Niloufer Manzur, his wife,

and father Sir Syed Nasim Ali

ABOUT
Apex Group business began in 1975 in Bangladesh in the leather segment through the induction
of Apex Tannery Limited, still the biggest and driving leather exporter from Bangladesh.Mr.
Syed Manzur Elahi got his Master degree in Economics from Dhaka University. After serving for
7 years in a multinational company, he turned entrepreneur at the age of 30. He is today the
Chairman of Syed Manzur Elahi Enterprise with interests in leather, footwear, insurance,
advertising, banking and pharmaceuticals. This group is best known in Bangladesh as the
pioneering and leading exporter of leather & leather footwear.
Mr. Elahi served twice as an Advisor in the Caretaker Governments in 1996 and 2001. and
remained a President of Metropolitan Chamber of Commerce and Industry and Bangladesh
Employers Federation and remained the president of many organisations ,furthermore , he is
Trustee of Centre for Policy Dialogue (CPD), a leading think tank of Bangladesh and a Board
Member of BIRDEM and is been contributing worldwide .
Corporate Governance Of Apex Group
Principle A : Board leadership and effectiveness - The board of apex group provides leadership
and creates value for shareholders, and it oversees various activities namely , conduct of
business, risk management, internal controls, investor relations, etc, and seeks to manage the
business efficiently
Principle B : Effective audit and risk management : The External auditors report to AMRC and
declare their independence as specified by the law. The Board of apex group has set up Group
risk management committee, to identify and mitigate risks by working with internal auditors
and report to the AMRC. The Internal auditors work impartially and monitor apex group's key
controls and procedures.
Principle C : Integrity in corporate reporting and meaningful relationship with the shareholders -
The Board of apex group with assistance from AMRC oversees the quality of finacial reporting
and complies with all the necessary standards and reports are announced to the bursa
securities. The company makes these information available to its shareholders through annual
reports and announcements made to bursa securities .
Benefits of good corporate governance and examples
https://diligent.com/en-gb/blog/6-ways-boards-benefit-from-good-corporate-governance/
Encouraging positive behavior - The Board of Apex group, are involved every process of
management, which has a positive effect in the workings of the company
Improving top level decision making - The Apex group board has set up GRMC, which evaluates
risks and monitor it, this will help with improving their decision making.
Assuring internal controls - The internal auditors of apex group acts a system of internal control
Better strategy planning: The board of apex group’s primary role is to oversee strategic
planning, and hence they seek optimize and plan it better and conduct the business efficiently.
Improves company reputation: Having good governance, will help in improving the company's
image, as the company is transparent to its shareholders through its annual reports. And also
complying with laws and reports to bursa securities, shows the accountability of the apex group
which can give the company a professional image which will attract investors as well as talented
individuals.
Gain investor trust: By having internal auditors and regular financial reporting, and
transparency in the reports, the apex group stand to again investor trust, which can enable
them to raise capital efficiently and use it effectively.

Disadvantage of Apex
1. when we have corporate governance and try to involve shareholders in each meetings
and decisions this will raise administrative cost for arranging the meetings which would
lead to unnecessary rise in costs of apex group
2. because of this wastage of time occurs as management cant take a decision on their
own and need to take approval from all the shareholders for even small decisions.
3. there will be delay in decision making when any decision is needed to be approved from
every shareholder so this will lead to delay in taking decisions which will ultimately lead
to inefficiency
4. principal agent problem - shareholders are the principle and management is an agent so
in many cases conflict arises when shareholder feels that management is not taking
decisions in their best interest and this conflicts disrupts the smooth performance in the
apex group
5. Shift from major business . when the management of apex group starts focussing on
taking care and be liable to shareholder for each decision then their focus gets shifted
from maximising opearions to make shareholder happy and better informed.
6. inefficiency -this governance and shift will lead to major inefficiencies in operation of
business and hence can lead to downfall of apex
7. legal cost and charges -there will be additional legal cost and charges to complete all the
paper work and this will lower the retained profits of the apex group