Lya Rahman adviser to IICM: There have been numerous cases of active politicians being appointed – or “parachuted” – to helm the chair of some government-linked companies (GLCs) without their candidacy having gone through robust nomination process. Hopefully, such practice will be addressed with the introduction of MCCG 2021 and not taken lightly.
ON APRIL 28 2021, the Securities Commission (SC) released the revised or enhanced Malaysian Code on Corporate Governance (MCCG 2021) which places emphasis on board policies and practices on the selection and nomination process/criteria for directors as well as the tenure of independent directors.
Few new practices in the revised Code catch my attention at a time when I have been disheartened on the dismal situation facing public governance. The regulators have finally taken measures to further enhance the standards of corporate governance (CG) in Malaysia.
