The Securities Commission Malaysia (SC) is on track to achieve its target of 30% women participation on boards of top 100 companies on Bursa Malaysia with the launch of the Malaysian Code on Corporate Governance (MCCG).
Kasturi Nathan, spokesperson for the SC-organised MCCG Roadshow, said the newly enhanced code would promote greater women participation on boards that would comprise at least 30% women directors.
Kasturi, who is KPMG ED, 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 boards is lower compared to companies with boards of at least 30% women participation,” she said at an SC MCCG roadshow in Penang 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.
“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, and licensed intermediaries to embrace the code.”
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. — Bernama