16, 2015. The Senior Vice President discussed with the MP about various issues arouse in connection with the ICSB purchased land (address: Plot B/16 & B/18, (totaling 10 kathas) Eastern Housing, Main Road, Badda, Dhaka) as the land is situated under the constituency of the MP. Among others Vice President of the Institute Md. Monirul Alam FCS, Past President Itrat Husain FCS, Council Member Md. Selim Reza FCS, A.T.M. Tahmiduzzaman FCS and Mustafa Mohiuddin, Secretary of ICSB were also present during the discussion meeting. 2.5 Discussion Meeting with the Dhaka Stock Exchange Limited Dhaka Stock Exchange Ltd. (DSE) had an exchange of views Meeting with the Council of ICSB on the Dhaka Stock Exchange (Direct Listing) Regulations

2015 on Sunday, August 9, 2015 at the DSE Board Room to discuss matters relating the Dhaka Stock Exchange (Direct Listing) Regulations 2015. President of ICSB Mohammad Asad Ullah FCS along with Council Members attended the Meeting. Professor Dr. Swapan Kumar Bala, FCMA, Managing Director of Dhaka Stock Exchange Limited gave a brief outline of the proclamation of Listing Regulation, 2015 and stated that this is the ﬁrst step of exchange of views with the real stakeholders by DSE. He requested for suggestions from ICSB for incorporating them in the revised Listing Rules 2015, in future. Mohammad Asad Ullah FCS, President of the Institute thanked Dr. Swapan Kumar Bala FCMA for inviting ICSB at the meeting. He highlighted some inconsistencies in some clauses of the Regulation especially on submission of the half yearly Report, authentication of Financial Statements and holding Annual General Meeting etc.

Professor Dr. Swapan Kumar Bala FCMA, Managing Director of Dhaka Stock Exchange Limited with the Members of ICSB Council

2.6 Meeting with Hon’ble Chairman, Bangladesh Securities and Exchange Commission (BSEC) Some Council Members of the Institute led by its President, Mohammad Asad Ullah FCS called on Prof. Dr. M. Khairul Hossain, Chairman, Bangla-

desh Securities and Exchange Commission on November 4, 2015 to apprise the Chairman of various initiatives that ICSB has recently undertaken for the development of the Institute and its Members. The President briefed the Chairman

ICSB ANNUAL REPORT 2015 about the 2nd ICSB National Award for Corporate Governance Excellence 2014. The Chairman, BSEC in the meeting informed that the revised BSEC Corporate Governance Guidelines would be issued soon. He invited suggestions/recommendations from ICSB for its inclusion in the revised new guidelines. He

assured that a representative of ICSB to be included in the Advisory Board of BSEC in near future and Bangladesh Securities and Exchange Commission will be always beside ICSB towards the development of this profession. All the Commissioners of BSEC were present during the meeting.

President and Delegates of ICSB with Prof. Dr. M Khairul Hossain, Chairman, BSEC

2.7 Meeting at the Ministry of Commerce on Draft of New Companies Act, 2013 A Meeting was held on the Draft Companies Act2013, in the Conference Room of Ministry of Commerce on December 27, 2015 under the Chairmanship of Hedayetullah Al Mamoon ndc, Senior Secretary, Ministry of Commerce. Mohammad Asad Ullah FCS, President ICSB, along with the Secretary of the Institute and S.Abdur Rashid FCS, Member Secretary of the Company Law Review Sub-Committee, ICSB, participated in the Meeting on behalf of ICSB. President of ICSB informed the Meeting that ICSB has reviewed the Draft Companies Act intensively and added that as the Draft Companies Act is the 3rd draft Edition of the Act, it needs to be further updated. However, the 4th Edition of the same Act is in English which has similarity with the

Indian Companies Act that makes it very easy to comprehend for the Entrepreneurs. Finally, he proposed to consider the 4th draft Edition of the Act as the benchmark for the further activities regarding preparing the proposed new draft Companies Act. After a detail discussion, the Meeting decided that as the Draft Companies Act is in Bengali, it should be further reviewed and updated keeping in line with diﬀerent litigation complicacies being faced with the existing Companies Act 1994. 3.0 2nd ICSB NATIONAL AWARD FOR CORPORATE GOVERNANCE EXCELLENCE 2014 Institute of Chartered Secretaries of Bangladesh (ICSB) organized the “2nd ICSB National Award for Corporate Governance Excellence 2014” on 10th November, 2015 at the Grand Ballroom, Pan Paciﬁc Hotel Sonargaon, Dhaka. It was one of the

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highly acclaimed programs of ICSB to recognize the best Companies which have proven their commitment towards excellence in Corporate Governance to run their business operation. This programme is now be a regular annual event of ICSB i.e. every year such program shall be held by the Institute with the certain objectives. The primary objective of this award is to promote governing excellence in the corporate sector of the country whilst to recog-

nize and enhance corporate leadership quality to

the global standard and also create awareness amongst the corporate sector of the country about the profession. In order to organize the “2nd ICSB National Award for Corporate Governance Excellence 2014” program successfully, an Organizing Committee consisting of ten Members was formed and the Organizing Committee was supported by diﬀerent Sub-Committees.

Awardess with the Chief Guest at the CGE Award 2014

3.1 ICSB Corporate Governance Award Standing Committee The Corporate Governance Award Standing Committee was constituted by the Council during its tenure. The Corporate Governance Award Standing Committee was entrusted with the responsibilities to coordinate, supervise and monitor the Award process including providing necessary guidelines to the Organizing Committee and its Sub-Committees as and when required. 3.2 The Jury Board for “2nd ICSB National Award for Corporate Governance Excellence 2014” In order to select the best listed Companies which were practicing good governance and upheld the corporate rules and regulations in this country during the year 2014, a Jury Board was formed in line with the National Award for Corporate Governance Excellence Charter 2014. It was a highly

distinguished Jury Board formed with the eminent personalities in their respective ﬁeld of this country. The Jury Board was comprised with the following hon’ble Members: 1. Dr. A.B. Mirza Md. Azizul Islam, Former Finance Advisor to the Caretaker Government of Bangladesh - Chairman 2. Suhel Ahmed Choudhury, Former Secretary to the Ministry of Commerce-- Member 3. Faruq Ahmad Siddiqi, Former Chairman of Bangladesh Securities and Exchange Commission Member 4. Feroz Ahmed, Former Secretary to the Ministry of Commerce - Member 5. Md. Abdul Karim, Former Principal Secretary to the Hon’ble Prime Minister - Member 6. M. Nurul Alam FCS, Chairman, Corporate Governance Award Committee - Member Secretary

ICSB ANNUAL REPORT 2015

Chairman of the Jury Board Dr. A.B. Mirza Md. Azizul Islam (4th from the left) with other Members

For the technical supports to the Jury Board 10 (ten) Technical Committees were formed comprising three Members in each Committee. The Jury Board met several times for selection of the Listed Companies under 10 Categories as follows:

4. Pharmaceutical & Chemicals Companies

1. Banking Companies

8. Engineering Companies

2. Non-Banking Financial Institutions

9. Manufacturing Companies and

3. Insurance Companies

10. Fuel and Power Companies.

5. Textiles and RMG Companies 6. Food and Allied Companies 7. IT, Telecom & Services Companies

The number of awards were limited in 3 for each category i.e. First, Second and Third positions. In total, awardees number were 28. The Jury Board ďŹ nalized the list of the Winning Companies as follows:

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3.3 The Event of “2nd ICSB National Award for Corporate Governance Excellence 2014”

Bangladesh under the chairmanship of President of the Institute, Mohammad Asad Ullah FCS.

On November 10, 2015, in the Grand Ball Room of Pan Paciﬁc Sonargaon Hotel, “2nd ICSB National Award for Corporate Governance Excellence 2014” was held amid pomp and grandeur with the gracious presence of the distinguished guests from the corporate arena of

Mr. Abul Maal Abdul Muhith MP, Hon’ble Minister, Ministry of Finance, Government of Bangladesh graced the occasion as the Chief Guest and handed over the Certiﬁcates and Crests to the 28 winning Companies in three types of award - gold, silver and bronze.

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A View of Crests for 2nd ICSB National Award for Corporate Governance Eexcellence 2014

The Chief Guest in his speech in the Award Program, emphasized that good governance is important for every organization. He urged the Companies to share their proﬁt for social welfare. While extending heartiest congratulations to all award recipients the Hon’ble Finance Minister underscored on the present government’s commitment to ensure good governance, accountability and ensuring fairness and corporate culture in the listed companies of Bangladesh. He applauded the role of the

Institute of Chartered Secretaries of Bangladesh for developing professional skills in the listed companies. President of the Institute Mohammad Asad Ullah FCS, emphasizing the need of Chartered Secretaries for good corporate governance demanded for establishing a separate Ministry for 1.5 lakh Companies as “Ministry of Corporate Aﬀairs” like India to provide services precisely to 1.5 lakh Companies registered with the RJSC. He also appealed to the

From the Left- M Nurul Alam FCS, Chairman, CGE Award Commitee, Prof. Dr. M Khairul Hossain, Chairman, BSEC, Honorable Finance Minister Abul Maal Abdul Muhith MP, Mohammad Asad Ullah FCS, President of ICSB, Hedayetullah Al Mamoon, Sr. Commerce Secretary, In Augurating the Souvenir of CGE Award 2014

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Government to include the ICSB in the Financial Reporting Bill, so that ICSB can signiﬁcantly contribute for ensuring good governance and to achieve the objectives of the Bill. He persuaded that the sector which has been contributing 73 percent to the country’s economy is being neglected in many ways. A separate Ministry for the corporate sector will surely boost up the country’s economy and increase revenue in remarkable way. He urged for updating the Companies Act-1994 that was promulgated in line with Indian Companies Act 1956. He also disclosed that the Institute has conducted more than 300 professional training courses over the last 18 years for the corporate executives while about 15,000 senior and midlevel corporate executives of the country were trained up with better skills. Prof. Dr. M Khairul Hossain, Chairman, Bangladesh Securities and Exchange Commission was present in the CGE Award

Program as one of the Special Guests and told that BSEC is going to revise the Corporate Governance Guidelines for the listed companies very soon and hoped that sound Corporate Management and Corporate Governance can be ensured by strictly adhering to these guidelines for the listed companies. He lauded the role of ICSB in highlighting and promoting corporate governance in the corporate sector in Bangladesh. Hedayetullah AI Mamoon, ndc, Senior Secretary of Commerce Ministry was also present in the CGE Award program as the Special Guest on the occasion. In his deliberation he told that his Ministry was working with new Companies Act in order to update it with the present context of trade and commerce of the world. He expressed his hope that this will be enacted soon.

A View of Guests Present in the CGE Award 2014

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From the Left M. Nurul Alam FCS, Chairman, CGEA Commitee, Prof. Dr. M. Khairul Hossain, Chairman, BSEC Honorable Finance Minister Abul Maal Abdul Muhith MP, Mohammad Asad Ullah FCS President of ICSB, Sr. Commerce Secretary Hedayetullah Al Mamoon at the CGE Award 2014

Dr. A.B. Mirza Md. Azizul Islam, Former Finance Advisor to the Caretaker Government of Bangladesh and the Chairman of the Jury Board spoke on behalf of the Jury Board of ICSB National Award for Corporate Governance Excellence Award-2014. By the above program we created a tremendous awareness in the corporate sector of the Country about the Chartered Secretaries profession as well as the Institute of Chartered Secretaries of

Bangladesh (ICSB) where a large number of participants viz. Chairman, Vice Chairman, Managing Director, Chief Executive Officer, Directors, Company Secretaries and Chief Financial Officers from the listed Companies of the country were attended in the program. The Institute has received for an amount of Tk.75 lac as sponsored money from different organizations by which we meet the expenditures of the event very efficiently. We got a huge media coverage on the program highlighting the profession of

Honorable Finance Minister Abul Maal Abdul Muhith, MP Delivering His Speech in the CGE Award 2014

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President of ICSB handing over a Crest to Honorable Finance Minister Abul Maal Abdul Muhith, MP at the CGE Award 2014

Chartered Secretaries in Bangladesh. The Independent Television and the Independent Newspaper were the electronic and print media partners of the program respectively. 4.0 MEMBERSHIP The Institute admitted 17 Associates and elevated 18 Fellow Members during the year under review, raising the total Membership to 341 as on December 31, 2015, consisting of 157 Fellows and 184 Associates. Most of the Members are in employment in corporate sectors, especially multinational, national and Listed Companies of the country.

qualiďŹ ed & thier applications for the Associate Membership of ICSB were processed. Following the decision undertaken by the Council in its 25th Meeting, letters were issued to the defaulting Members requesting them to clear up their Annual Membership dues. But some of them did not respond, resulting which the Memberships of 12nos. of Members (08 Associates & 04 Fellows) were to cancel under the provisions of Chartered Secretaries Act 2010 and Chartered Secretaries Regulations 2011. The admission of the Associate and Fellow Members of ICSB during the period January to December 2015 is summarized below:

During the year under review 41 students have

As on December 31, 2015

ICSB ANNUAL REPORT 2015 5.0 5TH AGM OF INSTITUTE OF CHARTERED SECRETARIES OF BANGLADESH (ICSB)

The Meeting was chaired by the President of the Institute, Mohammad Asad Ullah FCS. The President,

From the Left-Mustafa Mohiuddin, Ex. Secretary, Mohamad Bul Hassan FCS, Treasurer, Mohammad Asad Ullah FCS, President M. Naseemul Hye FCS, Sr. Vice President, Md. Monirul Alam FCS, Vice President of ICSB

The 5th Annual General Meeting of the Institute of Chartered Secretaries of Bangladesh (ICSB) was held on Thursday, July 9, 2015, at ICSB, Padma Life Tower (7th Floor) 115 Kazi Nazrul Islam Avenue, Bangla Motor, Dhaka.

in his address, tabled the Council Report of 2014 featuring remarkable achievements for the Institute. He highlighted on taking some initiatives for arranging adequate fund from the Government for the development activities of the Institute.

