No politicians please
PUBLIC-listed companies are discouraged from appointing active politicians, such as Members of Parliament and state assemblymen to their board of directors, the Securities Commission (SC) said in its latest update on the Malaysian Code of Corporate Governance (MCCG) released on Wednesday.
The SC also found that issues relating to re-appointment of long-serving independent directors remained a concern. As at March 31,434 independent directors had tenures of more than 12 years, out of which 49 independent directors had served on the same board for more than 20 years.
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