Wakil kepentingan awam dalam struktur tadbir urus BSKL yang didemutualisasi

Kuala Lumpur, 21 November 2002

Sebagai menjawab pertanyaan yang dibangkitkan di sidang akhbar tengah hari ini untuk mengumumkan kelulusan Kerajaan mengenai demutualisasi Bursa Saham Kuala Lumpur (BSKL), Suruhanjaya Sekuriti (SC) ingin menjelaskan mengenai rangka kerja polisi awam berkaitan dengan struktur tadbir urus yang dicadangkan bagi entiti yang didemutualisasikan tersebut.

Pertimbangan kepada wakil kepentingan awam dalam struktur tadbir urus adalah paling penting bagi bursa yang didemutualisasikan untuk menangani tekanan komersial sesebuah entiti berasaskan keuntungan dan untuk memastikan bahawa bursa kekal komited untuk memenuhi tanggungjawab pengawalseliaan dan kepentingan awam menurut standard yang sesuai.

Dalam hal ini, tanggungjawab kepentingan awam bursa mewujudkan keperluan tadbir urus korporat khas. Struktur tadbir urus adalah penting bagi prestasi komersial, keupayaan bursa untuk menyelesaikan kepentingan bersaing para pengurus, pemilik, pengguna serta pengguna berpotensi bagi perkhidmatannya.

Lembaga pengarah yang kukuh adalah mereka yang mampu menangani isu perlindungan pelabur, kebertanggungjawaban, ketelusan dan tadbir urus korporat. Oleh itu, adalah penting komposisi lembaga pengarah diwakili oleh pihak berkepentingan yang mempunyai minat yang meluas. Dengan ini, pengarah berkepentingan awam tidak mewakili kepentingan pemegang saham secara eksklusif.

Berdasarkan ini, maksimum separuh daripada Lembaga Pengarah akan terdiri daripada pengarah berkepentingan awam yang akan dilantik oleh Menteri Kewangan, atas cadangan SC.

Pelantikan sedemikian mematuhi cadangan Kod Tadbir Urus Korporat dan Peraturan Penyenaraian yang menetapkan bahawa pengarah hendaklah bersara sekurang-kurangnya sekali dalam tiga tahun tetapi layak untuk pelantikan semula.

Perundangan yang dicadangkan akan menyatakan dengan jelas bahawa pengarah berkepentingan awam ini dilantik untuk mewakili kepentingan pemegang saham yang meluas dalam pasaran modal dan, dalam melaksanakan tugas mereka yang mana mereka diberikan mandat untuk memastikan bahawa kepentingan awam tidak diabaikan.

Satu kajian mengenai struktur tadbir urus bursa-bursa yang didemutualisasikan di pelbagai negara menunjukkan bahawa perhatian terhadap kepentingan awam bukan sesuatu yang asing. Lampiran disertakan ini ialah perbandingan struktur tadbir urus bursa-bursa yang didemutualisasikan di Australia, Singapura, United Kingdom, Hong Kong dan Kanada.

SURUHANJAYA SEKURITI MALAYSIA

Appendix
JURISDICTIONAL COMPARISON (As of June 2002)

Australia

The board was reduced from 15 to nine, where reductions came from the broking community. Out of nine directors, eight are non-executive. Individual appointments will be chosen from a panel nominated by the Australian Stock Exchange (ASX). The Australian Securities and Investments Commission (ASIC) will have a power to veto any particular panelist and proposed appointees will be notified to the Minister prior to their appointment.

Singapore

The board has 11 directors, out of which nine are non-executive. Only four of the 11 are made up of the broking community. The Singapore Stock Exchange (SGX) has to seek the Monetary Authority of Singapore’s (MAS) approval for the appointment of its Chairman and CEO.

The SGX has set up a Nominating Committee, where it recommends appointments to the Board and key management positions. The appointment of all members of the Nominating Committee is subject to MAS’ approval.

The Merger Act provides that MAS may issue directives to SGX regarding its governance and other matters.

Hong Kong

There are 15 directors, six are shareholder returned and eight are government appointees or public interest directors, with the Chief Executive of Hong Kong who is an ex-officio member. The Chief Executive of the Hong Kong Stock Exchange (HKEX) will remain an ex-officio member of future boards.

The total number of government appointed directors on any future board in 2003 will be no more than the total number of directors returned by the shareholders of HKEX.

The Chairman is elected by the directors, subject to approval by the Chief Executive. The Chief Executive Officer (CEO) and Chief Operations Officer (COO) are appointed by the board on recommendation by its Chairman, subject to the approval of the Securities and Futures Commission (SFC).

Toronto

A new board-level regulation committee for the Toronto Stock Exchange (TSE) has been set up to oversee regulatory operations. The committee is composed of majority of independent representatives, including representatives from all types of participants in the TSE market, including Alternative Trading Systems (ATSs). TSE has an ultimate reporting responsibility to the Ontario Securities Commission (OSC).

London

The board has 14 directors, out of which nine are non-executive directors, out of which three are fully independent under the Combined Code of Corporate Governance. The directors are appointed by a Senior Appointments and Remuneration Committee, which comprises three non-executive directors who are appointed by the board.