Members at the 5th Annual General Meeting

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He also mentioned about the initiative taken by the Institute for constructing a state-of-the art campus-cum-commercial complex at the purchased land at Aftab Nagar with Government’s assistances. The President in his report also highlighted on having more CPD Programs for professional development and ensuring state-of-the art service to the students for academic pursuit. In the AGM, after the President’s Report of the Council for 2014, Mohammad Bul Hassan FCS, Treasurer, placed a power point presentation on the Audited Accounts of the Institute for the year ended on December 31, 2014. The members approved the Council Report and the Audited Accounts of the Institute. A large number of Members present in the meeting highly appreciated the performance of the Institute, and congratulated the Council for working successfully. They also put their valuable suggestions towards the development of the Institute. The Annual General Meeting was followed by a Doa-Mahﬁl and Iftar.

6.0 ENROLLMENT OF STUDENTS In the Summer Session (January–June) 2015 (35th Batch) as many as 203 students were enrolled and in

the Winter Session 2015 it was 148. On the other hand during 2014 it was 209 for Winter Session and in the Summer Session it was 142. The number of students of the Institute in the year 2015 registered to a total of 3,806. The Council of the Institute has taken some operative decisions for increasing of the students’ enrollment. In this regard, the Council also requested the Members to be proactive from everyone’s own positions for spreading the name and activities of the Institute.

7.0 ORIENTATION PROGRAMMES OF THE NEWLY ENROLLED STUDENTS OF CHARTERED SECRETARY COURSE The Orientation programs for the 35th and the 36th Batches of Chartered Secretaryship Course students of ICSB were arranged at the Institute’s Hall Room on February 14, 2015 and August 8, 2015, respectively. As many as 203 students were admitted in the regular course of Chartered Secretaryship in the Summer Session 2015 (35th Batch), whereas 148 students were enrolled in the 36th Batch in July –December, 2015 Winter Session.

From the Left-Mustafa Mohiuddin, Ex. Secretary, Mohammad Sanaullah FCS, Immediate Past President, Md. Shahid Farooqui FCS, Chairman, Education Committee of ICSB

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Students of 35th Batch in the orientation Programme

On both the occasions, Mohammad Asad Ullah FCS, President of ICSB, inaugurated the programs. Welcoming the students, the President emphasized that the Profession of Chartered Secretary is now a challenging and rewarding profession, which has a global demand. He also urged upon them to strive for academic excellence, personal dignity, ethical values and social concerns. Among others, Mohammad Sanaullah FCS, Immediate Past President congratulated the newly enrolled students for choosing the right profession at the right time. He highlighted the Chartered Secretary profession and its role in the corporate management. He also advised the students to pursue the Chartered Secretary profession and acquire adequate knowledge to build up their future career on both the programs. Md. Shahid Farooqui FCS, Chairman, Education Committee, spoke on both the occasions. He also discussed about the role and importance of the profession of Chartered Secretary. Referring ICSB’s academic syllabus as one of global standard, he also advised the students to be regular and attentive in classes. M. Nasemul Hye FCS, Sr. Vice President, M. Monirul Alam, Vice President and Mohammad Bul Hassan FCS, Treasurer were also present and spoke on the occasions. On the Course inaugural days, the students got the guidelines for their adapting to challenging corporate sector and on the measures to achieve excellence through both academic pursuit and corporate

experience in the enthusiastic question answer sessions.

8.0 COACHING CLASSES The ICSB coaching classes are an important part of the educational program. In the year-2014, two shifts, Day shift in addition to Evening shift had been introduced. This year, in 2015, both the shifts were in operation like the previous year. The coaching classes are conducted in the Institute’s premises covering all ﬁve levels/groups of the prescribed course. A Foundation Level Course was introduced in July, 2013 for the students of non-business background. In the year under review the Foundation Level course was continued for the students from non-business backgrounds with more intensity and importance to oﬀer introductory knowledge about business. The faculty consists of the senior Members of the Institute as well as professionals and members of the relevant disciplines and cadres. The classes of ICSB generally take place in two shifts day and evenings - at the Institute’s premises.

9.0 QUALIFIED CHARTERED SECRETARIES As of reporting date, there are 421 Chartered Secretaries who have qualiﬁed in the Final Examinations in the last 33 batches and out of them 336 have completed their internships, of which 318 have since been admitted as Associate Members. The cases of remaining 85 are at diﬀerent stages of processing and are expected to be registered as Members very soon.

2015 ANNUAL REPORT 10.0 CONTINUING OPEMNT (CPD)

ICSB

PROFESSIONALDEVEL-

10.1 CPD on “Chartered Secretary as a Career” The Council is pledge bound to update the knowledge

highlighted the major features of the Chartered Secretary as a Career in Bangladesh and underscored access of a Chartered Secretary to a wide varieties of diﬀerent job roles across many sectors, a diversity of responsibilities, a fast-track to high-level roles,

Speakers at the CPD Programme

and skills of its Members by organizing Continuing Professional Development Programs. With this end in view, the Institute organized a CPD Program on “Chartered Secretary as a Career” on June 11, 2015 at the Institute Premises at Padma Life Tower (7th Floor) 115 Kazi Nazrul Islam Avenue, Bangla Motor, Dhaka-1000. Mohammad Sanaullah FCS, Immediate Past President and Chairman, Professional Development Sub Committee of ICSB presented the Keynote Paper. He

working with the board & etc. He also focused on the difficulties faced by the Qualified Chartered Secretaries of Bangladesh working in different sections. Safiar Rahman FCS, Fellow Member of ICSB and Muhammad Shahidul Islam FCS, Fellow Member of ICSB were the Official Discussants who shared their views on the Keynote presentation highlighting the Career as a Chartered Secretary in the present prospects in Bangladesh.

Members at the CPD Programme

ICSB ANNUAL REPORT 2015 10.2 CPD on “The Finance Act - 2015” A Continuing Professional Development (CPD) Programme on “The Finance Act-2015” was organized by Institute of Chartered Secretaries of Bangladesh

Finance Act-2015” that includes changes in Income Tax Ordinance, 1984 such as individual tax rate, re-structure in the slab of wealth for imposing surcharge on individual tax payers, basic salary and

Mohammad Asad Ullah FCS, President of ICSB handing overa Crest to Sadhan Chandra Das, FCA, FCS, Keynote Presenter of the CPD Programme

(ICSB) on Thursday, July 30, 2015 at the Institute premises at Padma Life Tower (7th Floor) 115 Kazi Nazrul Islam Avenue, Bangla Motor, Dhaka-1000.A large number of Members of ICSB participated in this program.

bonus received by Govt. employees as well as the insertion of two new sections: prosecution punishment for submitting fake audit report, punishment for unauthorized employment of foreign nationals.

Sadhan Chandra Das, FCA, FCS, Partner, Sadhan Das & Co. Chartered Accountants presented the Keynote Paper highlighting the major features of the “The

Mohammad Asad Ullah FCS, the President of the Institute shared views on the keynote presentation and also discussed on various aspects of “The Finance Act-2015”.

Members at the CPD Programme

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10.3 CPD on “Dhaka Stock Exchange (Direct Listing) Regulations, 2015” Institute of Chartered Secretaries of Bangladesh (ICSB) organized a Continuing Professional

highlighting the major features of the Dhaka Stock Exchange (Direct Listing) Regulations, 2015 of Dhaka Stock Exchange (DSE) Ltd. that includes Listing of Securities, Undertakings, Direct Listing, Post Listing,

From the Left- Mohammad Shaﬁqul Islam Bhuiyan, Asst. Gen. Manager DSE Ltd., Professor Dr. Swapan Kumar Bala FCMA, Managing Director, DSE Ltd. Mohammad Sanaullah FCS, Immediate Past President, Mohammad Asad Ullah FCS, President of ICSB

Development (CPD) Programme on “Dhaka Stock Exchange (Direct Listing) Regulations, 2015” on Thursday, August 27, 2015 at the Institute Premises at Padma Life Tower (7th Floor) 115 Kazi Nazrul Islam Avenue, Bangla Motor, Dhaka-1000. Professor Dr. Swapan Kumar Bala FCMA, Managing Director, Dhaka Stock Exchange Limited presented the Keynote Paper and gave a brief outline of the new regulations for listing companies of Bangladesh

Continuous Compliances, Listing & Annual Fees, Halt, Suspension and De-Listing, Inspection and miscellaneous issues of the new listing regulations, 2015. Mohammad Asad Ullah FCS, the President of the Institute shared his views on the keynote presentation and also discussed on various aspects of “Dhaka Stock Exchange (Direct Listing) Regulations, 2015”.

Members at the CPD Programme

ICSB ANNUAL REPORT 2015 10.4 CPD on “Chartered Secretaries in Private Practice” The

Institute

organized

another

Continuing

also underscored the need for necessary linkage of the practicing profession of Chartered Secretaries with other

Mohammad Sanaullah FCS (3rd from left) Chaired the ICSB CPD Programme of Chartered Secretaries in Practice attended by A K A Muqtadir FCS (2nd left) as keynote presenter and S A Rashid FCS (extreme left) and Itrat Husain FCS (extreme right) as discussants

Professional Development (CPD) Program on ‘Chartered Secretaries in Private Practice’ on Thursday, November 26, 2015 at the Institute premises at Padma Life Tower (7th Floor) 115 Kazi Nazrul Islam Avenue, Bangla Motor, Dhaka-1000. A.K.A. Muqtadir FCS, Past President, ICSB and Chief Consultant, Al-Muqtadir Associates, Chartered Secretaries & Consultants presented the Keynote Paper and gave a brief outline of the Chartered Secretaries in Practice in Bangladesh. He highlighted on the nature and scope of private practice as Chartered Secretaries and focused on the diverse challenges associated with it. He

important Laws and Regulations namely: the Companies Act, BSEC Rules, Stock Exchanges Regulations, Tax and other Laws etc. for further and sustainable development in whole of the profession of Chartered Secretaries. Itrat Husain FCS, Past President & Chief Executive, Itrat Husain & Associates and S. Abdur Rashid FCS, Practicing Chartered Secretary of SA Rashid & Associates were the Oﬃcial Discussants. Mohammad Sanaullah FCS as Session Chairman moderated and summed up the session as the Session Chairman.

Members at the CPD Programme

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10.5 CPD on “Corporate Governance Practice in Bangladesh”

Council Member, Hossain Sadat FCS, Council Member of the Institute.

Finally, ICSB organized another Continuing Professional Development (CPD) Program on “Corporate

Prof. Md. Helal Uddin Nizami, Commissioner, Bangladesh Securities & Exchange Commission (BSEC), as Session

From left: Md. Azizur Rahman FCS, Mohammad Sanaullah FCS Prof. Md. Helal Uddin Nizami, Mohammad Asad Ullah FCS and Hossain Sadat FCS

Governance Practice in Bangladesh” on Wednesday, December 30, 2015 at the Institute Premises at Padma Life Tower (7th Floor) 115, Kazi Nazrul Islam Avenue, Bangla Motor, Dhaka-1000. A large number of Members of ICSB participated in this programme. Mohammad Sanaullah FCS, Immediate Past President, ICSB presented the Keynote Paper highlighting some important features of global best practices of corporate governance, while he also reviewed the existing guidelines of corporate governance along with comparison. Other Oﬃcial Discussants were Md. Azizur Rahman FCS,

Chairman, moderated and summed up the whole session. He said the BSEC would like to establish a sound corporate governance practice among the listed Companies in the country. In all those CPD Programs, qualitative and signiﬁcant discussions were held during Question and Answer Sessions between participating Members of the Institute and the Keynote Presenter on the issue. A good number of veteran professionals and young professionals attended those sessions enthusiastically and brought many important points to enhance their professional caliber to a higher standard.

Members at the CPD Programme

ICSB ANNUAL REPORT 2015 11.0 LAND AT AFTABNAGAR

was paid from the own fund of Institute.

11.1 Completion of the Deed of Mortgage of Aftab Nagar Land with Dutch-Bangla Bank Ltd.

You are also aware that Hazera Begum lodged a case in the District Judge Court, Dhaka to cancel the deed of registration of 5 katha land. The case is now at the ﬁnal steage. She also lodged several other cases in the Lower Courts, in the meantime, those were given ﬁnal reports.

