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Malaysia

In: Business and Management

Submitted By ANUMj123
Words 17068
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MALAYSIAN CODE OF CORPORATE GOVERNANCE

The need for a Code was inspired in part by a desire for the private sector to initiate and lead a review and to establish reforms of standards of corporate governance at a micro level. This is based on the belief that in some aspects, self-regulation is preferable and the standards developed by those involved may be more acceptable and thus more enduring.

1.3 The Code essentially aims to set out principles and best practices on structures and processes that companies may use in their operations towards achieving the optimal governance framework. These structures and processes exist at a micro-level which include issues such as the composition of the board, procedures for recruiting new directors, remuneration of directors, the use of board committees, their mandates and their activities.

1.4 The significance of the Code is that it allows for a more constructive and flexible response to raise standards in corporate governance as opposed to the more black and white response engendered by statute or regulation. It is in recognition of the fact that there are aspects of corporate governance where statutory regulation, is necessary and others where self-regulation, complemented by market regulation is more appropriate.

1.5 The impact the Code will have in raising standards of corporate governance can be seen from the experiences of other jurisdictions. To quote the Hampel Committee1, “... it is generally accepted that implementation of the Code’s (Cadbury Code of Best Practices) provisions has led to higher standards of governance and greater awareness of their importance. ...it is clear that Greenbury’s primary aim – full disclosure - is being achieved.”
1.6 The Cadbury Committee published a report on compliance with the Code in May 1995. The report showed that significant changes had taken place in the structure of

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