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『亚马逊』云账〖号〗(www.2km.me)_The future of responsible business

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Johan Raslan: In a real sense, directors are the front-line soldiers of the CMP3. If we do our work well as a profession, the capital market has a good chance of growing in a sound manner.

THE Capital Market Masterplan 3 (CMP3) is the Securities Commission’s (SC) five-year strategic plan to grow the capital market. The aim of the plan is to support economic growth that is sustainable and inclusive.

In a real sense, directors are the front-line soldiers of the CMP3. If we do our work well as a profession, the capital market has a good chance of growing in a sound manner.

On the other hand, if we do our jobs badly the repercussions can hurt the market as a whole. As 2007 dawned, most Malaysians had never heard of Transmile Group Bhd and Megan Media Holdings Bhd.

However, later that year, these relatively small companies were engulfed in near-simultaneous financial controversies that shook public trust in many of the pillars of the Malaysian capital market.

What has changed since the first Capital Market Masterplan?

First, there is a general acceptance that directors are now critical to ensuring a safe capital market. They are no longer regarded as being like “parsley on fish” – looking nice but adding nothing to the taste of the dish.

On the contrary, board meetings are now generally serious affairs. Attendance at meetings is normally 100%, and meetings can last entire days.

Directors are also more aware of the risks they run. They can face sanctions from regulators and law-enforcement agencies, and they can also lose reputations built over their entire careers.

Second, regulators are also more aware of what can go wrong, and have taken steps to improve the ecosystem. The SC started the Audit Oversight Board to “audit the auditors”. Hundreds of directors have passed through rigorous training by regulator-sponsored bodies like ICLIF (now part of Bank Negara’s Asian School of Business), FIDE Forum and the Institute of Corporate Directors Malaysia.

Basic corporate governance problems still arise

People often say that “we have all the rules”, as if to say that we have resolved basic corporate governance problems.

Unfortunately, not everyone received the memo. Basic mistakes occur. More worrying, intentional errors also seem to arise. Despite having a set of rules and codes that is among the strongest in the world, there is still bad conduct.

There is no magic bullet to stop this happening. Independent directors need to act independently, and regulators need to act swiftly to ensure public trust. There is an argument that people who are not fit and proper should be excluded from becoming directors of listed companies.

It’s a VUCA world

Business is far more complex than it ever was before. The interconnections between different geographies, industries, and problems are truly mind-boggling.

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