The registration of the deed of mortgage of Aftab Nagar land with Dutch-Bangla Bank Ltd, 10 Katha (5 Kathas + 5 Kathas) plot No. B/16 and B/18, Eastern Housing, Main Road, Aftab Nagar, Badda, Dhaka was completed on April 17, 2015 commissioning the concerned Sub-Registrar, Tejgaon, Dhaka at ICSB Oﬃce. As you are aware that ICSB purchased the land from Mohammad Abul Hashem and Hazera Begum in 2014 at a cost of Tk.12,30,85,912/out of which Tk.8,00,00,000/- was paid obtaining loan from Dutch-Bangla Bank Ltd., Dhaka and Tk.4,30,85,912/-

She also granted temporary injunction by the lower Court on the five katha land. Upon hearing finding no legality the honourable Court vacated the injunction on it and she further appealed to the Hon’ble High Court Division of Supreme Court of Bangladesh but the said Court rejected her appeal application finding no legal rights on it.

Signing Ceremony of the Deed of Mortagage of Aftabnagar Land with Dutch Bangla Bank Ltd.

12.0 APPROVAL OF THE TRAINING POLICY FOR ICSB The Training Policy of the ICSB has been approved by the ICSB Council for conducting eﬀective and inclusive training session for the ICSB Members, Students and other interested Corporate Personnel to enhance their knowledge, understanding and skills regarding

Corporate Management. Finally, incorporating those feedback the Training Policy was ﬁnalized and got the approval from the ICSB Council. Few key points of the Training Policy are as follows:

• The short courses should be held in the evenings

for a maximum of 3 hours, with break of 15 minutes for refreshments.

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•

The fees will depend on the type of course. However, for a 3 hour session, the minimum should be Tk. 3,000/- and maximum Tk.4,500/-. To encourage greater participation discounts of 40% for Members and 50% for students of ICSB may be considered.

•

At the end of each training session there should be an evaluation Form (with 10 questions) to be completed by all the participants to evaluate the eﬀectiveness of the course provided and take necessary action for future courses.

13.0 PROFESSIONAL CODE OF CONDUCT This is a matter of pleasure that a Comprehensive Professional Code of Conduct has been approved by the ICSB Council to be adhered to by the Chartered Secretary Professionals in Bangladesh for ICSB entailing Council Members, Chartered Secretaries in Private Practice and the Members in a compiled form of book which expected to be published by 2016.

14.0 THE JOURNAL ‘The Chartered Secretary’ the Quarterly Journal of the Institute is regularly published as the source of information of ICSB. The Journal covers the current and relevant issues appropriately for dissemination of knowledge to the Members and to the corporate readers. You know that the Journal has since made its own space in the market which is a positive indication of professionalism of ICSB leaders and of rising up to the desired goal. The Journal & Publications Sub-Committee along with the Editorial Board publish the Quarterly Journal regularly. The Council always invites Members to contribute in any form, so that it would be enriched further. The Council also acknowledges with profound thanks and gratitude, the contributions received from various organizations in the form of advertisement without which it would have been impossible to continue publishing the Journal regularly. The Council deeply acknowledges the contribution of Mr. Itrat Husain FCS, Editor of the Chartered Secretary, Members of the Editorial Board and Writers of the Journal for their write-ups which obviously enriched the journals.

ICSB ANNUAL REPORT 2015 15.0 INTERNATIONAL RELATIONS Relationship with Corporate Secretaries International Association (CSIA) The year 2015 was a remarkable year in terms of relation with Corporate Secretaries International Association (CSIA). As the apex body in the ﬁeld of Chartered Secretary Profession, CSIA appreciated the approach and activities of ICSB on diﬀerent occasions.

compared to Tk.8.52 million in the preceding year. It may be mentioned here that the Institute has since made a fresh investment in FDR for Tk.25.5 million.

Income and Expenditure at a Glance Government Grants : (Amount Tk. in million)

An Article was published on the CSIA Journal featuring the 2nd ICSB National Award for Corporate Governance Excellence with adequate pictures and proper highlighting. We would like to inform you that the CSIA Headquarters in Geneva is going to be closed down shortly because it becomes costlier and that an association or company be formed and incorporated in Hong Kong with the existing Members of CSIA which is under process of registration by their local law.

(Amount Tk. in million)

16.0 FINANCE AND ACCOUNTS The main source of the funds of the Institute happens to be the subscriptions from the Members, Government Grants, admission and examination fees from students, training proceeds and advertisements in the Journal. After strong persuasion during the year under review the GoB has increased its Funding to a great extent. The Budget allocation from the Ministry of Commerce (MoC), GoB was raised from Tk. 7.5 million to Tk. 12.5 million for the year 2015-2016 and subsequently it was increased to Tk.14.72million i.e. total increase of Tk.7.22million for the ﬁnancial year 2015-2016. During the year 2015, the overall ﬁnancial position of the Institute has been healthier because of the increased number of newly enrolled students etc. The total income of the said year amounted to Tk.48.18 million as against Tk.38.30 million earned during the preceding year. On the expenditure side, the current year’s outlays amounted to Tk.42.42 million as against Tk. 29.77 million during the previous year. During the year 2015, there was an excess of income over expenditure to the tune of Tk. 5.76 million

17.0 AUDITOR The existing Auditors M/s. ACANABIN, Chartered Accountants, DBBL Bhaban (Level 13 & 14) 12, Kawran Bazar Commercial Area, Dhaka 1215, who were appointed as Auditors of the Institute in the 5th Annual General Meeting of the Company has carried out the audit for the year ended 31 December 2015. M/s. ACNABIN, Chartered Accountants, the Auditors of the Institute retires at this meeting and has expressed their willingness to continue in oﬃce for the year 2016. The Audit Committee recommended to appoint M/s. ACNABIN, Chartered Accountants as the Auditors of the Institute for the year 2016. The Council endorsed the recommendations of the Audit Committee.

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18.0 CELEBRATION OF 5TH ANNIVERSARY OF ENACTMENT OF CHARTERED SECRETARIES ACT 2010 The Members of the Institute of Chartered Secretaries of Bangladesh (ICSB) in a program celebrated the 5th

Government of Bangladesh in passing the enactment of the Chartered Secretaries Act 2010 and establishment of ICSB. The President urged upon the Members to be more cooperative and responsive in establishing the Institute as an icon for professional

Cake Cutting of 5th Anniversary

anniversary of enactment of Chartered Secretaries Act-2010 on June 16, 2015 at the Institute premises at Padma Life Tower (7th Floor) 115, Kazi Nazrul Islam Avenue, Bangla Motor, Dhaka-1000. The event was attended by a large number of Members including the Councilors and OďŹ&#x192;ce Bearers of the Institute. The President Mohammad Asad Ullah FCS, in his speech outlined on the various activities taken by the Institute during the last 2 years and recalled the timeless eďŹ&#x20AC;orts and hardships that he along with some Members faced to pursue with the

skill development and corporate governance. Among others, Senior Vice-President M. Naseemul Hye FCS, Treasurer Mohammad Bul Hassan FCS, Immediate Past President Mohammad Sanaullah FCS, Past President Itrat Husain FCS and other Members shared their views and feelings about the day. The anniversary program was marked with Cake cutting, reminiscence from Members, followed by an enthralling cultural program and ended up with a gala dinner.

Members at the Celebration of the 5th Anniversary Programme

ICSB ANNUAL REPORT 2015 19.0 MISCHELLENEOUS ACTIVITIES 19.1 Meeting with Successful Candidates The Education Committee had a Meeting with the students who passed the Group II Final Examination at ICSB campus on August 31, 2015.The Meeting was chaired by Chairman of Education Committee Md. Shahid Farooqui FCS, while the Chairman of

Examination Committee Mohammad Sanaullah FCS was also present. Md. Shahid Farooqui FCS, Council Member and Chairman of Education Committee advised the students to be more professional in every aspects of life. He also stressed on the importance of ethical standard and to be a true professional.

Meeting with the Successful Students

19.2 ICSB took part in Bangladesh Capital Market Expo 2015

ICSB was invited by the “Arthosuchak”, an online news portal on Business and Economics, to take part in the

M. Naseemul Hye FCS, Sr. Vice President of the Institute along with the Oﬃcials of ICSB at the ICSB Stall of the Capital Market Fair

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Bangladesh Capital Market Expo 2015 on 10-12 December. The Program was inaugurated by the Hon’ble Commerce Minister, Tofael Ahmed MP as the Chief Guest. Professor Dr. Khairul Hossain, Chairman, Bangladesh Securities & Exchange Commission (BSEC), Justice Siddiqur Rahman Mia, Chairman, Dhaka Stock Exchange Ltd. (DSE)& Dr. Abdul Majid, Chairman, Chittagong Stock Exchange Ltd (CSE) were also present on the occasion as Special Guests. In the Expo, ICSB had a stall with ICSB Brochures, Journals and Multi-Media Presentations to provide information to the visitors regarding the Corporate Governance, procedure of becoming a Chartered Secretary, its future prospect as profession in Bangladesh, admission process and other relevant questions. A good number of visitors visited the Stall with enthusiasm and showed their interest towards this newly introduced area of profession in Bangladesh.

20.0 SUBSEQUENT (January- July, 2016)

EVENTS/ACHIEVMENTS

20.1 Meeting with Hon’ble Chairman, RAJUK Mohammad Asad Ullah FCS, President along with Md. Monirul Alam FCS, Vice President of the Institute of Chartered Secretaries of Bangladesh (ICSB) made a call on meeting with G. M Jainal Abedin Bhuiyan, Chairman, Rajdhani Unnayan Kartripakkha (RAJUK) on January 20, 2016 at his oﬃce. He impressed upon the Chairman of RAJUK for his kind supportive considerations for an allotment of two bigas of land at Purbachal Project and thereby help ICSB to build up an Academic Complex for ICSB to sustain and develop the Institute, thereby contributing to the ultimate professional progress of the nation. The Chairman of RAJUK was gracious enough to let us inform that he will help us with any plot at Purbachal provided a recommendation from the Ministry of Commerce justifying the cause for an institutional plot for ICSB and forwarded to him through the Ministry of Works.

From the Left- Md. Monirul Alam FCS, Vice President of the Institute, G. M Jainul Abedin Bhuiyan, Chairman, RAJUK, Mohammad Asad Ullah FCS, President of the Institute and Mustafa Mohiuddin, Secretary of the Institute

20.2 Meeting with Hon’ble Commerce Minister Mohammad Asad Ullah FCS, President of Institute of Charted Secretaries of Bangladesh (ICSB) met Hon’ble Commerce Minister, Tofail Ahmed, MP at his Chamber

on March 22, 2016 and obtained a D.O. letter from the Hon’ble Minister requesting the Minister of Workers, Engineer Mosharaf Hussain MP to allocate a piece of land for building ICSB Campus at Purbachal.

ICSB ANNUAL REPORT 2015

Mohammad Asad Ullah FCS, President of ICSB Met Tofail Ahmed MP, Hon’ble Commerce Minister,

20.3 Meeting with Hon’ble Minister for Housing & Public Works The President along with the Secretary of ICSB had a call on Meeting with the Hon’ble Minister for Housing & Public Works of GoB Engineer Mosharaf Hussain MP, on April 3, 2016 at the Hon’ble Minister’s Oﬃce at Bangladesh Secretariat. The President briefed the Hon’ble Minister about the justiﬁcation for having its own campus in and around Dhaka city. The Minister was also apprised of the appli-

cation made by ICSB for a suitable plot of land at Uttara 3rd phase project area, as a statutory body under the Ministry of Commerce and regretted that no allotment was made. In this regard, the President of the Institute requested the Hon’ble Minister to allocate any plot of land at Purbachal in favour of ICSB as a Professional Institute. In this connection, the President of the Institute referred to the D.O. letter sent by the Hon’ble Minister of Commerce Tofail Ahmed MP requesting for such allocation and handed over a copy of that letter to the Hon’ble Minister for Housing & Public Works.

Mohammad Asad Ullah FCS, President of ICSB Met Engineer Mosharraf Hossain MP, Hon’ble Minister for Housing & Public Works

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Finally, an Oﬃce Memo was forwarded to the Chairman, RAJUK by the Ministry of Works along with the D.O. Letter of Hon’ble Commerce Minister Tofail Ahmed MP. Hopefully, ICSB may receive the aforementioned allotment soon.

National Board of Revenue (NBR) on April 30, 2016. The President followed up the process of inclusion of Chartered Secretaries as Income Tax Practitioners by National Board of Revenue (NBR).

20.4 ICSB Members will be listed as Income Tax Practitioners (ITP)

Later on, ICSB Oﬃcials followed up the process with Member Tax Policy of NBR for inclusion of Chartered Secretaries through regular meetings. Hopefully, this may fetch a positive result, soon.

President of the Institute met the Chairman of

Mohammad Asad Ullah FCS, President of ICSB Met Md. Nojibur Rahman Chairman National Board of Revenue (NBR)

20.5. Finalization of Secretarial Standards In the 35th Council Meeting of the ICSB M. Naseemul Hye FCS, Chairman, Secretarial Practice Sub-Committee has handed over two Drafts of Secretarial Standards. The Secretarial Practice Sub-Committee after considering and reviewing the global standards and practices of this country has drafted the two Secretarial Standards i. Secretarial Standards on Minutes (BSS 3) and ii. Secretarial Standards on Dividend (BSS 4). In view of this the Council formed the Secretarial Standard Board (SSB) on June 02, 2016. The Secretarial Standard Board (SSB) after its review had conﬁrmed the following two Secretarial Standards as: i. Secretarial Standards on Minutes (BSS 3) ii. Secretarial Standards on Dividend (BSS 4). After the approval of the Council these Secretarial

Standards were sent to the Ministry of Commerce and relevant agencies for the adoption for the beneﬁt of the Corporate Sector of Bangladesh.

