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Corporate governance rules in many countries, including Malaysia, have traditionally been based on the shareholder model. Even though it was acknowledged that stakeholders’ interests should be considered in creating long-term shareholder value, most principles and provisions are provided for the protection and creation of shareholder value.
The 2021 Malaysian Code on Corporate Governance is one of the first corporate governance codes to incorporate sustainability-related and ESG considerations into its principles, intended outcomes, practices and guidance. At the same time, sustainability reporting standards issued by various bodies globally require companies to disclose their sustainability governance structures and practices.
Mak Yuen Teen
Professor Mak Yuen Teen teaches at the NUS Business School, National University of Singapore. Professor Mak has served on three of the four corporate governance committees set up by the Singapore authorities to develop and revise the code of corporate governance, including the first committee in 2000 and the most recent committee under the Monetary Authority of Singapore (MAS) which released the 2018 Singapore Code.
He currently serves on the Corporate Governance Advisory Committee under MAS aimed at continually raising corporate governance standards for listed companies in Singapore, and is a member of the Remuneration Sub-Committee. He has produced a guide for Nominating Committees with KPMG, and served on the advisory panel of the Singapore Institute of Directors which produced the Nominating Committee Guidebook. Between 2000 to 2005, he served on the Governing Council of the Singapore Institute of Directors.