Thursday, September 22, 2011

Bursa introduces corporate disclosure guide, effective Jan 3

KUALA LUMPUR: BURSA MALAYSIA BHD [] is introducing a corporate disclosure guide to improve the quality of information for financial reporting which will take effect from Jan 3, 2012.

It said on Thursday, Sept 22 that to promote high standards of corporate disclosure, it has amended its Listing Requirements (LR) and introduced a Corporate Disclosure Guide (CD Guide) to help listed issuers raise their standards of disclosure.

'High standards of disclosure is a value proposition that can enhance a listed issuer's investability,' it said.

Bursa Malaysia's chief executive officer Datuk Tajuddin Atan said Bursa Malaysia's regulatory framework was to 'primarily to maintain market integrity and investor protection'.

He pointed out reliable, informative and timely disclosures were crucial to build a corporate community that was disclosure based and transparent.

'The amendments made are part of the Exchange's continuous review given the ever-changing capital market environment. In this dynamic environment, investors demand for timely, adequate and relevant information to make informed decisions,' he said.

The amendments were:

(a) improving the quality of information for financial reporting;

(b) improving disclosure by listed issuers in areas of related party transactions, poll voting, corporate proposals, boardroom/senior management/external audit announcements;

(c) according greater flexibility to listed issuers in structuring share scheme for employees;

(d) promoting greater transparency in respect of share schemes for employees which do not involve issuance of new shares;

(e) facilitating listed issuers to pay dividends in shares to their shareholders through a 'Dividend Reinvestment Scheme'; and

(f) promoting greater efficiency in the market by allowing listed issuers to buy back odd lot shares through direct business transactions.



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