In 2013, the Companies Commission of Malaysia published a draft new Companies Bill 2013 for public consultation. As a consequence of this, the Companies Bill 2015 (Companies Bill), intended to replace the Companies Act 1965, was tabled in Parliament. It is awaiting further reading and when passed will change various aspects of the Company Law in Malaysia relating to, aside from others, duties and responsibilities of Company Directors and Company Secretaries. The objective of the Companies Bill is to modernize corporate legal setup in line with current international standards.
It is necessary and essential for all stakeholders to know in general the various aspects of change to the Companies Act and in particular those involving company directors, company secretaries and corporate insolvency. This is in preparation of what lies ahead and when the new law comes into effect, be the first to adapt.
To provide such insight we have Puan Nor Azimah bte Abdul Aziz from Suruhanjaya Syarikat Malaysia (SSM). She is a Director in SSM involved in the preparation of the Companies Bill. Dato’ Loh Siew Cheang is a lawyer whose areas of practice focus on Company Law, and Mr. Philip Koh, also has experience in this field and is a member of the Corporate Law Reform Committee appointed by the Ministry of Domestic Trade and Consumer Affairs that initiated the Companies Bill will speak on the duties of Company Directors. Then, Tan Sri Jeffrey Tan, a recently retired Federal Court Judge of Malaysia, will express his views on judicial management in a winding up process. Datuk Ben Chan, an author of a book on Company Law will enlighten participants on the functions and responsibilities of Company Secretaries. And the Securities Commission of Malaysia (SC) Legal Reform Head, Mr Anil Joshi will focus on the observation of SC on the pending changes to the Companies Act.