20.6 Celebration of Members’ Night

Institute of Chartered Secretaries of Bangladesh (ICSB) celebrated a grand Members’ Night 2016 on 14th May 2016 at the Celebrity Hall of Bangabandhu International Conference Centre (BICC), Dhaka. On the occasion, a good number of Fellow and Associate Members of the Institute gathered at the Celebrity Hall of BICC along with their spouses and enjoyed an enthralling musical program with sumptuous dinner. They also had informal friendly chatting among themselves in an intimate atmosphere before the scheduled program had started. On the stage, President of the Institute Mohammad Asad Ullah FCS welcomed all

ICSB ANNUAL REPORT 2015

From the Left- Mohammad Bul Hasan FCS, Treasurer Mohammad Asad Ullah FCS, President, Md. Monirul Alam FCS, Vice President of the Institute

the attended guests and their spouses. In his welcome speech, he expected that such social get-together will be arranged regularly in future to pave the way for mutual sharing and understanding among the Members and their Families. In his speech, the President

outlined various activities taken by the Institute during last 03 years and recalled the timeless eďŹ&#x20AC;ort and hardships that the Founding Members went through to pursue the Government of Bangladesh in enacting the Chartered Secretaries Act 2010 and establishment of

From the Left- Senior Vice President M. Nassemul Hye FCS, Founder Member N. G. Chakraborty FCS, Past President Mohammad Sanaullah FCS, Past President Itrat Husain FCS, President Mohammad Asad Ullah FCS, Treasurer Mohammad Bul Hassan FCS, & Vice President Md. Monirul Alam FCS

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ICSB. He specially expressed his thanks and gratitude to Honorary Members of the Institute for their contributions for enactment of the Chartered Secretaries Act 2010 as well as development of ICSB Profession.

On the occasion, the Founder Members of the Institute were remembered for their contribution to the Institute. Also, the Honorary Member and Former Commerce Secretary Suhel Ahmed Chowdhury

A View of Members along with their Spouse in the Programme

Past Presidents Mohammad Sanaullah FCS, Itrat Husain FCS, Mohammad Asad Ullah FCS & Founder Member N. G. Chakraborty FCS were honoured with ﬂower bouquets and token gifts.

At the end, the Vice President and Chairman, Members Welfare & Recreation Sub Committee of the Institute Md. MonirulAlam FCS oﬀered Vote of Thanks and conducted an engrossing Raﬄe Draw for Members and their Spouses with attractive prizes.

A Memorable Moment of the Members’ Night

ICSB ANNUAL REPORT 2015 20.7 6TH 6th Anniversary of the Enactment of Chartered Secretaries Act 2010 Celebrated at ICSB Institute of Chartered Secretaries of Bangladesh

(ICSB) celebrated 6th Anniversary of the Enactment of Chartered Secretaries Act 2010 in a grand manner, in its own premises at Padma Life Tower (7th Floor), 115, Kazi Nazrul Islam Avenue, Bangla Motor, Dhaka on

Cake Cutting of 6th Anniversary

Saturday, June 18th 2016. Md. Monirul Alam FCS, the Vice President & Chairman of the Membersâ&#x20AC;&#x2122; Welfare & Recreation Sub Committee of the Institute welcomed the Members and Guests.

President Mohammad Asad Ullah FCS spoke on the occasion and recalled the contributions for which struggled for long 11 years led by him for the enactment of Chartered Secretaries Act 2010 passed in

Members at the Celebration of the 6th Anniversary

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National Parliament on 7 June 2010 and was gazette on 16 June 2010 and sice then the Institute has been celebrated the day with beﬁtting manner. Senior Vice President M. Naseemul Hye FCS; Treasurer Mohammad Bul Hassan FCS; Immediate Past President Mohammad Sanaullah FCS; Addl. Secretary of Ministry of Law Nasreen Begum and other Council Members were also spoke in the program. The Programme included speech by the President, and reminiscence from the Members, Doa Mahﬁl, anniversary cake cutting and concluded with Iftar followed by dinner.

20.8 Meeting with Hon’ble Minister for Housing & Public Works

The President of ICSB Mohammad Asad Ullah FCS along with Md. Monirul Alam FCS, Vice Preside and Itrat Husain FCS, Council Member of ICSB had a Meeting with the Hon’ble Minister for Housing & Public Works of GoB, Engineer Mosharaf Hussain MP, on July 24, 2016 at the Hon’ble Minister’s Oﬃce at Bangladesh Secretariat. The President apprised the Hon’ble Minister about the various initiatives that ICSB undertook for profes-

sional development of its Members as well as the Institute’s future plans and impressed upon him about the justiﬁcation for having its own campus in and around Dhaka city. He requested the Hon’ble Minister to allocate a plot of land at Purbachal in favour of ICSB as a Professional Institute. The President apprised the Minister that an application was made by ICSB for a plot of land at Uttara 3rd phase project area, as a statutory body under the Ministry of Commerce and regretted that no allotment was made as yet. In this connection, the President of the Institute briefed the honourable Minister regarding the progress of the D.O. letter sent by the Hon’ble Minister of Commerce Tofail Ahmed MP requesting the Hon’ble Works Minister for allotment 1 bigha land to the Institute. Expressing his satisfaction over the objectives of the Institute as a Professional Body, Hon’ble Minister thanked the President of ICSB for his sincere eﬀorts for the Institute and also assured him that positive measures would be taken to allot a plot of land in the next month by the Ministry of Works. Md. Shamibur Rahman ACS, Additional Director (A&F) of ICSB was also present during the Meeting.

From the left: Itrat Husain FCS, Council Member of ICSB ,Mohammad Asad Ullah FCS, President of ICSB, Engineer Mosharaf Hussain MP, Hon’ble Minister for Housing & Public Works, Md. Monirul Alam FCS, Vice Preside of ICSB

ICSB ANNUAL REPORT 2015 20.9 Meeting with Honorable Senior Secretary, Ministry of Finance

The President of ICSB Mohammad Asad Ullah FCS along with Md. Monirul Alam FCS, Vice Preside of ICSB met with Mahbub Ahmed, Senior Secretary, Ministry of Finance at his oﬃce on July 24, 2016. The President of ICSB briefed the Finance Secretary on various ongoing activities of the Institute and thanked him for his generous support and cooperation for the Institute extended so far and expected such support will continue further. The president then updated the Senior Secretary regarding the procurement of 10 kathas of land for ICSB own Oﬃce-cum-Campus through a bank loan of TK. 8 crors and 4.30 crors from the own fund of ICSB. He also added that the Institute is passing through a hardship in paying the installments of the loan. Being pleased with the present activities of the Institute the senior Secretary advised the President to submit an application to Ministry of Commerce requesting for a Govt. Grant to repay the Bank loan. Honorable Senior Finance Secretary assured the President to take necessary steps when the application will be received by the Ministry of Finance being forwarded by Ministry of Commerce. Md. Shamibur Rahman ACS, Additional Director (A&F) of ICSB was also present during the Meeting.

20.10 Meeting with Honorable Senior Secretary, Ministry of Commerce

Mohammad Asad Ullah FCS, President of Institute of Chartered Secretaries of Bangladesh met with Hedayatullah Al Mamoon ndc, Senior Secretary, Ministry of Commerce at his oﬃce at Bangladesh Secretariat on July 27, 2016 at 4.00 p.m. The President submitted an application to Honourable Senior Commerce Secretary for a Govt. Grant of Tk.13,33,25,688/-, out of which ICSB obtained a long term loan of Tk.8,00,00,000/- from Dutch Bangla Bank Ltd. and rest amount generated from own source of the Institute. He also informed that the Institute is passing through a hardship in paying the high interest and installments of the said loan. The Senior Commerce Secretary received the application from him and assured the President to take immediate necessary action on it. It may be mentioned here that ICSB purchased 10 kathas of land at Aftabnagar for constructing of its own Oﬃce-cumCampus. The President thanked the honourable Senior Commerce Secretary for his kind support and guidance received so far and expressed hope that as a statuary body under the Ministry of Commerce, the Institute

From the left: Mohammad Asad Ullah FCS, President of ICSB, Shovashish Boshu, Director General (Addl. Secretary), WTO Cell, Ministry of Commerce, Hedayatullah Al Mamoon ndc, Senior Secretary, Monoj Kumar Roy, Addl. Secretary, Munshi Shaﬁul Haque, Addl. Secretary, Ministry of Commerce, all of them were present at the meeting with the President of ICSB

2015 ANNUAL REPORT

ICSB

will continue to get his cooperation and support in the years ahead. Monoj Kumar Roy, Additional Secretary, Ministry of Commerce, Shovashish Boshu, Director General (Additional Secretary), WTO Cell, Ministry of Commerce, Munshi Shaﬁul Haque, Additional Secretary, Ministry of Commerce and Md. Shamibur Rahman ACS, Additional Director (A&F) of ICSB were also present during the Meeting.

21.0 YEARS AHEAD

There are challenges ahead for retaining today’s position and holding better position in future. The Institute will have to be equipped adequately to face the challenges. The future leadership, for steering the wheel of the Institute should be stronger and more effective, so that this respected profession can earn more repute in the corporate arena in Bangladesh. However, the unfinished missions lying ahead for the future Council will be long and more painstaking. Those are: • Establish new Campus Complex including office for the Institute at its own land & building. • Publishing study materials based on the New Syllabus and inducting more research based projects. • Take more initiative to incorporate the role of the profession in the new Companies Act. • Introduce and implement Corporate Governance Excellence National Award 2015 in Corporate Sector. • Initiating activities like seminar, workshops on current professional topics for professional development of the Members. • Develop ICSB secretariat with capable and competent staff to meet the Members’ needs and expectations. • Initiate activities for automation and digitization of ICSB library. • Strengthening the international relations with similar institute around the world. • Arrange more CPD programs for updating Members’ professional knowledge. • Develop Institute’s coaching classes and more research works for academic excellence. • Organize Convocation in 2016. • Developing Institute’s Software to bring all activities of ICSB under IT enabled service. • Ensure regular publication of Institute’s Journal.

• More Secretarial Standards needs to be developed and implemented. • Conducting Research on different issues relates to the Chartered Secretary Profession • Automated admission application Form submission and all kind of payment to the Institute. • Getting the flag of the Institute flying high in Bangladesh.

22.0 SIXTH AGM & 3RD ELECTION TO THE COUNCIL 2016-2019 This year Sixth Annual General Meeting will take a festive look, as the 3rd Election to the Council of ICSB will be held just after the Annual General Meeting of the Institute(AGM). According to the Chartered Secretaries Act 2010 and Chartered Secretary regulations 2011, the Members of the ICSB shall elect a 13 Member Council for the term 2016-2019. To the aimed in view, in its 36th Meeting the present Council of ICSB, formed an Election Commission and appointed the Returning Oﬃcer and Assistant Returning Oﬃcer. The Election Commission is comprised with.

Election Commission

1. Md. Raﬁqul Islam FCS (F -0028) -Chairman 2. Md. Mohashin FCS (F- 0033) -Member 3. Md. Abdus Salam FCS (F-0060) -Member

Returning Oﬃcer

1. Md. Hasan Kabir FCS (F -0073) 2. The Secretary in Charge of the Institute will work as the Assistant Returning Officer. The Election Commission declared the Election Schedule on June 06, 2016 and the fee for the Nomination Form was fixed for Tk.20,000/- to be deposited to the Office and collect the nomination Form for submission by June 24, 2016. By the last date of submission, total 25 nomination forms were submitted and after scrutinizing the Election Commission declared all the candidates eligible for contesting in the Election. The Election Commission also finalized the list of eligible voters for the upcoming Election. Altogether 157 Fellow Members and 204 Associate Members were eligible to cast vote to elect 13 Members for this Council for the term 2016-2019.

ICSB ANNUAL REPORT 2015 23.0 ACKNOWLEDGEMENTS The Council recognizes with deep appreciation the support and cooperation it received from various quarters to carry out its activities smoothly and effectively during the year 2015. The Council places on record its gratitude to different Ministries and Offices of the Government, particularly the Ministry of Commerce, Ministry of Finance (including NBR and ERD)and Ministry of Law, Justice & Parliamentary Affairs and BSEC, RJSC&F, DSE and other regulatory authorities of the Government for their guidance and support for the development of the Institute. We are also thankful to the distinguished personalities who have patronized us by providing financial aids, advertisements for the Journal and Members’ Directory and specially sponsored for holding “2nd ICSB National Award for Corporate Governance Excellence 2014” held on 10th November, 2015. The Council also acknowledges the sincere and dedicated services that it had received from the Council Members and the Members of different Committees for the cause of the Institute. The Council places on record its thanks to the employees of the Institute for their continuous services without which it would not have been possible to organize this Meeting. On behalf of the Council,

Mohammad Asad Ullah FCS PRESIDENT

Dated, Dhaka, June 02, 2016

2015 ANNUAL REPORT

ICSB

List of Members whose Annual Membership Subscription have been waived oï¬&#x20AC; due to attaining 65 years of age as per resolution of 10th Council Meeting of ICSB held on December 5, 2011.

