An Insight to Corporate Law Reform in Malaysia
By Anil Joshi, LLM
It has been more than seven months since the Corporate Law Reform Committee (‘CLRC’) was established by the Companies Commission of Malaysia. Questions such as why, what, who and how are being asked in respect of the CLRC. This article in its little way seeks to answer the above questions and is the precursor of other articles to come in the near future.
The task of reviewing the Companies Act 1965 (hereinafter referred to as the ‘Act’) shouldered by the members of the CLRC is by no means a simple task. This is because to date no comprehensive study has been undertaken on the Act since its enactment in 1965. The CLRC therefore has no local reports to rely and build upon. Yet despite these shortcomings, the members of the CLRC are committed in reviewing the Act and to make the necessary recommendations to the government.
The government on its part supports the review exercise that is being conducted by the CLRC as it is committed towards ensuring that the corporate regulatory framework in Malaysia continues to promote enterprise and competitiveness and the exercise represents a comprehensive, modern and balanced view for corporate reform in Malaysia.
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