The Malaysian government had in 1999 published a comprehensive report on corporate governance with the High Level Finance Committee Report on Corporate Governance which brought about far-reaching changes such as the introduction of the Malaysian Code on Corporate Governance, amendments to the relevant laws and the introduction of mandatory training for directors.
The International Corporate Governance Consultative Committee (CGCC), chaired by SC Chairman Tan Sri Zarinah Anwar, comprises 11 senior industry participants and experienced professionals from Malaysia and abroad. The CGCC will provide views on corporate governance developments and trends and advise on key focus areas and policy recommendations towards the formulation of the blueprint, which will outline various initiatives and recommendations to be implemented between 2011-2015.
“The development of the new blueprint is critical given the significant changes to the corporate landscape as well as new corporate governance-related issues that have surfaced in Malaysia and internationally,” Tan Sri Zarinah said.
A holistic review of the Malaysian corporate governance is timely since most of the recommendations made in the Finance Committee Report have been implemented over the past 10 years.
The new blueprint will be a comprehensive and forward-looking document covering strategic priorities to further enhance Malaysia’s corporate governance standards and identity.
The other CGCC members are:
- Tan Sri Dr Wan Abdul Aziz bin Wan Abdullah, Secretary-General, Ministry of Finance
- Tun Mohamed Dzaiddin Haji Abdullah, Chairman, Bursa Malaysia Berhad
- Tan Sri Azlan Zainol, Chief Executive Officer, Employees Provident Fund
- Dato’ Sri Nazir Razak, Group Managing Director/Chief Executive Officer, CIMB Group
- Dato’ Johan Raslan, Executive Chairman, PricewaterhouseCoopers Malaysia
- Tan Sri Megat Najmuddin Khas, President, Federation of Public Listed Companies Malaysia
- Dato’ Azmi Ariffin, Chief Executive Officer, Companies Commission of Malaysia
- Charnchai Charuvastr, President and Chief Executive Officer, Thai Institute of Directors Association
- Fianna Jesover, Senior Policy Manager, Corporate Governance, Organisation for Economic Co-operation and Development (OECD)
- Peter Elston, Strategist, Aberdeen Asset Management Asia Limited
The Committee will be supported by the Corporate Governance Working Group (CGWG) comprising senior regulators and market professionals. The SC will also be consulting other relevant stakeholders and industry groups in the preparation of the blueprint.
The development of the new corporate governance blueprint was first announced by Tan Sri Zarinah at the SC-Bursa Malaysia Corporate Governance Week 2010 in June this year.
SECURITIES COMMISSION MALAYSIA