ICSB ANNUAL REPORT 2015 Contribution Towards Development Fund by the Members' of ICSB as on June 30, 2016

2015 ANNUAL REPORT

ICSB

ICSB ANNUAL REPORT 2015 Contribution Received Towards ICSB Members Benevolent Fund As on June 30, 2016

2015 ANNUAL REPORT

GRAND TOTAL (163 Members)

ICSB

ICSB ANNUAL REPORT 2015 Independent Auditor's Report To the Members of Institute of Chartered Secretaries of Bangladesh (ICSB) Padma Life Tower (8th Floor), 115 Kazi Nazrul Islam Avenue Bangla Motor, Dhaka-1000. We have audited the accompanying financial statements of Institute of Chartered Secretaries of Bangladesh (ICSB), which comprise the statement of financial position as at 31 December 2015 and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Bangladesh Financial Reporting Standards (BFRSs) and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of Institute of Chartered Secretaries of Bangladesh (ICSB) as at 31 December 2015 and its financial performance and its cash flows for the year then ended in accordance with Bangladesh Financial Reporting Standards (BFRSs) and other applicable laws and regulations. Emphasis of Matter Without qualifying our opinion, we draw attention to notes under Annexure-A of the financial statements which describe the purchase of 10 Katha land by ICSB located at Aftabnagar, Badda, Dhaka which is under litigation.

Dated; Dhaka 02 June 2016

ACNABIN Chartered Accountants

2015 ANNUAL REPORT

ICSB

Institute of Chartered Secretaries of Bangladesh (ICSB) Statement of Financial Position as at 31 December 2015 Notes

Property & Assets Non-Current Assets Property, Plant & Equipment

Current Assets Cash and Cash Equivalents Accounts Receivable Advance, Deposits & Prepayments Short Term Investment (FDR) Total Property & Assets

05 06 07 08

Amount in BDT 31.12.2015 31.12.2014 128,739,074

129,107,029

128,739,074

129,107,029

28,778,866

17,813,653

2,328,494 1,927,956 2,253,195 22,269,221 157,517,940

13,717,753 1,842,705 2,253,195 146,920,682

58,118,522 57,933,345 19,500 165,677

52,383,582 52,170,731 19,500 193,351

89,037,114

84,291,004

Fund & Liabilities Fund and Surplus Reserve and Surplus Capital Fund Unrecognized Donation

09 10 11

Non-Current Liabilities Retirement Beneﬁt Obligation Term Loan

12 13.3

3,228,000 85,809,114

1,377,830 82,913,174

Current Liabilities Term Loan-Current Payable Subscription received in Advance Provision for Expenses Accounts Payable

13.4 14 15 16

10,362,304 5,291,975 755,063 2,000,000 2,315,266

10,246,095 1,489,921 1,073,000 5,000,000 2,683,174

157,517,940

146,920,682

Total Fund & Liabilities Last year's ﬁgures has been restated The annexed notes form an integral part of this Statement of Financial Position. For and on behalf of the Council

Kazi Maﬁzur Rahaman Secretary In-Charge

Mohammad Bul Hassan, FCS Treasurer

Mohammad Asad Ullah, FCS President

This is the Statement of Financial Position referred to in our separate report of same date.

Dated, Dhaka 02 June 2016

ACNABIN Chartered Accountants

ICSB ANNUAL REPORT 2015 Institute of Chartered Secretaries of Bangladesh (ICSB) Statement of Comprehensive Income for the year ended 31 December 2015 Notes

Amount in BDT 2015

2014

17 18 19 20 21 22

3,288,020 30,823,057 2,391,355 1,416,727 10,000,000 262,211 48,181,370

3,235,600 23,159,280 3,562,102 2,251,420 5,750,000 338,768 38,297,170

23 24 25 26 27 28 29 30 31 32 33

8,637,291 9,247,224 3,798,363 602,000 121,000 1,510,597 272,359 4,301,013 687,007 240,000 12,246,377 755,525 42,418,756 5,762,614 48,181,370

6,596,604 6,936,112 3,800,823 582,000 143,650 1,403,602 192,759 4,268,816 613,443 35,000 4,403,096 795,378 29,771,283 8,525,886 38,297,170

Operating Income Fees from Members Fees from Students Training, Conference and CGE Award Interest on Short Term Investment (FDR) Government Grant Other Income Operating Expenditure Salary and Allowances Office Rent Education Meeting Attendance Fees Legal and Professional Fees Examination Publication General & Administrative Workshop & Seminar Members' Subscription Written Off Interest-Term Loan Depreciation Excess of Income over Expenditure Last year's figures has been restated The annexed notes form an integral part of this Statement of Comprehensive Income. For and on behalf of the Council

Kazi Maﬁzur Rahaman Secretary In-Charge

Mohammad Bul Hassan, FCS Treasurer

Mohammad Asad Ullah, FCS President

This is the Statement of Comprehensive Income referred to in our separate report of same date.

Dated, Dhaka 02 June 2016

ACNABIN Chartered Accountants

2015 ANNUAL REPORT

ICSB

Institute of Chartered Secretaries of Bangladesh (ICSB) Statement of Changes in Equity for the year ended 31 December 2015

Capital fund

Particulars Opening balance as on 01.01.2015 Excess of income over expenditure for the year Less: Previous year adjustment Closing balance as on 31.12.2015

Opening balance as on 01.01.2014 Excess of income over expenditure for the year Add: Adjustment for Opening Balance Closing balance as on 31.12.2014

19,500 19,500 19,500

19,500 19,500

Reserve and Surplus

Total Equity

52,170,731 5,762,614 57,933,345 57,933,345

52,190,231 5,762,614 57,952,845 57,952,845

43,644,845 8,525,886 52,170,731

43,664,345 8,525,886 52,190,231

For and on behalf of the Council

Kazi MaďŹ zur Rahaman Secretary In-Charge

Mohammad Bul Hassan, FCS Treasurer

Mohammad Asad Ullah, FCS President

This is the Statement of Changes in Equity referred to in our separate report of same date.

Dated, Dhaka 02 June 2016

ACNABIN Chartered Accountants

ICSB ANNUAL REPORT 2015 Institute of Chartered Secretaries of Bangladesh (ICSB) Statement of Cash Flows for the year ended 31 December 2015

2015

A. Cash Flows from Operating Activities Excess of income over expenditure Adjustments for non-cash items: Depreciation Donation realized as income Operating Proﬁt before Working Capital Changes Increase (Decrease) in advance subscription received Increase (Decrease) in provision for expenses Increase (Decrease) in accounts payable Increase (Decrease) Retirement beneﬁt obligation Decrease (Increase) in accounts receivable Decrease (Increase) in advance, deposit & prepayments Decrease (Increase) term loan-current liability Adjustment per Changes in Working Capital Net Cash Flows from Operating Activities (A) B. Cash Flows from Investing Activities Acquisition of Property, plant & equipment Disposal of Property, plant & equipment FDR investment (Including reinvested interest) Encashment of FDR investment Net Cash used in Investment Activities (B) C. Cash Flows from Financing Activities Term loan Receipt of donation Net Cash Flows from Financing Activities (C) D Net Increase (Decrease) in Cash & Cash Equivalents (A+B+C) E Cash and cash equivalent at the beginning of the year F Cash and Cash Equivalents at the End of the year (D-E)

Amount in BDT 2014

5,762,614

8,525,886

755,525 (27,674) 6,490,465

795,378 (32,384) 9,288,880

(317,937) (3,000,000) (367,908) 1,850,170 (85,251) 3,802,054 1,881,128 8,371,593

557,100 5,522,742 982,155 336,250 (764,381) (1,443,662) 5,190,204 14,479,085

(387,570) (26,344,721) 4,075,500 (22,656,791)

(127,092,277) 455,872 (17,489,087) 53,703,725 (90,421,766)

2,895,939 2,895,939

80,000,000 80,000,000

(11,389,258) 13,717,753 2,328,494

8,460,414 5,257,339 13,717,753

For and on behalf of the Council

Kazi Maﬁzur Rahaman Secretary In-Charge

Mohammad Bul Hassan, FCS Treasurer

Mohammad Asad Ullah, FCS President

This is the Statement of Cash Flows referred to in our separate report of same date.

Dated, Dhaka 02 June 2016

ACNABIN Chartered Accountants

2015 ANNUAL REPORT

ICSB

Institute of Chartered Secretaries of Bangladesh (ICSB) Notes to the Financial Statements for the year ended 31 December 2015 1 About the Institute Institute of Chartered Secretaries of Bangladesh (ICSB), established under an Act of Parliament i.e. Chartered Secretaries Act, 2010, is the only recognized professional body in Bangladesh to develop, promote and regulate the profession of Chartered / Company Secretaries in Bangladesh. The Institute is a full member of Corporate Secretaries International Association (CSIA), Geneva, Switzerland with effect from 17 April 2012. 2 Nature of Activities The main activities of the Institute is to develop, promote and regulate the profession of chartered Secretaries in Bangladesh and confer professional degree in Chartered Secretary, imparting requisite training and education and then to offer membership of the institute to the deserving candidates, and to enforce strict discipline for exercising control over the conduct of members and students to uphold and regulate the profession by professional ethics and discipline. 2.1 Management of the Institute The overall affairs of the Institute are run by a Council consisting of 18 (Eighteen) members out of which thirteen are elected and five are nominated by Government. The tenure of the Council is for three years and the President is the head of the Council. 2.2 Member of the Institute The fellow and Associate Members of the Institute up to 31 December 2015 were 157 (One hundred and Fifty Seven) and 184 (One hundred and Eighty Four) respectively totaling 341 (Three hundred and Fourty One) excluding 8 (Eight) Honorary Fellow Members. 2.3 Statement of Compliance The financial statements of the Institute are prepared in compliance witha) Bangladesh Financial Reporting Standards (BFRSs); b) Chartered Secretaries Act, 2010; c) Chartered Secretaries Regulations, 2011; and d) Other laws and rules applicable in Bangladesh.

3 Significant Accounting Policies and Bases of Financial statements Preparation 3.1 Components of Financial Statements The Financial Statements referred to here are consisted of: a) Statement of Financial Position; b) Statement of Comprehensive Income; c) Statement of Changes in Equity; d) Statement of Cash Flows; and e) Notes to the Financial Statements. 3.2 Statement of Cash Flows Statement of Cash Flows is prepared in accordance with the Bangladesh Accounting Standard-7 "Statement of Cash Flows" applying indirect method. 3.3 Reporting Period These financial statements cover one calendar year from 1 January to 31 December 2015. 3.4 Property, Plant and Equipment (PPE) All property, plant and equipment are stated at cost less accumulated depreciation as per BAS-16 "Property, Plant and Equipment". The cost of acquisition of an asset comprises its purchase price and any directly attributable cost of bringing the asset to its working condition for its intended use inclusive of inward freight, duties and non-refundable taxes. 3.4.1 Depreciation Policy Depreciation has been charged on assets using reducing balance method according to respective percentage. Full year depreciation is charged on assets irrespective of the date of acquisition. On disposal of fixed assets, the cost and accumulated depreciation are eliminated from the PPE and gain or loss on such disposal is reflected in the income statement, which is determined with reference to the net book value of the assets and net sale proceeds. The rates of depreciation are as under: Rate Furniture & fixture

10%

Library books

15%

Computer and oﬃce equipment

15%

ICSB ANNUAL REPORT 2015 3.5 Provident Fund The provision of Contributory Provident Fund for the employees of the Institute was approved to be effective from July 2006 at the subscription rate of 10% of the basic salary. The Institute also contributes same amount to the Provident Fund. 3.6 Gratuity Fund The institute has a gratuity scheme (unfunded) which coveres all its permanent employees who meet eligibility requirements. The amount charged to income statement represents the Institutes annual obligation under the scheme. 3.7 Interest on Short Term Investment (FDR) Interest on short term investment (FDR) is recognized and recorded on accrual basis and the net interest income realized against each FDR on maturity date is automatically reinvested with that respective FDR. The accrual interest that is unrealized are recorded as interest receivable. 3.8 Advance, Deposits and Prepayments Advances are initially measured at cost. After initial recognition, advances are carried at cost less deductions, adjustments or charges to other account heads. Deposits are measured at payment value. Prepayments are initially measured at cost. After initial recognition, prepayments are carried at cost less charges to income statement. 3.9 Provisions All provisions are recognized on the financial statement date if, as a result of past events, the Institute has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.

economic benefits associated with the transaction will flow to the organization and the amount of revenue and related cost can be measured reliably. All the revenues of the Institute are recognized as per this standard except income arisen from 'fees from student' which is recognized on cash basis. ii) Other Income All other income is recognized when the Institute's right to receive such income has been reasonably determined and all conditions precedent are satisfied. 3.12

Government Grants

Government Grant is recognized in accordance with BAS-20 " Accounting for government Grants and Disclosure of Government Assistance" which recognizes grant only when there is reasonable assurance that (a) the enterprise will comply with any conditions attached to the grant and (b) the grant will be received. The grant has been recognized as income over the period necessary to match them with the related costs, for which they are intended to compensate, on a systematic basis, and should not to be credited directly to equity. 3.13

General

a) All figures have been rounded off to the nearest Taka. b) Previous year's figures and head of accounts in the financial statements have been re-arranged and restated to conform to current year's presentation wherever necessary.

