PETALING JAYA: The Securities Commission (SC) will be implementing an action plan to support the National Anti-Corruption Plan (2019-2023) and improve Malaysia’s ranking in the Corporate Governance Watch survey by the Asian Corporate Governance Association.
In a statement issued yesterday, the SC said the Cabinet Special Committee on Anti-Corruption (JKKMAR) had approved its recommendation to require listed companies to put in place anti-corruption measures and a framework to promote the effective discharge of directors’ responsibilities.
“JKKMAR also agreed that several other measures proposed by the SC are to be discussed further with the Debt Management Office,” it said.
Meanwhile, the SC also urged listed companies to establish an effective anti-corruption framework in line with the Guidelines on Adequate Procedures.
This is in view of the the corporate liability provision in the Malaysian Anti-Corruption Commission Act 2009 coming into force in June 2020.
The SC’s review on May 21 showed only 59% of listed companies have an anti-corruption policy and a majority of these have gaps when compared with the guidelines.