Malaysian code on corporate governance 2012

By the early 19th century, the Bruneian Empire was in decline, retaining only a tenuous hold along the coastal regions of Sarawak which were otherwise controlled by semi-independent Malay leaders. Away from the coast, territorial wars were fought between the Iban and a Kenyah - Kayan alliance. Increasing antimony production in the region led the Brunei Sultanate to demand higher taxes, which ultimately led to civil unrest.

Malaysian code on corporate governance 2012

March 20, The Malaysian Code on Corporate Governance MCCG focuses on strengthening board structure and composition as well as recognizing the role of directors as active and responsible fiduciaries. It sets out eight broad principles and 26 specific recommendations on structures and processes which companies should adopt in making good corporate governance an integral part of their business dealings and culture.

This article provides a brief overview of its guidelines: Principle 1 — Establish Clear Roles and Responsibilities The responsibilities of the board, which should be set out in a board charter, include management oversight, setting strategic direction premised on sustainability and promoting ethical conduct in business dealings.

It is recommended that the board should: Establish clear functions reserved for the board and those delegated to management.

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Establish clear roles and responsibilities in discharging its fiduciary and leadership functions. Formalize ethical standards through a code of conduct and ensure its compliance.

Have procedures to allow its members access to information and advice. Ensure it is supported by a suitably qualified and competent company secretary.

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Formalize, periodically review and make public its board charter. Principle 2 — Strengthen Composition The board should have transparent policies and procedures that will assist in the selection of board members. The board should comprise members who bring value to board deliberations.

It is recommended that: The board should establish a Nominating Committee which should comprise exclusively of non-executive directors, a majority of whom must be independent. The Nominating Committee should develop, maintain and review the criteria to be used in the recruitment process and annual assessment of directors.

The board should establish formal and transparent remuneration policies and procedures to attract and retain directors.

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Principle 3 — Reinforce Independence The board should have policies and procedures to ensure effectiveness of independent directors. The board should undertake an assessment of its independent directors annually.

The tenure of an independent director should not exceed a cumulative term of nine years. The positions of chairman and CEO should be held by different individuals, and the chairman must be a non-executive member of the board.

Malaysian code on corporate governance 2012

The board must comprise of a majority of independent directors where the chairman of the board is not an independent director. Principle 4 — Foster Commitment Directors should devote sufficient time to carry out their responsibilities, regularly update their knowledge and enhance their skills.

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The board should set out expectations on time commitment for its members and protocols for accepting new directorships.GUH Holdings Berhad is listed on the Main Market of Bursa Malaysia Securities Berhad under the Industrial Products sector.

It was incorporated in the Federation of Malaya under the Companies Ordinances on 1 March under the name Textile Corporation of Malaya Limited. Type or paste a DOI name into the text box. Click Go.

Malaysian code on corporate governance 2012

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