B Mirror Report: The Bangladesh Securities and Exchange Commission (BSEC) has taken a firm stance to ensure the appointment of female independent directors on the boards of listed companies, warning of legal action against those failing to comply within a newly set deadline.

In a press release issued on Sunday, the capital market regulator said companies that have not yet met the requirement under the Corporate Governance Code, 2018, have been given an extended deadline to fulfill the condition. The move aims to strengthen corporate governance and promote gender diversity at the board level.

Earlier, on April 29, BSEC held a meeting with company secretaries of non-compliant firms at its multipurpose hall in Agargaon, Dhaka. The meeting was chaired by BSEC Executive Director Md. Anwarul Islam and attended by representatives of several listed companies that have yet to appoint female independent directors.

During the meeting, officials urged companies to appoint qualified women from diverse professional backgrounds including business leaders, members of trade bodies, academics, government officials (current or retired), lawyers of the High Court Division, and other professionals with recognized degrees in line with the Corporate Governance Code.

BSEC has now set June 30, 2026, as the final deadline for compliance. Companies failing to appoint a female independent director by then will face legal action, the regulator warned.

The requirement stems from an amendment to Clause 1(2)(a) of the Corporate Governance Code, published in a gazette on April 29, 2024, making it mandatory for all listed companies to appoint at least one female independent director within one year. The deadline was later extended to December 31, 2025.

According to updated data submitted by the Dhaka Stock Exchange (DSE), 163 listed companies have already complied with the directive. However, 131 companies have failed to meet the requirement within the stipulated timeframe.

The BSEC reiterated its commitment to enforcing governance standards and ensuring greater inclusivity in corporate leadership across Bangladesh’s capital market.