They also sought introduction of specific policies that would bring about positive changes and transparency in the sector.

Bangladesh Enterprise Institute (BEI) organised the roundtable titled 'Corporate Governance Reforms in the Banking Sector in the Region' in Dhaka on Sunday.

BEI President Farooq Sobhan chaired the discussion where Bangladesh Bank (BB) Governor Dr Salehuddin Ahmed attended as chief guest, said a press release.

Dr Ishrat Husain, a former governor of the State Bank of Pakistan (SBP), Dr Akbar Ali Khan, former adviser to the caretaker government, and Dr Mohammad Farashuddin, a former BB governor, also participated.

"Bangladesh Bank should consider introducing requirements for the board members of the banks to go through mandatory corporate governance trainings, the BEI president observed.

Dr Salehuddin Ahmed encouraged the banking sector in Bangladesh to incorporate good corporate governance principles. During his presentation he highlighted the importance of instituting good corporate governance practices in the financial sector.

Dr Hussain, who is currently the chairman of National Commission for Government Reforms in Pakistan, made a presentation on corporate governance reforms in the financial sector in his country and the role of the State Bank of Pakistan in implementing the reforms.

'As reform measures, SBP introduced prudential regulations specific to and customised for each segment of business in order to respond to the realities that exist on the ground' Hussain said.

Akbar Ali Khan said sometimes implementing corporate governance through the instruments of law becomes costly. At times the enforcement cost becomes too enormous to enforce the law, and the cost of regulation exceeds the benefit. Therefore, the best types of laws are the self-enforcing laws and self-policing is the best instrument, he added.