More than 180 Malaysian listed firms lack compliance

Stressing a point: Selvarany says many companies lacked strong justifications in re-appointing directors who had served for more than nine years and some are even silent on the matter with the view that it is not crucial to enhance corporate governance standards.

KUALA LUMPUR: More than 40% of 450 listed companies surveyed by Bursa Malaysia did not meet satisfactory corporate governance standards.

Among the weaknesses were that companies did not comply with having “real independent” directors on their boards, the audit committee’s report not having enough information and the post of chairman and chief executive being held by the same person.