Bursa seeks feedback on proposals to boost disclosure, corporate governance framework

KUALA LUMPUR: Bursa Malaysia Securities Bhd has invited public feedback on the proposed amendments to the listing requirements aimed to boost its disclosure and corporate governance framework, as well as the post listing obligations for mineral, oil and gas-listed issuers.
The amendments aim to promote greater transparency, maintain market integrity and reinforce investor protection.
"Bursa Malaysia proposes to further improve the quality of disclosures in the marketplace by prescribing additional non-financial information, such as disclosure of management discussion and analysis in annual reports, which is useful and essential to investors to aid them in making informed investment decisions," it said in a statement last Friday.
Bursa Malaysia also took into consideration the developments in the international standards of auditing relating to key audit matters and going concern, and the impact arising from such standards, which necessitate greater disclosure and transparency on the audits performed by listed issuers' external auditors.
Additionally, the exchange noted the need to improve shareholder engagement and participation to inculcate better corporate governance practice and to improve listed issuers' engagement with their shareholders.
"Bursa Malaysia hopes that through this review, the exchange will remain as an attractive investment destination through enhanced transparency in the market place, good corporate governance practices amongst the listed issuers as well as adequate safeguards for investor protection."
Bursa Malaysia also proposes to create a robust disclosure framework specifically tailored for listed issuers involved in mineral, oil and gas (MOG) exploration or extraction activities post-listing.
The proposed MOG amendments are aimed at improving the investability of MOG-listed issuers and strengthening investor protection through continuous disclosure of material, relevant and reliable information post listing.
At the same time, the proposed MOG amendments also seek to promote quality disclosure in the marketplace by requiring disclosures to be supported by technical expert reports and made in accordance with acceptable international reporting standards, where appropriate.