Bank Negara Malaysia’s Exposure Draft On Corporate Strategic Plan.
Legal News & Analysis - Asia Pacific - Malaysia - Banking & Finance
5 February, 2020
Bank Negara Malaysia (“BNM”) had, on 16 January 2020, issued an exposure draft on a corporate strategic plan which will be applicable to all development financial institutions prescribed under the Development Financial Institutions Act 2002 (“DFIs”). The deadline for submission of any feedback on the exposure draft to BNM is 16 March 2020.
Pursuant to the exposure draft, the policy document (when effective) seeks to:
a) consolidate the Guidelines on the Statement of Corporate Intent (“SCI”) and Annual Funding Requirement (“AFR”) into one single policy document;
b) serve as a comprehensive framework for DFIs to develop robust and forward looking
corporate strategies to achieve greater developmental outcomes, consistent with the economic agenda driven by the Government, to ensure that the DFIs are able to achieve their mandates on a sustainable basis;
the responsibilities of the board and senior management in relation to the
preparation and implementation of the corporate strategic plan;
key features to be included in the corporate strategic plan;
implementation of guide on performance measurement framework to
incorporate additionalities as part of DFIs’ business operations with the intention to promote greater development outcomes and strengthen accountability as public institutions.
For further information, please contact:
Putri Noor Shariza Noordin, Partner, Shearn Delamore & Co