A Reflection on the Malaysia Corporate Governance Development Milestone

Governance issue has top administrative agenda of many countries after 1997. Malaysia is recognized as the best among Asian countries to have installed comprehensive governance framework. This paper offers a reflection on the development of corporate governance in Malaysia in four distinct era, starting from the preindustrial period after the Independence to the post crisis period from 1997 to 2000; the 8th Malaysia Plan period that span from 2001 to 2005 and finally to the present era of the 9th plan that covers period from 2006 to 2010. It descriptively analyzes the development of three principal mechanism encompassing the legal enforcement; introduction of best practices and guidelines; and establishment of institutions that support the path towards governance development. Lastly, it synopsizes the achievement milestones thus far, in term of governance disclosure and transparency among the Malaysian business community and how these have change investors’ perception of Malaysia investment environment.