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Bursa Malaysia Securities Berhad (“Bursa Malaysia” or “the Exchange”) today issued a consultation paper seeking public feedback on the proposals to revamp its Corporate Governance Guide (“Revamped Guide”).
The proposed Revamped Guide is aimed at providing a practical guide for listed issuers to improve their corporate governance (“CG”) practices and reporting with particular emphasis on the principles and practices (“Practices”) that are contained in the new Malaysian Code on Corporate Governance (“MCCG”) released by the Securities Commission Malaysia on 26 April 2017.
While the proposed Revamped Guide still contains some of the useful information from the 2nd Edition of the Corporate Governance Guide issued by the Exchange in 2012, it has been given a major enhancement in terms of its content and layout to improve its overall usefulness to directors and listed issuers.
The proposed Revamped Guide takes into account the new approach of “CARE” (Comprehend, Apply and Report) introduced in the MCCG. Its structure is aligned to the new structure of the MCCG which comprises 3 principles, Intended Outcome, Practices, and Step-Up Practices for large companies as defined in the MCCG (“Step-Up Practices”) as well as Guidance that follows each Practice.
The key features of the proposed Revamped Guide include:
- Case for change, to enable listed issuers to understand better the value proposition and benefits for adopting each Practice and Step-Up Practice mentioned in the MCCG;
- Practical guidance to help listed issuers implement the Practices in the form of key considerations for applying each Practice, Dos and Don’ts in implementing the Practices, red flags to watch out for and sample policies and instruments that can be customised by listed issuers in implementing the relevant Practice; and
- Insights for deeper reflection and internalisation of CG by highlighting, among others, hot button issues, case studies and international developments.
The consultation paper is available at:
http://www.bursamalaysia.com/market/regulation/rules/public-consultation
Interested parties and the public are invited to submit their comments and feedback to Bursa Malaysia by 23 October 2017.
