Public Bank Bhd has been given top ranking in the 2004 Corporate Governance Survey, jointly conducted by the Minority Shareholder Watchdog Group (MSWG) and Nottingham University Business School (NUBS), Malaysia campus.
The survey was conducted to determine the level of compliance of Malaysia’s top 100 public-listed companies (chosen based on market capitalisation) with local and international corporate governance requirements.
Public Bank’s disclosure of information to its shareholders was the most personalised and informative, based on a survey of annual reports of public companies.
NUBS associate professor of accounting Salleh Hassan told reporters this after Public Bank chairman and founder Tan Sri Teh Hong Piow received a plaque from MSWG chief executive officer Abdul Wahab Jaafar Sidek in Kuala Lumpur yesterday.
The bank also won praise for its investor relations section published on its corporate website.
“Public Bank showed above average compliance scores according to the Malaysian code of compliance, and also had a higher than average number of independent directors,” Salleh said, adding that it was a sign that the bank placed emphasis on the role of the audit committee.
The number of meetings conducted by the surveyed companies was an average of five a year. Public Bank was ahead of the curve, with 16 meetings.
Teh, in his speech, said that among the bank’s fundamental philosophy was to safeguard the interests of all its stakeholders.
So far, the bank has won 15 international and domestic awards of excellence, the latest one being its fourth for corporate governance.
The bank also won the Corporate Governance Asia Recognition Award 2004 by Corporate Governance Asia Journal, the Malaysian Business Corporate Governance Award (given for three consecutive years 2002 to 2004) and the Kuala Lumpur Stock Exchange Corporate Governance Award (consecutively from 2000 to 2003).
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