CFA Institute and CFA Society Malaysia respond to Bursa Malaysia’s consultation on proposed amendments to listing requirements related to director appointment and independence.
CFA Institute and CFA Society Malaysia provide a joint response to the Consultation Paper No.1/2021: Proposed Amendments to the Main Market and ACE Market Listing Requirements in Relation to Director Appointment and Independence, issued by Bursa Malaysia on 21 July 2021.
We consider improving corporate governance standards an essential part of our advocacy efforts. Board independence is one of the cornerstones of corporate governance, and we support regulators’ continued focus on enhancing the effectiveness and raising the standards of independent directors.
We acknowledge the effort to strengthen the independence of directors, but we also stress that it is also important to have a holistic view of the proposed reforms as a package and to consider how individual elements, such as maximum tenure and the cooling- off period, would fit into the broader picture.