Bidin, Aishah --- "Corporate Law Reform and Corporate Governance in Malaysia – Responses to Globalization" [2012] ELECD 392; in Vasudev, M. P.; Watson, Susan (eds), "Corporate Governance after the Financial Crisis" (Edward Elgar Publishing, 2012)

Book Title: Corporate Governance after the Financial Crisis

Editor(s): Vasudev, M. P.; Watson, Susan

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9780857931528

Section: Chapter 10

Section Title: Corporate Law Reform and Corporate Governance in Malaysia – Responses to Globalization

Author(s): Bidin, Aishah

Number of pages: 20

Extract:

10. Corporate law reform and corporate
governance in Malaysia ­ responses
to globalization
Aishah Bidin

INTRODUCTION

Reforming company law is an important part of the corporate law
program in Malaysia. The objectives of the reform program are the crea-
tion of a legal and regulatory structure that will facilitate business, promote
accountability and protect corporate directors and members, taking into
account the interest of other stakeholders in line with international stand-
ards. Malaysian corporate law reform has taken on a different dimension
recently. This chapter provides an overview of the reforms currently in
progress in Malaysia. It has a special focus on corporate rehabilitation
and restructuring. A new regime on rehabilitation is currently under par-
liamentary process in Malaysia and the chapter explains how it has been
influenced by the models in Singapore, Australia and the UK.
Since the Malaysian Companies Act 1965 came into force, it has been
amended more than 30 times. The approach taken has been on a `piece-
meal basis' and has lacked a systematic and coherent review of corporate
law and practice. To ensure that the reform program is effective and
objective, cross-jurisdictional studies were carried out for the purpose of
identifying international corporate initiatives and trends. Further, these
studies helped ensure that the reforms will be in tandem with global stand-
ards and enable Malaysian businesses to compete internationally.
This chapter outlines the approach taken by the Malaysian Corporate
Law Reform Committee (CLRC) in its efforts to modernize corporate law
and practice in Malaysia. ...