This article first appeared on Focus Malaysia
The late 35th US president. John I Kennedy, once said "Change is the law of life and those who look only to the past or present are certain to miss the future".
The new Malaysian Code on Corporate Governance (Code) recently launched by the Securities Commission Malaysia is certainly an apt testament of what change entails. The new Code is significantly novel and vastly different from the previous versions issued in March 2000 and the subsequent revisions in 2007 and 2012.
It is a living yet revolutionary document that sets the pace for advancements in corporate governance standards. A key thrust of the new Code is its outcome-based approach which is laconically under-pinned by the moniker "CARE" (C- Comprehend; A- Apply and RE- Report). The moniker is not just a noun: it is a call for action.
Companies are now urged to CARE about corporate governance by giving effect to the spirit behind the practices and appreciating the significance of the principles in supporting long term value creation.
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