Spurring corporate transparency

THE Bill seeking to amend the Companies Act 2016 was tabled in the Dewan Rakyat on Oct 10. The amendments are aimed at strengthening corporate rescue mechanism provisions in order to help companies facing financial hardship, and ensuring that companies comply with international reporting standards and requirements on beneficial ownership.

The latter, put simply, aims to shine a light on the often shadowy corridors of corporate Malaysia. But looking closely at the provisions pertaining to this matter, it is evident that there are still gaps to fill and miles to go before true transparency can be achieved.