BY TERENCE FERNANDEZ
AUGUST 15 ― On August 8, the Malaysian Institute of Corporate Governance (MICG) launched its inaugural report on transparency in corporate reporting among Malaysia’s top 100 public listed companies (PLCs).
As expected, and feared, many companies fell short of the three areas in which they were assessed: anti-corruption programmes (40 per cent); organisational transparency (30 per cent); and sustainability practices (30 per cent).
Out of a possible score of 10, the average company score was a mere 4.6.
But to be fair, some of these companies had already put in place or were in the process of putting in place the desired standards which were not taken into account and included in the final report.
But the results, nonetheless, were not surprising and generally represented the perception of public listed companies having some ways to go in areas of transparent processes including tender procedures and anti-corruption measures where only two companies had cohesive anti-graft training for staff and directors. Read more