The Companies Commission of Malaysia has taken the initiative to review Malaysian corporate law under its Corporate Law Reform Programme. To ensure that the reform programme will be conducted effectively and objectively, CCM has established a committee called the Corporate Law Reform Committee (CLRC) pursuant to sections 17 and 19 of the Companies Commission of Malaysia Act 2001.
The establishment of the Corporate Law Reform Committee (CLRC) on 17 December 2003 forms an integral part of the strategic direction of the Companies Commission Malaysia towards providing a regulatory framework which is conducive for companies and businesses to operate.
The Companies Commission recognises the need to review the Companies Act 1965 to reflect the current and future needs of the business environment. Accordingly, the CLRC has been established to undertake a fundamental review of the current legislative policies on corporate law in order to propose amendments that are necessary for corporate and business activities to function in a cost effective, consistent, transparent and competitive business environment in line with international standards of good corporate governance.