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Malaysia Set To Woo More Investors With Corporate Governance Blueprint

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KUALA LUMPUR, Oct 31 (Bernama) -- Malaysia is expected to be a leading destination for investors with the implementation of the corporate governance blueprint early next year, said Malaysian Institute of Corporate Governance vice-president Margaret Chin.

She said investors are looking at a country with the most sophisticated corporate governance framework.

"With the implementation of the blueprint, investors will feel safe as their assets are protected all the time in many ways.

"We also have good people to implement the blueprint and certainly if we do it very fast, we will be ahead to attract more foreign direct investments to our country," she told reporters on the sidelines of the institute's workshop entitled "Scrutinising Financial Statement Fraud and Detection of Red Flag For Directors and Officers of PLCs and Government Regulatory Agencies," here Monday.

The blueprint, launched by Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah on July 8, provides the action plan to raise the standard of corporate governance in Malaysia by strengthening self and market discipline and promoting greater internalisation of the culture of good governance.

It focuses on six connected themes of the corporate governance ecosystem namely shareholder rights, the roles of institutional investors, boards, gatekeepers and influencers, disclosure and transparency as well as public and private enforcement.

Attended by 150 directors, the seminar is focused on enhancing participants' understanding and knowledge of fraud schemes and creating awareness as well as detecting and recognising the red flag well in advance to prevent a disaster.

She said to avoid fraud from occurring, directors must give sufficient attention to a whistleblower who will come forward to expose fraudulent acts in a company.

"One major initiative to avoid fraud is whistleblowing, without information from a whistleblower you won't have exposure on such big cases like the Enron scandal," she added.

A whistleblower is a person who tells the public or someone in authority about alleged dishonest or illegal activities (misconduct) occurring in a government department, a public or private organisation, or a company.


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