Corporate governance must become need, not want

on The Star Online, October 29th, 2010.

PETALING JAYA: Corporate governance must become a need and not remain a want in order to be effective, said Federation of Public Listed Companies Bhd and Malaysian Institute of Corporate Governance president Tan Sri Megat Najmuddin Megat Khas.

“As far as companies are concerned, they must feel the need to comply and not just want to do it,” he said at a cocktail session with the media here yesterday. “Investors also must put a value on corporate governance,” he said.

Earlier, Megat Najmuddin said he believed that the level of corporate governance in the country was “okay”. “The awareness is catching up but the problem lies in the execution. “Corporate governance is really about self-governance; you governing yourself. You must have the passion, you must have the belief; this is the way to move forward,” he said.

Megat Najmuddin, who recently joined the board of Petroliam Nasional Bhd (Petronas), said the state oil firm would be “going all out” to be transparent in the giving out of contracts. “There will be open tenders,” he said. Along with several other individuals, Megat Najmuddin was appointed independent director at Petronas in April following the appointment of new president and CEO, Datuk Shamsul Azhar Abbas, who took over from Tan Sri Hassan Merican.

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