Public Bank, IJM awarded for corporate governance

  • Business
  • Wednesday, 15 Jan 2003

Public Bank Bhd and construction group IJM Corp Bhd have been declared joint winners of the first Malaysian Business Corporate Governance Award 2002. 

Chosen from among five finalists, the two companies received their awards from Domestic Trade and Consumer Affairs Minister Tan Sri Muhyiddin Yasin, who represented Deputy Prime Minister Datuk Seri Abdullah Ahmad Badawi at a ceremony at the Putra World Trade Centre in Kuala Lumpur yesterday. 

The other three finalists – Malayan Banking Bhd, Nestle (M) Bhd and Esso (M) Bhd – received tokens of recognition for their achievement. 

In his speech read out by Muhyiddin earlier, Abdullah said Malaysia was beginning to win recognition for the prompt and effective measures it had implemented to enhance the corporate governance framework. He added that even the International Monetary Fund in a recent review had admitted that the decision to peg the ringgit was right and had contributed to the country's stability. 

He said both the KLSE and the Securities Commission had stepped up efforts to reprimand and prosecute wrongdoers. 

He said the KLSE had taken action against 207 companies for breaching the listing requirements from July 1, 2001 to June 30, 2002. 

The key considerations for the award were financial transparency, directors' responsibilities, enhancing shareholder value, risk management, investor relations, internal control, and adherence to regulations. 

The winners were selected from over 850 companies listed on the KLSE. The selection process excluded among others, loss-making companies, PN4 or PN10 firms and those whose accounts were qualified by the auditors. 

The shortlisted candidates were also evaluated on their replies to a questionnaire on how they adhered to good corporate governance practices. 

The three-member panel of judges comprised Minority Shareholder Watchdog group chief executive officer Yusof Abu Othman, Capital Dynamics Sdn Bhd managing director Tan Teng Boo and Teo Ee Sing of the Malaysian Advisory Committee of the Association of Chartered Certified Accountants. 

Muhyiddin said at a press conference after the award presentation ceremony that corporate governance played an important part in increasing Malaysia's credibility in the world and this would increase investor confidence in the country.  

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