Better corporate governance with unveiling of improved set of best practices

New and better: Ranjit (middle), Bursa Malaysia chairman Tan Sri Amirsham Abd Aziz (right) and Council of Institutional Investors chairman Datuk Wan Kamaruzaman Wan Ahmad at the launch of the new MCCG.

KUALA LUMPUR: An improved set of best practices aimed at strengthening the Malaysian corporate culture has been introduced, with the launch of the new Malaysian Code on Corporate Governance (MCCG) by the Securities Commission (SC).

Among the significant changes is for large companies with a market capitalisation of more than RM2bil to have a two-tier voting system when it comes to the election of independent directors. Under the two-tier voting system, minority shareholders will have equal strength as the majority shareholders in deciding on the appointment of independent directors.