KUALA LUMPUR, Dec 27 — Bursa Malaysia will shorten the timeframe for the issuance of annual reports under its listing requirements.
The changes would be introduced in phases to provide public-listed companies (PLCs) time to prepare for and meet the new requirements, the exchange said in a statement today.
Under the phased approach, PLCs are required to issue their annual reports for financial year ending on or after Dec 31, 2014, within five months from the close of the financial year.
Following that, annual reports for financial year ending on or after Dec 31, 2015 must be issued within four months from the close of the financial year.
The new requirements were made following the public consultation paper issued on May 31, 2013 and the review undertaken by a taskforce established under the Corporate Governance Blueprint 2011.
“We believe that the new requirements are balanced and will achieve the objective of improving the timeliness of issuance of annual reports without unreasonably burdening the PLCs,” Bursa Malaysia Bhd Chief Executive Officer Datuk Tajuddin Atan was quoted as saying in the statement.
Meanwhile, Bursa Malaysia has expanded the form in which annual reports can be issued, to any other electronic format other than CD-ROM.
The exchange also removed the obligation for a listed issuer to give the Exchange 15 copies of the specified documents under the Listing Requirements, including annual reports, to promote greater efficiency and cost saving by listed issuers.
Apart from the annual reports, there is no change to the timeframe for issuance of quarterly reports and annual audited financial statements. — Bernama
