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 Bursa Malaysia has on 23 September 2011 announced the latest amendments to the Listing Requirements of Main Market and ACE Market on the listed issuers’ disclosure obligations, corporate governance practices and other obligations, as well as the Corporate Disclosure (CD) Guide.
The amendments to the Listing Requirements are in the following key areas:
| a) |
Improving the quality of information for financial reporting |
| b) |
Improving disclosure by listed issuers in areas of related party transactions, poll voting, corporate proposals, boardroom/senior management/external audit announcement |
| c) |
According greater flexibility to listed issuers in structuring shares schemes for employees |
| d) |
Promoting greater transparency in respect of share schemes for employees |
| e) |
Facilitating listed issuers to pay dividends in shares to their shareholders through a "Dividend Reinvestment Scheme", and |
| f) |
Promoting greater efficiency in the market by allowing listed issuers to buy back odd lot shares and direct business transactions. |
These amendments are expected to improve the quality of disclosure in our market, enhance transparency and eventually enhance the investability of out listed issuers.
In addition to the above, Bursa Securities has also made the followings amendments to the Listing Requirements which take effect immediately ("Other Amendments"):
| a) |
Streamlining the Listing Requirements with the provisions under the Malaysian Take-Overs and Mergers Code 2010 ("TOM Code"); |
| b) |
Amending the Listing Requirements consequential to the Capital Markets and Services (Price Stabilization Mechanism) (Amendment) Regulations 2010; |
| c) |
Amending the definition of controlling shareholder" in the Listing Requirements consequential to the Capital Markets and Services (Amendment) Act 2010 |
| d) |
Replacing the relevant titles of financial statements pursuant to the Financial Reporting Standard 101: Presentation of Financial Statements ("FRS 101") |
The amendments to the Listing Requirements will take effect from 3 January 2012. In respect of the enhanced disclosure requirements in the quarterly financial reports and annual reports, all listed issuers must comply with the enhanced disclosures in the Listing Requirements for the financial periods/ years ending on or after 31 December 2011.
In tandem with the issuance of the Amendments, Bursa Malaysia has also issued a Corporate Disclosure Guide which seeks to provide clarification and guidance to the listed issuers’ internal policies and procedures to enable them to better discharge their disclosure obligations. Further, the CD also sets out a list of key take-aways which summarises the best practices and recommendations contained in the CD Guide. This provides a quick overview of the CD Guide. It is hoped that the Corporate Disclosure will aid in enhancing adherence to the substance of disclosure and not mere form, which in turn, will improve the overall transparency in the market place and enhance the investability of listed issuers.
To download the following documents:
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