KUALA LUMPUR: The Securities Commission Malaysia (SC) will be reviewing anti-corruption measures of listed companies this year as part of its efforts to implement the National Anti-Corruption Plan.
SC chairman Datuk Syed Zaid Albar said pursuant to the Budget 2019 announcement, the SC will also be looking at key pay ratios of listed companies.
“Findings from both reviews will be included in the 2020 edition of the Corporate Governance Monitor,” he said at the launch of the Corporate Governance Monitor 2019 today.
The Malaysian Code on Corporate Governance recommends that boards establish a Code of Conduct and Ethics which contain policies and procedures on anti-corruption.
Political secretary to the Finance Minister Tony Pua implored all listed companies to implement this practice as corruption inhibits economic growth and affects business operation.
The government launched the National Anti-Corruption Plan in January this year to achieve the national aspiration of “making Malaysia known for integrity and not corruption” and build a corrupt-free nation that upholds transparency and accountability. The National Anti-Corruption Plan identified corporate governance as one of the six priority areas.
The Parliament has even introduced a corporate liability provision in the Malaysian Anti-Corruption Act where a commercial organisation and its directors may be found liable for acts of corruption committed by any persons associated with the organisation, including its employees.
Pua said the government’s top agenda is to restore credibility and trust in the government and public institutions by upholding integrity and fighting corruption.
