With capital markets undergoing constant change, and in order to promote transparency, maintain market integrity and strengthen investor protections, the Malaysian Stock Exchange has revised the requirements for listing on its securities exchange, with respect to information disclosure and corporate governance.

Consequently, in October this year, it published a consultation paper with the proposed amendments to the listing requirements to sound out public opinion and get feedback from its stakeholders. It also includes the proposed amendments to the information disclosure rules for companies involved in mining and exploration of oil and gas.

The amendments mainly focus on the following:

Annual Report and non-financial information

In order to give shareholders and investors an overall view of the company's strategy, financial situation, transactions and outlook, and in order to improve the quality of information published, this consultation paper proposes the following changes to the annual report:

• Incorporate information on the company's businesses, its transactions and the financial yields obtained.
• Provide a breakdown of the costs incurred in services other than auditing.
• Publish the professional profile of the senior managers in the company, and improve the personal information on the directors and the chief executive officer: name, age, gender, nationality, date of appointment, experience, related parties, conflicts of interest, etc.
• Report on the specific features of certain loans and contracts, and on the number of shares in the company or its subsidiaries owned by the chief executive officer.
• Clarify the information on the directors' remuneration, specifically for those who provide services to more than one listed company.
• Eliminate repetitive information.

Greater shareholder engagement

The following recommendations are intended to increase the participation of shareholders in listed companies:

• Carry out votes at the General Meeting using ballot papers (abandoning the common practice of voting by show of hands), with an independent scrutineer to certify the outcome.
• Publish the minutes of the Annual General Meeting on the company website.

 International auditing standards

The following proposals are made in order to adapt the listing requirements to international auditing standards:

• To immediately publish information on material of special interest for the auditors, and matters regarding the company's performance.
• Strengthen the role of the audit committee in reviewing the financial statements.

 MOG

The proposal requires that companies involved in Mineral, or O&G exploration or extraction (MOG) provide their shareholders and investors with the latest news on their operation, providing relevant and reliable material and information so that they can understand the activities and businesses in which the MOG is engaged and reach informed decisions on their investment.