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CORPORATE GOVERNANCE IN MALAYSIA (Directors' Resposibility (● the…
CORPORATE GOVERNANCE IN MALAYSIA
Key characteristics influencing Malaysian corporate governance
Main business form: Public limited company
Predominant ownership structure: Controlling shareholder (family, corporation or trust nominee)
Legal system: Common law
Board structure: Unitary
Important aspect: Influence of Bumiputera shareholders
1998: Established High Level Finance Committee on Corporate Governance
2000: Propelled Malaysian Code of Corporate Governance
Accountability and audit
● reviewing the year-end and quarterly financial statements of the company
● considering the appointment of the external auditor, his/her fee, and the nature and
scope of the audit
● reviewing the scope, programme, and results of the internal audit
Directors' Resposibility
● the strategic direction of the company
● ensuring proper management of the company
● identifying risks and ensuring an appropriate risk management system
● reviewing the overall effectiveness of the internal control systems of the company
● succession planning and training of directors
● the investor relations programme
Directors’remuneration
remuneration committee, comprised wholly or mainly of non-executive directors
remuneration of non-executive directors should be decided by the board as a whole
Shareholders