3.10 Cash and Cash Equivalents Cash and cash equivalents comprise cash in hand and cash at bank, which are held and available for use by the Institute without any restriction and are readily convertible to a known amount of cash and that are subject to an insigniﬁcant risk of change in value. 3.11 Income Recognition i) Operating Income As per BAS-18 “Revenue” - Revenue is to be recognized when it is probable that the future

2015 ANNUAL REPORT 4.0

ICSB Amount in BDT 31.12.2015 31.12.2014

Property, Plant & Equipment (PPE) A. Cost of PPE Opening balance at cost Add: Purchase during the year Less: Disposal during the year

132,184,264 131,796,694 387,570 -

131,796,694 5,155,989 127,096,577 455,872

B. Depreciation Opening balance Depreciation charged during the year Written Down Value (WDV) (A-B)

3,445,190 2,689,665 755,525 128,739,074

2,689,665 1,894,287 795,378 129,107,029

1,293 2,327,201 2,328,494

25,823 13,691,930 13,717,753

387,214 1,161,254 30,749 747,984 2,327,201

3,637,078 8,495,378 126,835 1,432,050 589 13,691,930

70,000 66,304 1,350,000 416,652 25,000 1,927,956

248,000 15,000 1,562,030 17,675 1,842,705

N.B: Details are given in Annexure-A 5.0

Cash and Cash Equivalents Cash in hand Cash at bank

5.1

Cash at Banks (A/c no.) Eastern Bank Ltd.(57356) South East Bank Ltd.(087) Janata Bank Ltd.(528) Dutch-Bangla Bank Ltd. (2412) Dutch-Bangla Bank Ltd. (2546)

6.0

Accounts Receivable Membership subscription * Journal advertisements 2nd CGE Award (held on November 10, 2015) FDR interest* Annual practicing Fee Receivable against national convention 2014 Receivable against 5th convocation

6.1

*Details of Membership subscription are given in Annexure - B *Details of FDR interest receivable are given in Annexure-F 6.1

2nd CGE Award Mutual Trust Bank Limited United Commercial Bank Ltd. Grameenphone Limited British American Tobacco Bd. Ltd

7.0

40,000 2,144,295 500 13,200 55,200 2,253,195

25,500,000 844,721 (4,075,500) 22,269,221

36,214,639 15,000,000 2,489,087 (53,703,725) -

Short Term Investment (FDR) Opening balance Add: Investment made during the year Net interest reinvested during the year Less: Encashment during the year Details are given in Annexure-C

Advance, Deposits & Prepayments Software installation (Hisoft Ltd.) Security deposit for oďŹ&#x192;ce rent Security deposit for GPO Security deposit for telephone Elite Security Services Ltd.

8.0

100,000 600,000 50,000 600,000 1,350,000

ICSB ANNUAL REPORT 2015

9.0

Amount in BDT 31.12.2015 31.12.2014

Reserve and Surplus Opening balance Add : Excess of income over expenditure for the year

52,170,731 5,762,614 57,933,345 57,933,345

Add: Adjustment for Opening Balance

43,644,845 8,525,886 52,170,731 52,170,731

Last year's ﬁgures has been restated 10.0

Capital Fund Members' Name 1.Muzaﬀar Ahmed FCS 2.(Late) M. S. Alam Mia FCS 3.A. K. A. Muqtadir FCS 4.Mohammad Sanaullah FCS 5.Md. Zahangir Alam FCS 6.Md. Siddiqur Rahman FCS 7.Md. Saiduzzaman FCS 8.Md. Yeamin Hossain FCS 9.Itrat Husain FCS 10.Sultan-ul-Abedine Molla FCS 11.Muhammed Abul Hashem FCS 12.(Late) Md. Anwarul Afzal FCS 13. Nanda Gopal Chakraborty FCS

Membership no. F - 0001 F - 0002 F - 0003 F - 0004 F - 0005 F - 0006 F - 0007 F - 0008 F - 0009 F - 0010 F - 0011 F - 0012 F -0013

1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 19,500

193,351 27,674 165,677

221,435 4,300 32,384 193,351

3,228,000 3,228,000

1,377,830 1,377,830

1,377,830 1,850,170 3,228,000

1,041,580 336,250 1,377,830

84,403,096 12,236,065 10,312 5,548,384 91,101,089

80,000,000 3,964,932 438,164 84,403,096

Contributions received from 13 Founding members @Tk. 1,500 per member have been capitalized. 11.0

Unrecognized Donation Opening balance Add: Donation-Oﬃce Equipment Less: Donation realized against donated assets* *Details are given in Annexure -G

12.0

Retirement Beneﬁt Obligation Gratuity fund

12.1

Gratuity Fund Opening balance Add: Provision made during the year

13.0

Term Loan DBBL term loan Add: Interest capitalised during the year Add: Adjustment for opening balance Add: Bank charge during the year Less: Installment

13.1 13.2

Last year's ﬁgures has been restated* In the last year 2014, interest Tk. 3,964,932 was charged on total outstanding loan at ﬂat rate 14.5%. Subsequently as per bank ploicy the interest on compound rate being Tk. 4,403,096 was calculated for the year 2014. So, Interest expense Tk. 3,964,932 has been restated by Tk. 4,403,096 for 2014. Details are given in Annexure - D

2015 ANNUAL REPORT

ICSB Amount in BDT 31.12.2015 31.12.2014

13.1

Opening Balance Adjustment As per bank statement As per ﬁnancial statement of 2014

13.2

Less: Payment during the year

Principal

Interest

80,000,000 80,000,000 1,489,921 78,510,079

4,403,096 12,236,065 16,639,161 4,058,463 12,580,699

Bank Charge 10,312 10,312 10,312

Total -

84,403,096 12,246,377 96,649,473 5,548,384 91,101,089

Term Loan-Non Current Liability Balance as at 31.12.2015 Less: Principal Payable at following year

13.4

84,403,096 83,964,932 438,164

Schedule for term loan as on 31-12-2015

Opening balance 01.01.2015 Addition during the year

13.3

13 13.4

91,101,089 5,291,975 85,809,114

84,403,096 1,489,921 82,913,174

5,291,975 5,291,975

1,489,921 1,489,921

48,643 8,500 510,000 187,920 755,063

14,500 8,500 1,050,000 1,073,000

2,000,000 2,000,000

5,000,000 5,000,000

14,130 7,250 80,500 9,425 44,354 244,550 115,200 655,362 770,602 373,893 2,315,266

16,820 57,500 22,286 27,251 144,000 94,000 68,748 1,074,787 849,600 200,000 682 20,000 94,500 13,000 2,683,174

Term Loan-Current Payable Principal Payable Details are given in Annexure - E

14.0

Subscription received in Advance Member subscription Donation for winter aﬀected people Members Benevolent Fund Members Group Insurance Premium

15.0

Provision for Expenses Provision for Legal expense regarding land purchase

16.0

Accounts Payable Coaching class allowances Tax deduction at source Audit fee Communication Utilities Journal publication Advertisement Staﬀ Salary & Wages Oﬃce Rent Group Insurance Premium Coaching class lecturers fees Architect Idea Design Newspaper bills National convention 2014 5th Convocation Corporate Governance Excellence (CGE) Award 2013

ICSB ANNUAL REPORT 2015 2015 17.0

18.1

Examination July to December 2014 (Received in January 2015) January to June 2015 July to December 2015

19.0

Training, Conference and CGE Award Training and conference income Less: Training, conference and CGE Award expenses

572,000 1,894,000 5,100 94,500 150,000 520,000 3,235,600

1,412,775 14,848,100 298,200 35,850 8,533,680 386,000 96,600 21,000 2,471,652 2,610,000 80,000 29,200 30,823,057

1,038,125 11,553,700 222,950 32,880 6,413,520 500,000 82,140 8,000 1,999,575 1,236,000 16,000 56,000 390 23,159,280

18.1

444,830 4,347,250 3,741,600 8,533,680

8,100 2,904,500 3,500,920 6,413,520

19.1 19.2

7,800,570 5,409,215 2,391,355

9,727,412 6,165,310 3,562,102

80,425 7,720,145 7,800,570

333,000 7,615,983 1,168,429 610,000 9,727,412

5,409,215 5,409,215

3,208,968 2,837,832 118,510 6,165,310

1,000,075 416,652 1,416,727

3,019,244 (767,824) 2,251,420

1,875,000 1,875,000 3,125,000 3,125,000 10,000,000

1,000,000 1,000,000 1,875,000 1,875,000 5,750,000

Training and Conference Income Delegate Fees Sponsorship 5th National Convention- Advertisement 5th Convocation

19.2

422,000 1,991,000 3,500 98,500 150,000 623,020 3,288,020

Fees from Students Admission Coaching/Tuition Fine Registration renewal Examination Admission form Examination form CertiďŹ cate /Transcript Session charge Development Charge Entry fees Exemption fees Handbook

19.1

2014

Fees from Members Members' admission Members' subscription Membership form sale Fine against subscription Annual practicing Fee Development Charge

18.0

Amount in BDT

Training, Conference and CGE Award Expenses 2nd CGE Award (held in Nov. '15) 5th National convention 5th convocation

20.0

Interest on Short Term Investment (FDR) Interest on FDR Add: Interest receivable on FDR

21.0

Government Grant January to March (1st Installment) April to June (2nd Installment) July to September (3rd Installment) October to December (4th Installment)

Grant has been recognized as income tk. 10,000,000 during the year as per BAS-20 as the related expenditure made during the year is higher than the grant received. Mentioned that entire grant has been expensed in comprehensive income statement.

2015 ANNUAL REPORT

ICSB 2015

22.0

25.0

OďŹ&#x192;ce Rent Padma Life Tower (January to December 2015) National Scout Bhaban (January to September 2014) 107 Kakrail (January to August 2014)

26.0

Advertisement July to December Session January to June Session Career opportunity

4,623,612 1,192,500 1,120,000 6,936,112

25.1

862,920 162,060 2,513,600 196,611 63,172 3,798,363

461,460 167,440 2,867,200 194,812 109,911 3,800,823

373,400 398,420 91,100 862,920

223,500 237,960 461,460

189,000 258,000 155,000 602,000

234,000 234,000 114,000 582,000

80,500 30,000 10,500 121,000

57,500 66,150 20,000 143,650

674,436 641,861 69,480 70,800 54,020 1,510,597

622,491 652,996 74,930 53,185 1,403,602

446,650 127,500 (156,704) (82,600) (62,487) 272,359

377,000 134,000 (146,941) (81,600) (89,700) 192,759

Publication Journal publication expense Members' directory publication expense Less: Advertisement income from journal Sale of journal Advertisement income from members' directory

9,247,224 9,247,224

Examination January to June July to December Admission test- January Admission test- June Admission test- December

29.0

5,537,995 369,620 336,250 352,739 6,596,604

Legal and Professional Fees Audit Consultancy (Legal fees) Website development

28.0

6,363,471 423,650 1,850,170 8,637,291

Meeting Attendance Fees Council meeting Standing committee meeting Sub-committee meeting

27.0

303,384 32,384 200 2,800 338,768

Education Advertisement Coaching class allowance for StaďŹ&#x20AC; Coaching class lecturers fees Printing & stationery Educational promotion expenses

25.1

234,537 27,674 262,211

Salary & Allowances Salaries Festival bonus Gratuity Wages

24.0

2014

Other Income Bank interest Donation realised as Income Private Practice Guidelines Sales Sale of waste materials

23.0

Amount in BDT

ICSB ANNUAL REPORT 2015 Amount in BDT 30.0

General & Administrative Meeting expense Repairs & maintenance Conveyance Entertainment Utility expenses Newspaper bills Office expenses AGM expenses Communication expenses Anniversary celebration Bank charges Tax and excise duty on FDR interest Group Insurance Premium Recruitment expense Aftabnagar land maintenance cost Cleaner Allowance Picnic expenses Office Shifting expenses Blood donation program Dua Mahfil in memory of M.S Alam Miah FCS Office crockeries Loss on sale of Asset

30.1

30.2

2015

30.1

30.2

Anniversary celebration Expense of anniversary celebration Less: Income from anniversary celebration Deﬁcit

32.0

33.0

167,343 243,186 119,127 21,568 374,038 10,996 42,592 196,132 244,788 125,396 52,525 155,354 373,893 46,638 1,969,237 158,200 4,301,013

176,469 149,466 83,378 23,182 448,481 9,564 28,463 213,623 248,483 191,242 62,992 530,156 391,294 41,726 573,192 143,430 490,198 11,995 128,310 7,800 315,372 4,268,816

125,396 125,396

204,242 13,000 191,242

Aftabnagar Land Maintenance Cost

Temporary injection (Dist. Judge Court # 800/14) Temporary injection (High Court # 800/14)

300,000 500,000 108,400 158,921 901,916 1,969,237

Land mortgage cost Incidental charge at district judge court and others Security Guard Allowance 31.0

2014

Workshop & Seminar CPD programme expenses CSIA Annual Membership Subscription fees Members' Subscription Written Oﬀ Pradip Kumar Paul Md. Shah Alam Thomas Tarun Mallick Mosleh Uddin Ahmed Narayan Roy Badrul Quadir A. K. M. Anwarul Kabir Roomee Tareque Mouded Dilip Kumar Sen Mir Abdul Al Mamun Chowdhury Muhammed Moshiur Rahman Milan Kumar Paul Md. Saiful Islam Uttam Kumar Paul

96,039 590,968 687,007 A - 0008 A - 0029 A - 0096 F - 0022 F - 0075 F - 0083 F - 0099 A - 0070 A - 0089 A - 0229 A - 0258 A - 0282 A - 0142 A - 0102

20,000 20,000 20,000 28,000 28,000 28,000 21,000 15,000 15,000 15,000 15,000 15,000 240,000

40,120 573,323 613,443 17,500 17,500 35,000

Pursuant to Section 14(6) of the Chartered Secretaries Regulation 2011 in the 32nd and 33rd Council meeting held on August 24, 2015 and December 07, 2015 respectively the membership of the above members was cancelled and the subscription fees accrued of them were written oﬀ consequently. Interest-Term Loan 12,236,065 3,964,932 Interest during the year Add: Adjustment for opening balance 438,164 Add: Adjust for bank charge during the year 10,311 12,246,377 4,403,096

Balance as on 01.01.2015 123,085,912 5,175,560 167,146 3,368,076 131,796,694 5,155,989

COST 27,830 359,740 387,570 127,096,577

Addition

Disposal/ Adjustment 455,872

Balance as on 31.12.2015 123,085,912 5,203,390 167,146 3,727,816 132,184,264 131,796,694 10% 15% 15%

Rate

Balance as on 01.01.2015 1,087,835 137,511 1,464,319 2,689,665 1,894,287 411,556 4,445 339,525 755,525 795,378

Depreciation

DEPRECIATION

Adjustment

Balance as on 31.12.2015 1,499,391 141,956 1,803,844 3,445,190 2,689,665

Written Down Value as on 31.12.2015 123,085,912 3,704,000 25,190 1,923,972 128,739,074 129,107,029

Annexure-A

Out of the purchase consideration of Taka. 11 crore (Taka Eleven crore only); ICSB paid Taka 10.50 crore (Taka Ten crore ﬁfty lac) to the seller and two (02) post dated cheques of Taka 25 lac each. Subsequently land owner has been paid total Tk. 10.80 crore and Tk. 20 lac has been charged to land owner as a compensation of legal expense by passing a negotiation with land owner.

