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BURSA MALAYSIA AMENDS MAIN AND ACE MARKET LISTING REQUIREMENTS IN RELATION TO ANTI-CORRUPTION MEASURES
Kuala Lumpur, 18 December 2019 – In an effort to enhance the quality and integrity of listed issuers on Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”), the Exchange has amended the Main and ACE Market Listing Requirements (collectively “Listing Requirements”) to encapsulate anti-corruption measures (“Anti-Corruption Amendments”) in support of the National Anti-Corruption Plan 2019-2023.
To take effect on 1 June 2020, the Anti-Corruption Amendments will require listed issuers to establish and implement policies and procedures to prevent corrupt practices, thereby providing them with a measure of assurance and a defence against corporate liability for corruption under section 17A of the Malaysian Anti-Corruption Commission Act 2009.
Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia said, “Given the serious threat that corruption poses to corporates and the economy, Bursa Malaysia is supporting government’s battle against corruption by amending the Listing Requirements to encapsulate anti-corruption measures which are in addition to the statutory provisions under the law. The amendments will not only promote better governance culture and ethical behaviour within the listed issuer group, but will also provide greater accountability and transparency to investors.”
The Anti-Corruption Amendments include the following:
(a) Requiring a listed issuer and its board of directors to ensure that –
(i) the policies and procedures on anti-corruption and whistle-blowing are established and maintained for the listed issuer
and its subsidiaries (“group”);
(ii) such policies and procedures are reviewed periodically to assess their effectiveness, and in any event, at least once every 3 years; and
(iii) corruption risk is included in the annual risk assessment of the group; and
(b) Requiring a listed issuer to publish anti-corruption policy as well as whistle-blowing policy and procedures on its website.
For further information, please visit Bursa Malaysia’s website at www.bursamalaysia.com.