“The onus on independent directors has increased over the last five years, so much so that those who actually blow the whistle often have a large interest in the firm. They have a lot to lose [if they do not flag questionable deals].”
SINGAPORE (Nov 11): As the regulations on Malaysian independent directors turn more stringent, corporate executives are increasingly less willing to take up the fiduciary duties, especially when the fees are small.
“Getting paid as little as RM10,000 [$3,285] to RM20,000 a year with harsh new penalties for independent directors are putting many people off from taking up the role,” one independent director tells The Edge Malaysia.
