**5.3 Malaysia**

The Malaysian Corporate Governance framework has a strong foundation for the boards and board-level committees. It clearly states the roles, timely actions, disclosures, integrity reporting methods, risk management initiatives, internal controls, participation of shareholders in annual general meetings, etc. The following are the important codes of corporate governance in Malaysia.


#### **5.4 Australia**

In 1999, the Government proposed the corporate law reform program Act to provide statutory guidelines to corporates, revised provisions for directors, accounting standards, etc. Australian Listed companies have a unitary board structure. The act has defined eight core principles to companies about their corporate governance structures. The Australian Securities Exchanges (ASX) listing rules

<sup>4</sup> *Company Law Review Group in 1998 to consider in detail how company law could be modernized.*

mandate the companies to have an audit committee. The board should have 1/3rd members as IDs. The various codes of CG in Australia are Corporate Governance Principles and Recommendations, 2014, 2010, 2007, Principles of Good Corporate Governance and Best Practice Recommendations, 2003, Corporate Governance Report, 2002, 1999.
