Updated MCCG to be issues in 2026, focusing on board quality and effectiveness
Securities Commission (SC) chairman Datuk Mohammad Faiz Azmi said the SC is undertaking a review of the MCCG as part of its Capital Market Masterplan review.
"We will be engaging stakeholders later this year through targeted discussions and consultations on where we are and what we can do better.
"This consultative approach ensures any revisions to the code remain relevant and impactful,' he said in his opening address at the ASEAN Corporate Governance Conference 2025 here today.
According to him, the SC is prepared to make certain elements of the upcoming MCCG (MCCG 2026) mandatory if doing so would help corporates demonstrate stronger governance and deliver better results.
He noted that MCCG has long served as a key tool to drive good corporate conduct but it must be continuously updated to ensure it fits current international standards and practices, as well as local needs.
"The current iteration is MCCG21, which had for the first time included best practices for board diversity and environmental, social and corporate governance (ESG). The next one will be issued in 2026,' he said.
Mohammad Faiz said ASEAN countries, including Singapore, are understood to be embarking on similar exercises this year, which highlights a shared recognition that regulatory frameworks must continue to evolve to meet new challenges.
"While alignment with global standards and investor expectations remain important, each ASEAN jurisdiction is unique.
"Therefore, codes must be tailored to reflect each jurisdiction's unique context, market maturity and strategic priorities,' he said, adding that there is no one-size-fits-all approach in governance.
He noted that ASEAN is home to close to 4,500 public-listed companies, with a combined market capitalisation of around US$3 trillion (US$1=RM4.21).
Mohammad Faiz also highlighted that the region has a significant opportunity to lead in sustainability, with the potential to generate up to US$1.5 trillion in new value by 2030 through green investments, regional power grid integration, carbon markets, and clean energy incentives. - Bernama
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