In December 2019, Malaysia’s Stock Exchange (Bursa Malaysia Berhad) amended the Main and Access, Certainty, Efficiency (ACE) Market Listing Requirements to incorporate anti-corruption measures. According to the revised listing requirements, a listed issuer and its board of directors must ensure that “policies and procedures on anti-corruption that are, at a minimum, guided by the Guidelines on Adequate Procedures issued pursuant to Section 17A(5) of the Malaysian Anti-Corruption Commission Act 2009” (MACC Act 2009) and “policies and procedures on whistleblowing” are “established and maintained” and “reviewed periodically to assess their effectiveness, and in any event, at least once every 3 years”. A listed issuer and its board of directors must also ensure that “corruption risk is included in the annual risk assessment of the group” and must publish “its policy on anti- corruption” and “its policy and procedures on whistleblowing” on its website.
Section 17A of the MACC Act criminalizes the offence of corruption committed by a commercial organization. Section 17A (1) provides that a commercial organization commits an offence if a person associated with it corruptly gives, offers or promises any gratification to any person with an intent to obtain or retain business or a business advantage for the said commercial organization. Section 17A
(4) provides that an organization may defend themselves in the event of being charged if it proves that “adequate procedures” were in place to prevent its associated persons from undertaking corrupt conducts in relation to its business activities.
Source: MACC Act 2009; Bursa Malaysia press release, https://www.bursamalaysia.com/cn/about_bursa/media_centre/bursa-malaysia-amends-main-and-ace-market-listing-requirements-in-relation-to-anti-corruption-measures ; Chapter 15 of the Main Listing requirements, https://www.bursamalaysia.com/sites/5bb54be15f36ca0af339077a/content_entry5ce3b50239fba2627b2864be/5ce3b5ce5b711a163beae1bd/files/MAIN_Chap15_COI_Ors_Amendments_1July2023_.pdf?1688122456; Chapter 15 of the ACE listing requirement, https://www.bursamalaysia.com/sites/5bb54be15f36ca0af339077a/content_entry5ce3b50239fba2627b2864be/5ce3ba6f5b711a155e950749/files/ACE_Chap15_COI_Ors_Amendments__1July2023_.pdf?1688122488
