SSM to cut company compounds
THE Companies Commission of Malaysia (SSM) will reduce compounds issued to companies by up to 80 per cent beginning September. This initiative, in line with SSM’s campaign, “Comply with Companies Act 2016”, themed “Show Interest, Love Your Company” (Ambil Berat, Sayangi Syarikat), is aimed at raising awareness to companies and assist them in settling their outstanding compounds.
Domestic Trade and Consumer Affairs Minister Datuk Saifuddin Nasution Ismail said company owners must carry out their responsibilities, especially in settling their compounds, to ensure the campaign met its objectives.
He was speaking after launching the SSM National Conference 2018 themed “Doing Business in the Age of Disruption” yesterday.
The reduction of the compounds is based on the month the payment is made. For example, they will receive a waiver of 80 per cent for payments made in September, 70 per cent for payments made in October, 60 per cent in November and 50 per cent in December.
The campaign would be implemented nationwide and the minister urged relevant parties to take advantage of the discounts offered.
Saifuddin said the conference would focus on the changing business landscape and the impact of the digital revolution on the economy and globalisation.
More than 1,000 participants comprising company secretaries, law practitioners, entrepreneurs and stakeholders from the corporate sector are attending the twoday conference.
“The main agenda is to empower the minds of participants in changing the business landscape and invite them to participate in a business world of digital turbulence and challenges.
“The focus of the discussion is on technologies that play a major role in the flow of information, the process of globalisation and the economy.
“The conference will touch on the impact of technology and importance of being prepared with the rapid pace of technology and multimedia.”
Present were deputy minister Chong Chieng Jen, SSM chief executive officer Zahrah Abd Wahab Fenner and ministry secretarygeneral Datuk Seri Jamil Salleh.
SSM is also introducing two new initiatives, Corporate Rescue Mechanism (CRM) and Extensible Business Reporting Language (XBRL), to strengthen corporate governance.
CRM is introduced to assist companies facing financial constraints to operate as before, via a restructuring process.
The second initiative, XBRL or better known as the Malaysian Business Reporting System, is a platform which allows the companies to submit their annual reports to SSM online.
It is expected to be launched in the third quarter for all companies.