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MSWG Weekly Newsletter 16 March 2018 (English)

16 March 2018

VOICE OF MSWG

In another welcome boost in the move for more transparency and accountability, Transparency International (TI) Malaysia launched the country’s first Business Integrity Country Agenda (BICA) Assessment Report, following other international T-I chapters in building a country specific body of evidence on business integrity as a platform for reform and change.

Such reports are set to become important reference points for fighting corruption in business practices in Malaysia and overseas.

For Malaysia especially, this is an especially important development, since Transparency International president Dato’ Akhbar Satar has rightly pointed out that this country is facing an “integrity crisis” following multiple examples of money leaks in government and government-linked bodies.

From the perspective of key stakeholders in large companies, the issue of leakages is an important one due to the close nexus of business and government, with the whole issue of GLCs and GLICS being a hotly debated Malaysia-centric subject.

MSWG Weekly Newsletter 09 March 2018 (English)

09 March 2018

MSWG’S QUICK TAKE ON-ONGOING CORPORATE DEVELOPMENTS

MULTI-USAGE HOLDINGS BERHAD (“MUH”)

MUH has given a notice dated 5 March 2018 that its adjourned 25th Annual General Meeting will be held on 12 March 2018.

[Source: MUH’s announcement on Bursa Malaysia’s website on 2 March 2018]

MSWG’S COMMENTS:

The notice period for the adjourned AGM is only 7 days. This does not seem to be in compliance with Section 318 read in conjunction with 316(2)(a) of the Companies Act 2016 which states that the notice period for an AGM which is adjourned for thirty days or more should be at least 21 days.

It is imperative for the Board to explain to the shareholders the reasons for giving only 7 days for the Adjourned AGM. In the meantime, we hope the relevant regulators would look into this matter to ensure that no rules have been breached at the expense of shareholders.