Tuesday July 10, 2012
CCM formulating next generation corporate governance
PETALING JAYA: The Companies Commission of Malaysia (CCM) said work is under way to formulate the next generation definition of corporate governance for Malaysia.
CCM chief executive officer (CEO) Mohd Naim Daruwish said in his speech that CCM would in due time consult the industry.
His speech was delivered by CCM deputy CEO Rokiah Mohd Noor at the Malaysian Institute of Chartered Secretaries and Administrators (MAICSA) annual conference.
“I sincerely believe that seasoned corporate governance role-players in the market including MAICSA has a lot to share with CCM in this project,” he said.
He said in the advent of globalisation, the quest for competitiveness had become more apparent and companies and businesses did not only compete in terms of products, services, quality and pricing.
“The parameter of competition has been extended to include other intangible and conceptual areas such as corporate responsibility, corporate strategy and risk mitigation. Corporate governance has also been included as one of the key items which determines the ranking and competitiveness of economies globally,” he said.
Instead of being treated negatively and perceived as a form of safety net, he said, corporate governance should be treated as a mechanism which could advance the cause of business and generate better profitability.
“As such I would like to call upon the company secretaries especially from MAICSA to start equipping themselves with the knowledge. Corporate governance is evolving and so should you,” he said.
He said key corporate governance roadmaps such as the 1999 Finance Committee Report on corporate governance and the Corporate Governance Blueprint had called upon the company secretarial community to re-assess their positioning in companies and the national economic value chain.
“In absorbing relevant new-age knowledge, experience and wisdom on corporate governance, the company secretaries will be able to command premium in dispensing with their duties and responsibilities,” he said.