KUALA LUMPUR: The Securities Commission is seeking the feedback from the public on whether a company chairman should also be an independent director.
Another major point in the blueprint which whether poll voting should be mandated for other substantive resolutions apart from related-party transactions.
There are two major points which the SC is seeking the public's feedback on under the five-year Corporate Governance blueprint unveiled on Friday, July 8.
On the poll voting, the SC the blueprint had recommended that it be mandated for related-party transactions.
The SC said the objective of the blueprint is to push for a shift in corporate governance culture from mere compliance with rules to one that more fittingly captures the essence of good corporate governance.
Essentially, it is to deepen the relationship of trust between companies and stakeholders.
The SC said the blueprint would help strengthen corporate governance culture in Malaysia.
'It outlines strategic initiatives aimed at strengthening self and market discipline, and promoting greater internalisation of the culture of good governance,' it said.
It added the move is to deepen the governance process by romoting more extensive and proactive participation by a broader range of stakeholders.
The SC said there are 35 broad recommendations. Most would be implemented through a new Malaysian Code on Corporate Governance and through changes to the Listing Requirements.
As for the others, taskforces and working groups would be set up by the industry in collaboration with the SC.'' Some recommendations require legislative amendments.
The SC envisaged the Malaysian Code on Corporate Governance will come into effect by early 2012. Changes to the Listing Requirements would also be effected by early 2012.
It also said the recommendations will be implemented over a five-year period.
The progress of implementation would be assessed by 2013 and a full post implementation review carried out at the end of the five year period.
Another major point in the blueprint which whether poll voting should be mandated for other substantive resolutions apart from related-party transactions.
There are two major points which the SC is seeking the public's feedback on under the five-year Corporate Governance blueprint unveiled on Friday, July 8.
On the poll voting, the SC the blueprint had recommended that it be mandated for related-party transactions.
The SC said the objective of the blueprint is to push for a shift in corporate governance culture from mere compliance with rules to one that more fittingly captures the essence of good corporate governance.
Essentially, it is to deepen the relationship of trust between companies and stakeholders.
The SC said the blueprint would help strengthen corporate governance culture in Malaysia.
'It outlines strategic initiatives aimed at strengthening self and market discipline, and promoting greater internalisation of the culture of good governance,' it said.
It added the move is to deepen the governance process by romoting more extensive and proactive participation by a broader range of stakeholders.
The SC said there are 35 broad recommendations. Most would be implemented through a new Malaysian Code on Corporate Governance and through changes to the Listing Requirements.
As for the others, taskforces and working groups would be set up by the industry in collaboration with the SC.'' Some recommendations require legislative amendments.
The SC envisaged the Malaysian Code on Corporate Governance will come into effect by early 2012. Changes to the Listing Requirements would also be effected by early 2012.
It also said the recommendations will be implemented over a five-year period.
The progress of implementation would be assessed by 2013 and a full post implementation review carried out at the end of the five year period.
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