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BURSA MALAYSIA SEEKS PUBLIC FEEDBACK ON PROPOSED RULE AMENDMENTS TO THE MAIN AND ACE MARKET LISTING REQUIREMENTS AIMED TO STRENGTHEN GOVERNANCE OF LISTED ISSUERS AND ENHANCE OPERATIONAL EFFICIENCY

26 Sep 2019

Kuala Lumpur, 26 September 2019 – Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) today issued a consultation paper seeking public feedback on the proposed amendments to the Main and ACE Market Listing Requirements (collectively “Listing Requirements”). Heeding the government’s call under the National Anti-Corruption Plan (2019-2023), the Exchange proposes to introduce various anti-corruption measures for listed issuers under the Listing Requirements. The other proposed changes entail driving digitisation in corporate exercises undertaken by listed issuers for greater operational efficiency and efficacy. 

In line with the above, the key proposed amendments include the following:

(a)          Strengthening the governance of listed issuers to prevent corruption, misconduct and fraud by requiring a listed issuer’s board of directors to -

(i)           establish and maintain policies and procedures on anti-corruption and whistle-blowing;

(ii)          conduct annual review of such policies and procedures, and publish them on the listed issuer’s website; and

(iii)         include corruption risk in its annual risk assessment framework;

(b)          Promoting operational efficiency and efficacy through digitising corporate exercises, by requiring a listed issuer to facilitate the following actions by its securities holders electronically:

(i)           subscription and payment for rights issue;

(ii)          conversion and payment for convertible securities; and

(iii)         election to participate in a dividend reinvestment scheme.

The consultation paper is available at www.bursamalaysia.com. Interested parties are invited to submit their comments and feedback to Bursa Malaysia by 25 October 2019.