This article first appeared in The Edge Financial Daily on December 19, 2019

KUALA LUMPUR: Bursa Malaysia Bhd has amended the Main and ACE Market listing requirements to encapsulate anti-corruption measures in support of the National Anti-Corruption Plan 2019-2023.

In a statement yesterday, it said the amendments include requiring listed issuers and their boards of directors to ensure that the policies and procedures on anti-corruption and whistle-blowing are established and maintained for the listed issuers and their subsidiaries.

Listed issuers and their boards are required to periodically assess these policies and procedures’ effectiveness, and in any event at least once every three years, ensuring that corruption risk is included in the annual risk assessment of the group.

Another amendment requires a listed issuer to publish the anti-corruption policy as well as whistle-blowing policy and procedures on its website.

Bursa said these amendments, which will take effect on June 1, 2020, will require listed issuers to establish and implement policies and procedures to prevent corrupt practices, thereby providing them with a measure of assurance and a defence against corporate liability for corruption under Section 17A of the Malaysian Anti-Corruption Commission Act 2009.

Bursa chief executive officer Datuk Muhamad Umar Swift said given the serious threat that corruption poses to corporates and the economy, the bourse is supporting the government’s battle against corruption by amending the listing requirements.

“The amendments will not only promote better governance culture and ethical behaviour within the listed issuer group but will also provide greater accountability and transparency to investors,” he said.