100 firms set to achieve 30pc women participation target

GEORGE TOWN: The Securities Commission Malaysia (SC) is on track to achieve its target of 30 per cent women participation on boards of top 100 companies on Bursa Malaysia with the launch of the Malaysian Code on Corporate Governance (MCCG).Spokesperson for the SC-organised MCCG Roadshow, Kasturi Nathan, said the newly enhanced code would promote greater women participation on boards, that would comprise at least 30 per cent women directors.

Kasturi who is KPMG executive director said currently, there are still 17 of the top 100 companies that comprise all male directors and efforts had been done for them to appoint women on boards.

"Study has shown that productivity level of companies with all male on board is lower compared to companies with boards of at least 30 per cent women participation," she said during the SC MCCG roadshow here yesterday.

She said the first batch of companies required to report their application of the code would be those with financial years ending Dec 31, 2017.

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"The new MCCG places greater emphasis on the internalisation of corporate governance culture, not just among listed companies, but also encourages non-listed entities including state-owned enterprises, small and medium enterprises (SMEs) and licensed intermediaries to embrace the code," she said.

She added that to complete the corporate governance architecture for the capital market, a corporate governance framework for licensed and registered intermediaries would be introduced to help enhance their competitiveness and enable them to access affordable external financing, lower their cost of capital and improve performance.

Launched in April this year, the new code, which entails 36 practices, is a set of best practices to strengthen corporate culture anchored on accountability and transparency.

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The MCCG roadshow began in Penang yesterday with about 40 representatives from public listed companies in attendance before continuing its journey to Sabah and Sarawak on Aug 28 and Aug 29, respectively.

The roadshow will end in Johor on Sept 6. – Bernama

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