Corporate Governance Implementation Project Team to Release Detailed Implementation Targets by End May

Kuala Lumpur, 23 April 1999

The Corporate Governance Implementation Project Team (IPT) will release detailed implementation targets as well as relevant deadlines, by the end of May.

This was established at the first meeting of members of the IPT which comprise the Securities Commission (SC), the Registrar of Companies (ROC), the Kuala Lumpur Stock Exchange (KLSE) and the Federation of Public Listed Companies (FPLC), yesterday.

The IPT was formed to lead and oversee the implementation of recommendations of the Report on Corporate Governance (Finance Committee Report) on behalf of the Finance Committee

According to the SC, which is the Secretariat of the Finance Committee on Corporate Governance, the detailed implementation targets to be announced next month will cover various responsibilities of the IPT, which, among others, include overseeing implementation of the Malaysian Code on Corporate Governance; evaluation and implementation of proposed changes to related laws; and coordination of corporate governance training and education programmes.

The SC also said that strengthening of minority shareholders rights will be an underlying priority of the IPT in dealing with the implementation of recommendations of the Report on Corporate Governance.

SECURITIES COMMISSION MALAYSIA

Issued on behalf of the Securities Commission. For assistance please contact the Corporate Affairs Department at tel no. 03-6548513 (Ann Teoh) / 03-6548107 (Ida Mariana Azmi) or fax no.: 03-6515078.

Background information:

The Securities Commission (SC), a statutory body reporting to the Minister of Finance, was established under the Securities Commission Act 1993. It is the sole regulatory agency for the regulation and development of capital markets. The SC has direct responsibility for supervising and monitoring the activities of market institutions, including the exchanges and clearing houses, and regulating all persons licensed under the Securities Industry Act 1983 and Futures Industry Act 1993."