Corporate/M&A
Amendments to Bursa Malaysia Securities Berhad Main Market Listing Requirements in Relation to Sustainability Training for Directors
On
- the existing training for directors in relation to corporate governance and a director's roles, duties and liabilities will remain as Part I ("MAP Part I"); and
- a new Part II which will focus substantively on sustainability will be introduced ("MAP Part II").
Key Amendments
The key amendments are as follows:
- expanding the MAP to two parts, comprising MAP Part I and MAP Part II;
- requiring a first-time director of a listed issuer and a director of a listing applicant, to complete MAP Part II within the prescribed timeframe as follows; and
No. | Director | Timeframe to Complete MAP |
(i) | A Director who is appointed for the first time as a director of a listed issuer | The Director must complete the – (aa) MAP Part 1 within 4 months from the date of appointment; and (bb) MAP Part II within 18 months from the date of appointment. |
(ii) | A Director of an applicant | The Director must complete the – (aa) MAP Part 1 prior to the date of admission of the applicant; and (bb) MAP Part II within 18 months from the date of admission. |
- streamlining and updating the relevant terms used in the Main LR for clarity and consistency, as well as removing operational provisions, from the Main LR.
The amendments take effect as follows:
(a) a director who is appointed on or after
(b) a director of a listing applicant which is admitted to the Main Market on or after
Existing directors
(c) In addition to the above, existing directors of listed issuers who are appointed prior to
Other directors
(d) With regard to other directors not specified under paragraphs (a), (b) and (c) above, they must complete MAP Part II within 18 months from the date of their appointment.
The full text of the amendments as discussed above can be assessed here . To facilitate better understanding on this,
- "Questions and Answers" in relation to the amendments to facilitate a listed issuer and its directors' better understanding of, and compliance with, the amendments, which can be accessed here .
The letter dated
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