Embedding Economic Excellence: A Transformational Definition of ‘Corporate Governance’ For Malaysia

by Prof. Dr. Garry James Clayton, Prof. Dr. Zulkifflee Mohamed

The 3rd International Conference on Corporate Responsibility (CSR)& European Union Malaysian of Chamber of Commerce & Industry (EUMCCI) Social Responsibility Week 2012

Abstract

The Malaysian government has carefully crafted policies to ensure the nation achieves its aspirational goal to become a developed nation by 2020. Crucial for which are the success the Securities Commissions “Corporate Governance Blueprint 2011” and “Capital Market Master Plan 2” designed to provide a business environment which attracts investment and talent.

Somewhat overlooked in these otherwise robust policy shifts has been a critical critique of the definition, nature and purpose of Corporate Governance itself. Recognizing this oversight Tan Sri Muhyiddin Yassin, Malaysia’s Deputy Prime Minister, has directed that the definition of Corporate Governance be rejuvenated for the 21st Century. This paper looks to answer that challenge by recommending the following transformational definition for Corporate Governance:

“The proactive implementation of accountable ethical processes, procedures and policies that inspires innovative aspirational economic activity to produce sustainable wealth and prosperity for shareholders, stakeholders and society”.

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