Bursa Malaysia Bhd has amended the Main Market and ACE Market listing requirements to enhance the disclosure requirements in connection with new issue of securities, as well as to address gaps for greater shareholder protection and confidence.
At the same time, integrity and quality of the board remain a key focus for the exchange, the stock exchange said in a statement on Aug 13.
“The exchange has also enhanced the definition of independent directors by extending the cooling-off period for specific persons (such as an existing or former officer, adviser or transacting party of the listed issuer or its related corporation) to three years from the current two-year period, and subjecting a non-independent non-executive director to such revised cooling-off period.
“This is to strengthen the independence of a proposed director so that he is free from any business or other relationship which could interfere with the exercise of independent judgement of a director,” it added.
Most of the amendments will take effect immediately, while other amendments such as the enhanced definition of independent directors will become effective Oct 1, 2020.