The CG scorecard, which is based on the Asean CG Scorecard , rose 5.4% to 83.58 points in 2021 from 79.28 points in 2020 out of a maximum attainable score of 130 points, the watchdog said.
“The upward trend is also observed in the top 100 PLCs and ACE Market PLCs. This steady improvement is indeed encouraging, and is a testament that the ACGS is an effective tool for corporate governance reform,” MSWG’s chief executive officer Devanesan Evanson noted in a statement. There was also a notable big increase in the implementation of electronic voting in absentia mechanism to 775 companies from 274 companies during 2020.
There was a noted rise in the number of PLCs which adopted a term limit of nine years for its independent directors to 148 companies in 2021 from 80 companies in 2020.