The Malaysian government improved the country’s corporate governance environment reported the Institute of International Finance (IIF). Malaysia’s corporate governance framework complies with more than three-quarters of the IIF’s guidelines on the subject. A global association of financial firms with more than 360 global member institutions, the IIF listed Malaysia as being in the top quartile of emerging markets.
The report recognised the progress in actions implemented recently but points out the scope of efforts necessary to enhance best practices especially the regulatory framework of the capital market disclosed member of the IIF board of directors Datuk Amirsham A. Aziz who also is the president and CEO of Maybank. It recommended the enhancement of compliance with international best practices. This would be in the form of higher degrees of board and committee independence, disclosure of director remuneration and statements on ethics, social responsibility and the environment.
Further advice was given to the Minority Shareholders Watchdog Group (MSWG) to undertake a public relations campaign to strengthen support from minority shareholders especially foreign fund managers besides the need to educate the media to influence the equity culture in the country.
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