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Roundtable in Malaysia with INEDS and IIC; ACGA member meeting with Malaysian SC and Bursa Malaysia

On 24 November, Amar Gill, ACGA Secretary General, and Helena Fung, ACGA Head of Research and Adovcacy, joined members both in person and online for two high-level meetings in Kuala Lumpur. In the morning, in partnership with the Institutional Investor Council Malaysia (IIC) and the Institute of Corporate Directors Malaysia (ICDM), ACGA held a closed-door roundtable at Permodalan Nasional Berhad’s (PNB) offices. Titled “Board Effectiveness and the role of non-independent and independent directors”, the session was moderated by Amar and featured seven independent directors from some of Malaysia’s largest listed companies, including Tenaga Nasional Berhad (TNB), DRB-Hicom, Press Metal, SD Guthrie and Nestlè, who participated in a very frank and open exchange with investors. Key discussion points included the role of directors in holding management accountable for long term, sustainable value creation; fostering diverse, informed and sometimes challenging opinions and bridging gaps between majority and minority shareholders and the board.  There was a particularly lively exchange on when and how frequently investors should expect to meet with independent directors as part of stewardship activities. 

The INED roundtable was followed by a meeting at the Malaysian Securities Commission (SC) with representatives from the SC and from Bursa Malaysia (BM). The SC chair attended virtually from London and actively engaged throughout the session to hear members’ views. The SC presented its plans for the fourth Capital Market Masterplan (CMP4), a long-term roadmap for the capital markets set for imminent launch. Core elements of the draft framework discussed with members include sustainability and ESG, digital markets and internationalisation. The SC is also planning to update the Malaysian Code of Corporate Governance in 2026. Participants from BMs regulatory team shared feedback on the progress of the PLC Transformation Programme and discussed learnings that might help to shape the next phase of Malaysia’s ‘Value Up’ programme.