Provisions boost to corporate governance in the country

by Borneo Post Online, November 9th, 2010.

KUALA LUMPUR — The existence of the whistle-blowing provisions in the country has strengthened Malaysia’s corporate governance in line with current global best practice.

Prime Minister Datuk Seri Najib Tun Razak said since the introduction of the provisions several years ago, the Securities Commission (SC) has received reports mainly from external auditors of public-listed companies. “Some of these reports have led to enforcement action being taken against the perpetrators, directors and senior management of the company. “With this, it is encouraging to note that a stronger culture of public accountability and integrity has been established,” he said in his keynote address at the World Congress of Accountants 2010 here. His speech was read by Minister in the Prime Minister Department, Tan Sri Nor Mohamed Yakcop.

Najib said the crucial role of accountants in detecting fraud was reflected in the number of whistle-blowers that had provided information to the SC under the protection of the Capital Market and Services Act. He said the Act imposed a mandatory duty upon auditors and specific employees of listed corporations to report breaches of security laws and the rules of the stock exchange to the authority. (continue reading…. )

 

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