Securities Commission: Listed Companies Must Implement Anti-Corruption Measures

The Securities Commission Malaysia (“SC”) issued a media release on 22 July 2019 stating that it will be implementing an action plan to support the National Anti-Corruption Plan (2019-2023) and with a view to improve Malaysia’s ranking in the biennial Corporate Governance Watch survey bt the Asian Corporate Governance Association.
The SC also stated that the Cabinet Special Committee on Anti-Corruption (JKKMAR) has approved, among others, the SC’s recommendations to require listed companies to put in place anti-corruption measures and for the SC to develop a framework to promote the effective discharge of directors’ responsibilities.
It has been announced that the new provision on corporate liability for corruption offences (section 17A) which has been introduced into the Malaysian Anti-Corruption Commission Act 2009 will come into operation in June 2020.
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