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PRACTICES IN
EMPLOYEES PROVIDENT
FUND
CORPORATE GOVERNANCE
PRACTICES
• Corporate Governance (CG) – definitions:
9OECD:A set of relationships between a company’s
management, its board, its shareholders and other
stakeholders. It provides the structure through
which the objectives of the company are set, and
the means of attaining those objectives and
monitoring performance are determined.
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CORPORATE GOVERNANCE
PRACTICES
Background
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CORPORATE GOVERNANCE
PRACTICES
• In Malaysia, the direct response to poor CG was the
introduction of the Malaysian Code of Corporate
Governance (MCCG) issued in February 1999.
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CORPORATE GOVERNANCE
PRACTICES
CG and EPF
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CORPORATE GOVERNANCE
PRACTICES
CG practices within the EPF
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CORPORATE GOVERNANCE
PRACTICES
CG Index – Main Components
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CORPORATE GOVERNANCE
PRACTICES
CG Index – Main Components
• Transparency:
9 Statement of Mission and Vision
9 Statement of Corporate Governance
9 Statement of Internal Control
9 Statement of dividend policy
9 Disclosure of Board Members and Panel Members
profiles, honorarium and allowances, board
attendance
9 Disclosure of Corporate KPI
9 Quarterly and annual financial statements
• Clear, accurate and timely disclosure of
information
9 etc
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CORPORATE GOVERNANCE
PRACTICES
• Accountability & Responsibility:
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CORPORATE GOVERNANCE
PRACTICES
• Independence:
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CORPORATE GOVERNANCE
PRACTICES
• Risk Management:
• Focus:
9 Clearly defined core businesses and competencies
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CORPORATE GOVERNANCE
PRACTICES
• Fairness:
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CORPORATE GOVERNANCE
PRACTICES
• Regulatory Compliance:
9 Compliance with laws including the EPF Act
1991 and the policy directives of the Ministry of
Finance
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CONCLUSION
As a trustee of members old age retirement, the Board
believes that good corporate governance practices is
essential for the effective discharge of its fiduciary
responsibility.
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