PETALING JAYA: The Securities Commission Malaysia (SC) has clarified its guidlines on the appointment of chief executives for a Capital Market Services Licence (CMSL) holder, in the wake of various media articles on the former president & group chief executive (PGCE) of Permodalan Nasional Bhd (PNB) that alluded to the SC’s approval process.
In a statement, the SC said while a company is to seek its approval prior to appointing a chief executive, a CMSL holder and its board of directors are required to conduct due diligence on the individual’s capability and competence to lead the licensed entity.
“This includes assessing, amongst others, the individual’s ability to exercise due skill and diligence in assuming the position. In addition, the SC will also conduct regulatory assessments on the background of the individual with relevant law enforcement agencies.
“The SC’s requirements and practices are comparable with the standards applied by other capital market regulators in the region,” it said.
With regard to PNB, the regulator said it is required to ensure that all information submitted to the SC for the appointment of its former PGCE, including the work experience and academic qualifications provided in the application forms and supporting documents, are true and correct after it has conducted due diligence enquiries.
“This requirement is clearly stated in the relevant application form. In this regard, the company had declared to the SC that all information provided in its submission to the SC for the appointment of its former PGCE are true and correct,” it added.
Recently, however, the SC said it was notified of discrepancies in the company’s submission to the SC in relation to its former PGCE’s academic qualifications and work experience, and has since received confirmation of the discrepancies.
To this end, the SC said it has sought clarification from relevant parties, but PNB’s response is still pending.
source https://www.thesundaily.my/business/sc-clarifies-guidelines-on-appointments-of-ceos-for-cmsl-holders-JX2606308
No comments:
Post a Comment