Bursa to amend listing rules to support national anti-graft agenda

PETALING JAYA: Bursa Malaysia Bhd will be changing the listing requirements for the ACE and Main Markets to encapsulate anticorruption measures in support of the National Anti-Corruption Plan 2019-2023, the bourse said in a statement.

The new measures will take effect from June 1, 2020 and will require listed issuers to establish and implement policies and procedures to prevent corrupt practices, thereby providing them with a measure of assurance and a defence against corporate liability for corruption under section 17A of the Malaysian Anti-Corruption Commission Act 2009.

The revisions will include requiring a listed issuer and its board of directors to ensure that the policies and procedures on anticorruption and whistle-blowing are established and maintained for the listed issuer and its subsidiaries.

The policies and procedures will also need to be reviewed periodically, at least once every three years, to assess their effectiveness.

In addition, a listed issuer will be required to publish anti-corruption policy as well as whistleblowing policy and procedures on its website.

Bursa Malaysia CEO Datuk Muhamad Umar Swift said the amendments will not only promote better governance culture and ethical behaviour within the listed issuer group, but will also provide greater accountability and transparency to investors.

“Given the serious threat that corruption poses to corporates and the economy, Bursa Malaysia is supporting government’s battle against corruption by amending the listing requirements to encapsulate anti-corruption measures which are in addition to the statutory provisions under the law,” he said.