Malaysia legislation
Section 8
Section 8
The principal Act is amended by substituting for section 4
the following section:
Quoted provision
Section 4
(2)
The Board shall consist of the following members who shall be appointed by the Minister:
(a)
a Chairman;
(b)
a Deputy Chief Executive; and
(c)
seven other members, who may include persons representing the government and private sector.
(3)
The Board shall—
(a)
be responsible for monitoring the overall governance of the Commission;
(b)
be responsible for reviewing and approving the strategic plan and budget of the Commission;
(c)
be responsible for reviewing and adopting appropriate systems and controls to manage the enterprise risks of the Commission;
(d)
have oversight of the affairs and business of the
Commission and keep under constant review the performance of the Commission in giving effect to its objects, carrying out its functions and the use of the financial resources of the Commission; and
(e)
be responsible for such other matters as may be provided under the securities laws.
(4)
A member of the Board shall at all times act honestly and in the best interest of the Commission and use reasonable diligence in the discharge of his functions.
Securities Commission (Amendment)
(5)
A member of the Board shall not make improper use of any information acquired or exercise any improper influence by virtue of his position to gain directly or indirectly an advantage for himself or for any other person.”.
New sections 4a and 4b