Malaysia outlines new corporate governance reform issues

New corporate governance targets have been outlined by the securities commission of Malaysia as it seeks to maintain the nation's recovery following the recession.

Speaking at the keynote address of the SC-Bursa Corporate Governance Week 2011, commission chairman Tan Sri Zarinah Anwar stated that more proactive measures are needed in the governance sector.

Among the matters highlighted as key priorities was the need for improved boardroom diversity, in order to deliver a wider array of skills and competencies.

The new governance blueprint therefore lays out a target of 30 per cent for female executive participation on Malaysian boards by 2016.

"Corporate governance is a shared responsibility and it is the obligation of all participants to exercise greater care and responsibility in promoting value creation and sustainability through mutually-reinforcing efforts," she said.

This comes after the monetary authority of neighbouring Singapore set up a panel to debate new corporate governance reforms last month.