The Land is currently mortgaged with Dutch Bangla Bank Limited, Dhanmondi Branch as the institute has availed a term loan of Tk. 8 crore (Taka Eight crore only) from the said Bank.

*ICSB has purchased a land measuring 10 katha located at Aftabnagar, Badda, Dhaka, total consideration amount of Taka 11 crore (Taka Eleven crore only) out of which 5 katha is subject to a legal proceeding by one of it's preceding owners Hazera Begum, wife of Abul Hashem. The land was duly transferred by registered deed on 19 August 2014 by Abul Hashem solely in terms of a Power of Attorney duly given by his wife Hazera Begum. Subsequently, Hazera Begum ﬁled a case (case # 800/14 dated 1/10/14) in the District Court of Dhaka which is now pending there.

Land Furniture & ﬁxtures Library books Computer and oﬃce equipment Total at 31 December 2015 Total at 31 December 2014

Category of Assets

Institute of Chartered Secretaries of Bangladesh (ICSB) Schedule of Property, Plant & Equipment As at 31 December 2015

2015 ANNUAL REPORT ICSB

ICSB ANNUAL REPORT 2015 Annexure-B

Institute of Chartered Secretaries of Bangladesh (ICSB) Statement of Due Annual Membership Subscription as at 31 December 2015 Sl. #

Name of Member

Mr. Sultan-ul-Abedine Molla FCS

Mr. A.F.M. Asaduzzaman FCS

F - 0010 F - 0039

Mr. Md. Ibrahim Khalil FCS Mr. Md. Akhtaruzzaman FCS

F - 0071 F - 0084

Membership No.

Total Receivable Amount (Tk.)

Current Dues 2014 2015 7,000 7,000 7,000 7,000

Total (Tk.) 14,000 14,000

7,000

14,000

7,000

28,000

21,000

49,000

Mr. Md. A. Halim Sarker ACS

A - 0197

5,000

Mr. Tapan Dey ACS

A - 0203

5,000

Ms. Shikha Rani Datta ACS

A - 0240

5,000

Mr. Mohammad Hurmot Shah ACS

A - 0246

5,000

1,000

6,000

20,000

1,000

21,000

Total Receivable Amount (Tk.)

Dues from Members as at 31 December 2015

70,000

SEBL

Name of the Bank

Sl. #

24300000109

24300000077

24300000053

24300016530

24300006071

24400001164

A/C #

44,360,750

1,500,000

5,000,000

4,000,000

5,000,000

Original FDR Amounts

Amount as on 31.12.2014

6.00%

8.75%

7.75%

8.75%

9.25%

9.00%

8.50%

9.00%

Interest Rate

25,500,000

3 month

6 month

Duration

Amount as on 31.12.2015

30.12.2015

06.07.2015

07.04.2015

15.02.2015

10.02.2015

02.02.2015

Opening/R enewal date

36,214,639

Balance as on 01.01.2015

15,000,000

25,500,000

1,500,000

5,000,000

4,000,000

5,000,000

Investment During the year

3,019,244

1,000,075

114,844

232,726

90,000

337,505

225,000

Gross Interest

530,157

155,354

17,906

35,572

14,500

52,126

35,250

Tax and excise duty

2,489,087

844,721

96,938

197,154

75,500

285,379

189,750

e =c -d

Net Interest reinvested

Institute of Chartered Secretaries of Bangladesh (ICSB) Schedule of Short Term Investment (FDR) as at 31 December 2015

53,703,725

4,075,500

Encashment during the year

22,269,221

1,500,000

5,096,938

5,197,154

5,285,379

5,189,750

g=(a+b+e-f)

Balance as on 31.12.2015

Annexure-C

2015 ANNUAL REPORT ICSB

ICSB ANNUAL REPORT 2015 Institute of Chartered Secretaries of Bangladesh (ICSB) Schedule of Term Loan (Dutch-Bangla Bank Limited) as at 31 December 2015 Particulars

Term Loan (TK)

Term Loan Received form DBBL 1st Instalment 2nd Instalment 3rd Instalment 4th Instalment

Instalment Due Date

Total Amount (TK) Interest Principal

Annexure-D

Total Amount (TK)

80,000,000 19-Sep-15 19-Oct-15 19-Nov-15 19-Dec-15 Total amount paid during the year

1,064,889.00 983,305.85 1,023,613.00 986,655.00 4,058,463.85

322,207.00 403,790.15 363,483.00 400,441.00 1,489,921.15

1,387,096.00 1,387,096.00 1,387,096.00 1,387,096.00 5,548,383.00

Loan amount

80,000,000

Interest rate-14.5% (up to 16 May 2015) and 13.5% (from 17 May to 1 July 2015) and 13% (2 July to 31 Start Date

End Date

1-Jan-15 20-Feb-15 1-Apr-15 17-May-15 1-Jul-15 2-Jul-15 19-Aug-15 20-Sep-15 20-Oct-15 20-Nov-15 20-Dec-15

19-Feb-15 31-Mar-15 16-May-15 30-Jun-15 1-Jul-15 18-Aug-15 19-Sep-15 19-Oct-15 19-Nov-15 19-Dec-15 31-Dec-15

Basis Amount 84,335,158.98 86,067,543.71 87,454,187.47 87,454,187.47 90,550,308.63 90,550,308.63 92,153,803.68 90,766,707.93 91,439,342.86 91,075,859.75 90,675,418.90

Rate of Interest 14.50% 14.50% 14.50% 13.50% 13.50% 13% 13% 13% 13% 13% 13%

Total

No of Days 50 40 46 45 1 48 32 30 31 30 12 365

December 2015) Installment 1,387,096.00 1,387,096.00 1,387,096.00 1,387,096.00 5,548,383.00

Interest 1,698,416.40 1,386,643.76 1,620,331.75 1,475,789.41 33,956.37 1,569,538.68 1,064,888.40 983,306.00 1,023,612.64 986,655.15 392,926.82 12,236,065.38

Total interest as per this calculation

12,236,065.38

Total interest as per bank schedule

12,236,065.38

DiďŹ&#x20AC;erence

As per bank statement balance as on 30.12.2015 Tk. 84,335,158.98 and balance as on 31.12.2015 Tk. 84,403,096 for the conďŹ rmation of interest basis amount has been considered Tk. 84,335,158 as on 30.12.2015.

2015 ANNUAL REPORT

ICSB

Institute of Chartered Secretaries of Bangladesh (ICSB) Schedule of Term Loan for Current Payable (Dutch-Bangla Bank Limited) as at 31 December 2015 Particulars

Term Loan (TK)

Term Loan Received form DBBL

Instalment Due Date

Total Amount (TK) Interest Principal

Annexure-E

Total Amount (TK)

80,000,000

1st Instalment

19-Jan-16

1,015,061

372,035

1,387,096

2nd Instalment

19-Feb-16

1,043,506

343,590

1,387,096

3rd Instalment

19-Mar-16

894,600

389,853

1,284,453

4th Instalment

19-Apr-16

848,426

436,027

1,284,453

5th Instalment

19-May-16

817,061

467,392

1,284,453

6th Instalment

19-Jun-16

839,869

444,584

1,284,453

7th Instalment

19-Jul-16

808,701

475,752

1,284,453

8th Instalment

19-Aug-16

857,963

426,491

1,284,453

9th Instalment

19-Sep-16

800,431

484,023

1,284,453

10th Instalment

19-Oct-16

795,994

488,460

1,284,453

11th Instalment

19-Nov-16

817,900

466,553

1,284,453

12th Installment

19-Dec-16

787,239

497,214

1,284,453

10,326,750

5,291,975

15,618,726

Total amount payable upto 19 December 2016

Total amount due upto 19 December 2016 Interest Due for 20 Dec '16 to 31 Dec '16 Total amount payable during the year

288,654 288,654

Loan amount

80,000,000

Interest rate-14.5% (up to 16 May 2015) and 13.5% (from 17 May to 1 July 2015) and 13% (2 July to 31 December 2015) and 11% (15 March 2016)

Start Date

End Date

20-Dec-15 1-Jan-16 20-Jan-16 21-Feb-16 15-Mar-16 20-Mar-16 20-Apr-16 20-May-16 20-Jun-16 20-Jul-16 20-Aug-16 20-Sep-16 20-Oct-16 20-Nov-16 20-Dec-16

31-Dec-15 19-Jan-16 20-Feb-16 16-Mar-16 19-Mar-16 19-Apr-16 19-May-16 19-Jun-16 19-Jul-16 19-Aug-16 19-Sep-16 19-Oct-16 19-Nov-16 19-Dec-16 31-Dec-16

Basis Amount

Total

90,675,419.15 90,675,419.15 90,303,384.35 89,959,794.38 89,959,794.38 89,569,941.19 89,133,914.22 88,666,521.74 88,221,937.38 87,746,185.11 87,319,694.45 86,835,671.62 86,347,211.92 85,880,658.54 85,880,658.53

Rate of Interest 13% 13% 13% 13% 11% 11% 11% 11% 11% 11% 11% 11% 11% 11% 11%

No of Days 12 19 32 25 3 31 30 31 30 32 30 30 31 30 11 377

Installment 1,387,096 1,387,096 1,284,453 1,284,453 1,284,453 1,284,453 1,284,453 1,284,453 1,284,453 1,284,453 1,284,453 1,284,453 15,618,725

Interest 392,926.82 622,134.13 1,043,505.77 812,137.03 82,463.14 848,426.39 817,060.88 839,869.00 808,701.09 857,962.70 800,430.53 795,993.66 817,899.98 787,239.37 288,654.44 10,615,404.93

01 02 03 04 05

SL. #

SEBL SEBL SEBL SEBL SEBL

24400001164 24300006071 24300000053 24300000077 24300000109

Particulars of FDR 02.02.2015 10.02.2015 07.04.2015 06.07.2015 30.12.2015

Renewal date 6 month 3 month 3 month 3 month 3 month

Tenure (Month)

5,197,154 5,096,938 1,500,000

5,189,750 5,285,379

Balance as per Bank Statement 8.50% 7.00% 7.75% 7.75% 6.00%

Int. rate 441,129 369,977 402,779 395,013 90,000

Yearly Interest (360 days) 28

Aug 30

Sep

22 24

Oct 30 20 30 30

Nov

Month

Institute of Chartered Secretaries of Bangladesh (ICSB) Schedule of FDR Interest Receivable as at 31 December 2015

30 30 30 30

Dec

148 50 82 84 Total

Total days

181,353 51,386 91,744 92,170 416,652

Proportionate Receivable Interest

Annexure-F

ICSB ANNUAL REPORT 2015

Furniture & ﬁxtures Computer and oﬃce equipment At 31 December 2014

Category of Assets

Furniture & ﬁxtures Computer and oﬃce equipment At 31 December 2015

Category of Assets

COST During the year Disposal Addition /Adj -

COST During the year Disposal Addition /Adj 4,300 4,300 -

Balance as on 01.01.2015 50,000 377,300 427,300

Balance as on 01.01.2014 50,000 373,000 423,000

10% 15%

Rate (%)

Balance as on 01.01.2015 23,428 210,520 233,948

Balance as on 31.12.2014 50,000 377,300 427,300 10% 15%

Rate (%)

Balance as on 01.01.2014 20,476 181,089 201,564

Schedule of Donated Assets as at 31 December 2014

Balance as on 31.12.2015 50,000 377,300 427,300

2,952 29,432 32,384

Depreciation

Adjustment

DEPRECIATION During the year

2,657 25,017 27,674

Depreciation

DEPRECIATION During the year

Institute of Chartered Secretaries of Bangladesh (ICSB) Schedule of Donated Assets as at 31 December 2015

