IPO reforms among 12 proposals Asean-BAC to present at May Summit
KUALA LUMPUR: The Asean Business Advisory Council (Asean-BAC) is set to present its 12 strategic initiatives, including the Asean Business Entity (ABE) framework to Asean leaders at the end of May.
Asean-BAC chairman Tan Sri Nazir Razak said the council meeting will coincide with the Asean Leaders' Summit, scheduled for May 26 and 27.
"There will be an Asean-BAC Council meeting, and at the same time, an Asean Leaders' Summit. We will be presenting these initiatives, as well as various reports we have prepared," he said during a media briefing here today,.
He said the council has already briefed Asean economic ministers, finance ministers and the respective governments.
"I think the proposal was very welcomed. I think that it was good that there were comments and I always worry that people won't comment.
"We had some good constructive comments from them and we will also be discussing with the Asean secretariat at the same time.
"So when we present to Asean leaders, we will be able to get direct comments from them," he added.
Nazir said each workstream will follow its own timeline and outcome this year, with reports such as the Asean Philanthropy Framework and private markets projects to be submitted to the leaders.
"We expect that the leaders will review them with their teams, and if they find value in the proposals, they may proceed to implement them within their respective countries.
"On the other hand, initiatives like the Asean initial public offering prospectus and the ABE framework require policy changes in each member country. If the leaders approve, we hope their respective ministries will begin the necessary work," he said.
Nazir said the council is particularly focused on the ABE framework, which proposes a new regional business category to give companies more operational flexibility across Asean.
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