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Business News: Business Leaders Demand Greater Transparency On Executive & Non-Executive Remuneration policy

KUALA LUMPUR: Business leaders in Malaysia demand greater transparency, with 82 per cent saying that public companies should disclose the remuneration policy and individual remuneration of executive and non-executive directors, says SJ Grant Thornton managing partner Datuk N.K. Jasani.

In addition, he said 90 per cent of business leaders in the country viewed that the roles of chief executive officer and chairman of the board should be held by different people, so as to ensure greater oversight.

“Not only do the business leaders ask for greater transparency, they also require more fairness and this is reflected by a resounding 96 per cent, who expressed that executive remuneration at public companies should be closely linked to performance targets,” he added.

Meanwhile, 78 per cent of business leaders in Malaysia said that shareholders should have greater involvement in establishing remuneration policy for senior executives at large public companies.

These statistics were contained in the Grant Thornton International Report which surveyed Malaysian business leaders for their views on compensation and the role shareholders should play.

The survey was conducted independently by Experian in May and June 2012 as part of the Grant Thornton International Business Report, a quarterly global business survey of 3,000 public and private businesses. Grant Thornton is one of the world’s leading organisations of independent assurance, tax and advisory firm. Bernama

Source: Business Times

Published: Wednesday, August 8, 2012