Securities Commission (SC) Chairman Encik Ali Abdul Kadir said that the Report is a result of an in-depth corporate governance reform exercise that was initiated by the government in March last year. The Committee adopted a rigorous consultative process to develop this Report which involved a broad spectrum of the financial community including regulatory agencies, corporates, banks, industry associations, standard setting bodies, and members of the academia.
"Widespread participation was sought to ensure that the recommendations made are more acceptable and therefore more enduring".
"The release of this Report is timely as it is a comprehensive action plan that will enhance market integrity by ensuring corporate credibility and restore investor confidence," said Encik Ali.
The Report covers three broad areas:- the development of the Malaysian Code on Corporate Governance which sets out a set of principles and best practices for good governance;
- the reform of laws, regulations and rules to strengthen the regulatory framework for public listed companies including enhanced enforcement of good corporate conduct; and
- training and education to expand the pool of persons suitable for appointment as company directors.
In conjunction with the release of the Report, the SC Chairman also announced that the Securities Industry Development Centre (SIDC) of the SC will be organising a one-and-a-half day seminar on Corporate Governance from 25-26 March 1999 targetted at CEOs and members of the boards of public companies.
The Minister of Finance II, Dato' Mustapa Mohamed will deliver a keynote address on "Corporate Governance in Malaysia - Challenges, Opportunities, Reforms". Several members of the Finance Committee will also be speaking at the seminar which includes:
- Encik Ali Abdul Kadir, SC Chairman;
- Dato' Mohd Azlan Hashim, Executive Chairman, Kuala Lumpur Stock Exchange (KLSE);
- Tan Sri Wan Azmi Hamzah, Chairman, Financial Reporting Foundation (FRF);
- Raja Datuk Arshad Raja Tun Uda, Chairman, Malaysian Accounting Standards Board (MASB);
- Dato' Megat Najmuddin Khas, President, Federation of Public Listed Companies (FPLC);
- Dato' C Rajendram, Executive Deputy Chairman, Rating Agency Malaysia (RAM)
The seminar package includes a copy of the complete Report on Corporate Governance. Members of the public interested in purchasing the report may do so at the seminar or contact the SIDC.
For further information on, and registration for, the seminar, please contact Cik Sharizan Shaharuddin at tel no: (03) 654 8683 or fax no: (03) 651 5811.
The SC acts as the Secretariat to the Finance Committee on Corporate Governance.
