Listed companies must introduce anti-corruption measures from 1 June 2020
28 January 2020
From 1 June 2020, companies listed on the Main Market and ACE Market are required to introduce anti-corruption measures. Bursa Malaysia, on 18 December 2019, issued amended Main Market Listing Requirements and the ACE Market Listing Requirements, setting out these measures. These amendments seek to promote better corporate governance as well as provide listed companies with a defence against corporate liability under section 17A of the Malaysian Anti-Corruption Commission Act 2009.
The amendments stipulate that a listed company and its subsidiaries must establish and maintain policies and procedures regarding anti-corruption and whistle-blowing. The Guidelines on Adequate Procedures issued by the Malaysian Anti-Corruption Commission must be used as a guide in the establishment of these policies and procedures. It will also be required that these policies be published on the company’s website.