Balance as on 31.12.2014 23,428 210,520 233,948

Balance as on 31.12.2015 26,085 235,537 261,622

26,572 166,780 193,351

Written Down Value as on 31.12.2014

23,915 141,763 165,677

Written Down Value as on 31.12.2015

Annexure-G

2015 ANNUAL REPORT ICSB

ICSB ANNUAL REPORT 2015 Institute of Chartered Secretaries of Bangladesh (ICSB) Contribution to the Development Fund by the Members of ICSB as at 31 December 2015 Sl. #

01 02 03 04 05 06 07 08 09 10 11 12 13 Sl. # 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37

Name of the Member Council Members - Tk.20,000/Mohammad Sanaullah FCS Mohammad Nurul Alam FCS A T M Tahmiduzzaman ACS Mohammad Asad Ullah FCS Mohammad Bul Hassan FCS Itrat Husain FCS Md. Azizur Rahman FCS Md. Shahid Farooqui FCS Md. Selim Reza FCS Md. Monirul Alam FCS M Naseemul Hye FCS Hossain Sadat FCS Nanda Gopal Chakraborty FCS Sub-Total (Council Members) Name of the Member Fellow Members - Tk.10,000/-

Membership No

F-0004 F-0095 A-0205 F-0025 F-0113 F-0009 F-0063 F-0037 F-0067 F-0069 F-0056 F-0105 F-0013 Membership No

S. Abdur Rashid FCS Md. Mizanur Rahman FCS Akhter Matin Chaudhury FCS Salim Ahmed FCS Badal Chandra Rajbangshi FCS S. M. Mahabub Islam FCS Md. Zahangir Alam Manik FCS Nur-e-Alam FCS Shahjahan Kabir FCS Mohammed Enamul Hye FCS Md. Mozharul Islam FCS Kazi Ashiqur Rahman FCS Md. Monowar Hossain FCS Syed Moniruzzaman FCS khandaker Habibuzzaman FCS Muhammed Abul Hashem FCS Muzaï¬&#x20AC;ar Ahmed FCS A K M Haruner Rashid FCS Mohammad Saiful Islam Chowdhury FCS Abdulla Al Mahmud FCS Prof. Dr. Feroz Iqbal Faruque FCS Mansur Alam FCS Lorens Shamol Mollick FCS J Q M Habibullah FCS Sadhan Chandra Das FCS Mohammad Abdullah Al Mamun FCS Jashim Uddin FCS Oli Kamal FCS Md. Munirul Hoque FCS Mohammad Ruhan Miah FCS Sheikh Khaled Zahir FCS Saiful Alam FCS Mohamamd Monirul Islam FCS Md. Abedur Rahman FCS Md. Zasim Uddin FCS Md. Mizanur Rahman FCS Md. Zubair Udidn Bhuiyan FCS

Amount in BDT 2014 2015

20,000 20,000 20,000 20,000 20,000 20,000 120,000

20,000 20,000 20,000 20,000 20,000 20,000 20,000 140,000

Amount in BDT 2014 2015

F-0004 F-0035 F-0020 F-0119 F-0140 F-0157 F-0148 F-0116 F-0170 F-0058 F-0124

10,000 10,000 10,000 10,000 10,000 5,000 5,000 10,000 5,000 10,000 10,000

F-0070 F-0150 F-0141 F-0125 F-0011 F-0001 F-0102 F-0174 F-0111 F-0030 F-0040 F-0168 F-0129 F-0043 F-0136 F-0123 F-0128 F-0160 F-0165 F-0155 F-0158 F-0159 F-0164 F-0163 F-0166 F-0162

10,000 10,000 10,000 10,000 10,000 30,000 10,000 -

5,000 10,000 10,000 8,020 5,000 10,000 10,000 10,000 10,000 10,000 5,000 5,000 10,000 10,000 10,000 5,000 5,000 5,000 10,000

Annexure-H

Payment Date

Payment Mode

13.08.2014 17.08.2014 18.08.2014 26.08.2014 20.10.2014 02.12.2014

Cheque Cheque Cheque Cheque Cheque Cheque

16604 16606 16607 16612 16623 16632

26.02.2015 03.03.2015 04.04.2015 04.04.2015 04.04.2015 04.04.2015 04.04.2015

SEB Cheque Cheque Cheque Cheque Cheque Cheque

SEB 16635 16639 16640 16642 16643 16644

Payment Date

Payment Mode

12.07.2014 20.07.2014 12.08.2014 13.08.2014 20.08.2014 21.08.2014 26.08.2014 30.08.2014 04.09.2014 16.09.2014 14.10.2014

Cash Cheque Cheque Cash Cheque Cash Cash Cash Cheque Cheque Cheque

16601 16602 16463 16605 16608 SEB 16611 16614 16615 16617 16618

18.10.2014 19.10.2014 20.10.2014 26.10.2014 29.10.2014 25.11.2014 26.11.2014 05.03.2015 04.04.2015 04.04.2015 04.04.2015 04.04.2015 18.06.2015 18.06.2015 18.06.2015 18.06.2015 18.06.2015 18.06.2015 18.06.2015 14.06.2015 22.07.2015 26.07.2015 04.07.2015 11.07.2015 14.07.2015 10.08.2015

Cheque Cheque Cash Cash Cheque Cheque Cheque Cheque Cheque

16621 17475 16622 16625 16626 16629 16631 16636 16641 Adjusted Adjusted Adjusted 17716 Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted 17706 17721 17723 17718 16646 16647 18007

Cheque

Cheque Cash Cash Cash Cash Cash Cash

M/R No.

2015 ANNUAL REPORT 38 39 40 41 42 43 44 45

Santanu Saha FCS Md. Mizanur Rahman FCS Md. Sarwar Kamal Md. Arif Hossain FCS A F M Nazrul Islam FCS Khalid Mohammad Sharif ACS Md. Kawsar Alam FCS M. Mujibur Rahman FCS Sub-Total (Fellow Members) Ass oc ia te Mem bers S l. # Tk.5,000/ - 01 Md. Zakir Rahmatullah ACS 02 Khondaker Nasir Uddin Mahmud ACS 03 Mohammad Amran Hossain Bhuiyan ACS04 Khandker Abu Jafar Sadique ACS 05 Mohammad Akram Hossain FCS 06 Mahbub Iqbal Morshed ACS 07 Hossain Ahmed Bhuiyan ACS 08 Mohammad Ashraf Uddin Chowdhury ACS 09 Syed Shafayet Hossain ACS 10 Shahadat Hossain Chowdhury ACS 11 Md. Robiul Islam ACS 12 Md. Selim Reza ACS 13 Mohummod Tareq Hosen Mozumder ACS 14 Md. Asraful Isl am ACS 15 Md. Sh iful Isl am ACS 16 Md. Mokamme l Hoq ue ACS 17 Khandker Abu Ja far Sadique ACS 18 Md. Sh arif H asan ACS 19 Mohammad Asadur Ra hman ACS 20 Sorwar Alam ACS 21 Muhamme d Mos hiur Ra hman ACS 22 Md. Zillur Ra hman ACS 23 Md. Sh ahidul Isl am ACS S u b- T ota l ( Ass oc ia te Mem bers ) N ew Ass oc ia te Mem bers S l. # Tk.10,000/01 Arif Abdut Toweb ACS 02 Moha mmad H arun-Ar- R as hid ACS 03 Md. Muniruzzaman ACS 04 Moha mmad S hah idul Is lam ACS 05 A. K . M. R as hidul H as an ACS 06 Md. A qur Rahman ACS 07 Moha mmad As adu zz aman ACS 08 P rodip La l B howmick ACS 09 S unita B arua ACS 10 Moha mmad E marot Hoss ain ACS 11 Maha mudhu l H as an ACS 12 Muha mmad S ha ms ul Is lam ACS 13 Muha mmad Anowarul K ibria ACS 14 S ha riar-Al-Mamun ACS 15 K hando ker T as lima R ah man ACS 16 Mohamme d Abu Salam ACS 17 Babul Meah ACS 18 Umme y Tahera Su ltana ACS 19 Md. Mehadi H asan Mazumder ACS 20 Md. Sh amibur Ra hman ACS 21 Dr. Md. Ra shedul Azim ACS 22 Malik Muntasir Reza ACS 23 Uttam Kumar Dey ACS 24 Bimal C handra Roy ACS 25 Nayamul Hoq ue ACS 26 Santush C handra Sarker ACS

F-0161 F-0167 F-0169 F-0171 F-0172 F-0173 F-0137 F-0079

ICSB 185,000

A-0301 A-0296 A 0334 A-0341 F-0151 A-0211 A-0247 A-0290 A-0310 A-0291 A-0315 A-0313 A-0314

5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000

A-030 9 A-029 3 A-024 1 A-034 1 A-031 2 A-022 0 A-022 3 A-025 8 A-028 1 A-017 7

10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 233,020

5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000

65,000

50,000

A-0322

10,000

A-031 8

10,000

A-0319

10,000

A-032 0 A-032 1

10,000 10,000

A-0323

10,000

A-032 4 A-032 5 A-032 6 A-033 6 A-032 7 A-032 8 A-032 9 A-033 5 A-034 2 A-033 3 A-033 8 A-033 7 A-034 3 A-034 4 A-034 5 A-034 6 A-034 7 A-034 8 A-034 9 A-035 0

10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 -

10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

23.08.2015 30.08.2015 25.11.2015 06.12.2015 08.12.2015 16.12.2015 26.12.2015 26.12.2015

Cheque Cash Cheque Cash

17735 18002 18013 18019 SEB SEB Adjusted Adjusted

09.08.2014 30.08.2014 15.10.2014 18.10.2014 20.10.2014 21.10.2014 23.10.2014 23.10.2014 22.11.2014 23.11.2014 25.11.2014 25.11.2014 25.11.2014

Cheque Cash Cash Cash Cash Cash Cheque SEB Cash SEB Cash Cash Cash

16603 16613 16619 16620 SEB SEB 16624 SEB 17372 SEB 16627 16628 16630

24.01.201 5 31.03.201 5 17.04.201 5 30.04.201 5 18.06.201 5 18.06.201 5 18.06.201 5 18.06.201 5 07.07.201 5 28.11.201 5

Cash Cash Cash SEB

Cash Cash

1727 8 1663 8 1664 5 SEB Adjusted Adjusted Adjusted Adjusted 1771 9 1801 4

09.09.2014 & 15.11.2014

Cash

16616 & 17484

11.11.201 4

C hequ e

21.08.2014 & 13.11.2014

Cash

13.11.201 4 15.11.201 4

C as h C hequ e

20.08.2014 & 16.11.2014

Cash

16.11.201 4 16.11.201 4 16.11.201 4 16.11.201 4 20.11.201 4 23.11.201 4 24.11.201 4 27.11.201 4 24.11.201 4 31.03.201 5 02.05.201 5 05.05.201 5 22.08.201 5 23.08.201 5 23.08.201 5 23.08.201 5 23.08.201 5 23.08.201 5 23.08.201 5 23.08.201 5

C hequ e C hequ e C as h C hequ e C as h C as h C hequ e C hequ e SE B Cheque Cash Cheque Cheque Cheque Cash Cheque Cash Cash Cash Cheque

1747 9 16610 & 17481

1748 2 1748 3 16609 & 17485

1748 6 1748 8 1749 0 1748 9 1749 2 1749 3 1749 5 1685 3 SE B 1663 7 1647 3 1647 4 1772 8 1774 6 1773 0 1773 1 1773 2 1773 3 1773 8 1773 9

ICSB ANNUAL REPORT 2015 27 28 29 30 31 32 33 34 35

Md. Mijanur Ra hman ACS Forhad Hoss ain Khandaker ACS Md. Is mail Hoss ain ACS F R M Ra shedul H asan ACS Quazi Sabnam ACS Asadullah Mahmud ACS Md. Mamunur Ra shid ACS Md. Ja man Khan ACS Mohammad Kamruzzaman ACS S u b- T ota l ( I n du c tion as Ass oc ia te Mem bers ) G R AND TOTAL

A-035 1 A-035 2 A-035 3 A-035 4 A-035 6 A-035 5 A-035 7 A-035 8 A-035 9

150,000 520,000

10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

23.08.201 5 24.08.201 5 24.08.201 5 24.08.201 5 06.09.201 5 07.09.201 5 02.12.201 5 03.02.201 5 05.12.201 5

Cheque Cheque Cheque Cheque Cash Cash Cash Cash

1774 0 1774 2 1774 3 1774 5 SEB 1800 6 1801 6 1801 7 1801 8

200,000 623,020

In words (Tk.) : Six lac twenty three thousand twenty only.

Institute Office Padma Life Tower (8th Floor) 115 Kazi Nazrul Islam Avenue, Bangla Motor GPO Box No. 3100, Dhaka-1000, Bangladesh Phone : +880 2 933 9957, 9334878, 933 6972, 831 5338 Fax : +880 2 933 9957 E-mail : secretary@icsb.edu.bd, icsb@icsb.edu.bd Web : www.icsb.edu.bd Campus Padma Life Tower (7th Floor) 115 Kazi Nazrul Islam Avenue, Bangla Motor, GPO Box No. 3100 Dhaka-1000, Bangladesh Phone : +880 2 934 9578, 933 6901