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Bursa Malaysia Berhad’s Public Consultation Papers

We Need Your Feedback: Bursa Malaysia’s Consultation Papers on Director Appointment & Independence and ACE Market One-Stop Centre  


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Bursa Malaysia has released two public consultation papers on 21 July 2021 and 3 August 2021 respectively:

  1. Consultation Paper No. 1/2021:
    Proposed Amendments to the Main Market and ACE Market Listing Requirements in relation to Director Appointment and Independence
  2. Consultation Paper No.2/2021: 
    Proposed Amendments to the ACE Market Listing Requirements in relation to ACE Market One-Stop Centre

As part of our advocacy effort and in representing the voice of directors, we would like to encourage ICDM members to give your input on these two consultation papers.

1. Consultation Paper No.1/2021: Director Appointment & Independence
The current Listing Requirements (LR) does not prescribe or limit the tenure of an independent director while the revised Malaysian Code on Corporate Governance has recommended annual shareholders’ approval through a two-tier voting process for re-appointment of an independent directors beyond 9 years, instead of 12 years.

The two proposals in this consultation paper are:

  1. To limit the tenure of an independent director to not more than a cumulative period of 12 years.
  2. Listed issuer is required to have and publish a fit and proper policy for the appointment and re-appointment of directors of the listed issuer and its subsidiaries.

Further details below:


We have also recently launched the Malaysian Board Practices Review 2020 which gives insights into the board appointment, evaluation and development practices in Malaysia. You may view the recording of the launch and download the full report here.

2. Consultation Paper No.2/2021: ACE Market One-Stop Centre
On 1 July 2021, the Securities Commission (SC) announced the amendment to the Capital Markets and Services Act 2007 which enable Bursa to assume the ACE Market prospectus review and registration functions from the SC, effective from 1 January 2022.To facilitate their role as the one-stop centre, Bursa is proposing amendments to the ACE Market Listing Requirements as below:

  1. Enhancing the ACE Market IPO Framework by, among others, introducing a mandatory consultation process prior to a submission of the IPO application and requiring the directors of an applicant to complete the Mandatory Accreditation Programme prior to the applicant’s listing;
  2. Prescribing the requirements in relation to the contents, standard of disclosure and registration process of a prospectus;
  3. Enhancing the ACE Market Sponsorship framework predicated on a market and outcome-based approach by expanding the pool, role, duty of care and accountability of a Sponsor; and
  4. Streamlining the ACE Market Listing Requirements with SC’s Licensing Handbook, Guidelines on Submission of Corporate and Capital Market Product Proposals, Equity Guidelines and Prospectus Guidelines, where appropriate.

Further details below:


You are welcome to email your views to advocacy@icdm.com.my or vivian@icdm.com.my by Friday, 20 August 2021.

We look forward to your input.



Vivian Ko
Head of Research & Advocacy
+6012 900 3286