KUALA LUMPUR, 6 May 2019 – The Securities Commission Malaysia (SC) today released its inaugural Corporate Governance Monitor (CG Monitor) which highlighted positive levels of adoption for a majority of the practices recommended in the Malaysian Code on Corporate Governance (MCCG) with improvement opportunities in the quality of disclosures.
“We have seen progress in the area of gender diversity on boards, with Malaysia recording a seven-percentage-point increase in women participation on boards of the Top 100 listed companies from 16.6% in 2016 to 23.68% in 2018. Women also account for 28% of senior management positions for all listed companies, higher than the Asia Pacific average of 23%,” said the Minister of Finance, YB Tuan Lim Guan Eng.
There are no more all-male boards for the Top 100 listed companies since February 2019, which causes other PLCs to follow. He also congratulates the SC on the first edition of the report and look forward to future editions.
Chairman of the SC, Datuk Syed Zaid Albar also stated that among the 36 best practices outlined in the MCCG, 27 had an adoption level of over 70%.
“In fact, mid and small cap companies are among the trailblazers in the adoption of the CG best practices. Many of them have put in place good CG practices such as disclosing remuneration of senior management, introducing a 9-year tenure limit for independent directors and having a wholly independent audit committee. This shows that we are moving towards the right direction with a greater appreciation of the value of adopting good CG practices, even among the smaller companies,” he added.