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SSM’S JOURNEY IN IMPLEMENTING REFORM

by Zahrah Abd Wahab Fenner

Chief Executive OfficerCompanies Commission of Malaysia (SSM)

About the Companies Commission of Malaysia (SSM)Legal Reform

SSM’s TRANSFORMATION PROGRAMME

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OVERVIEW OF PRESENTATION

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ABOUT THE COMPANIES

COMMISSION OF MALAYSIA (SSM)

* came into force on 20 February 2015

Companies Act 1965

Trust Companies Act 1949

Kootu Funds (Prohibition) Act 1971

Registration of Businesses Act 1956

Limited Liability Partnerships Act 2012Subsidiary legislations under the above Acts

SSM’S STATUTORY FUNCTIONS1. Due administration of prescribed laws

2. Agent for the Government in administering,

collecting and payment of prescribed fees and

charges3. Regulation of corporations and businesses

5. Enhance and promote the supply of corporate information

4. Promote corporate governance, *corporate responsibility and business sustainability

6. Research and studies on corporate and

business activities

7. Advising the Minister on corporations and

businesses in relation to the prescribed laws

CATALYSTS FOR IMPROVEMENTS

PeopleGlobalisation and liberalisation The Advent of ICT

Change in Business TrendsModernisation of the public service

2010 – launch of MyCoID

2005 – CBS launched, new web-based/ open registry system

2013 - One day incorporation

2016 - New Companies Act and Interest Schemes Act

2002

2002 – RoC & RoB consolidated under the Companies Commission of Malaysia Act 2001

Prior 2002Disparate Entities- RoC- RoB

2006 – eInfo launched

2007 – Establishment of the SSM Training Academy (COMTRAC)

2017

SSM’s NOTABLE MILESTONES

2017 – To Be A Top Tier Corporate Registry and Regulatory Authority

2012 – Limited Liability Partnership Act

2014 mandatory MyCoID

SSM’S REFORM

LEGAL Review of the laws administered by SSM

SSM’s TRANSFORMA

TION PROGRAMME

(SSMTP)

Introduction of new business process and core systemOrganisational Transformation

IMPORTANT LESSONS TO BE LEARNT BEFORE EMBARKING ON REFORM

Planning

• Study of internal & external requirements• Study the needs and engaging the customers or users• Have a back up plan

Implementation

• Either in phases/gradual or “big bang” approach to suit local environment • Effective monitoring• Stakeholders engagement

Buy-in/Awareness

• No matter how good the system is, if there is no buy-in by the users, the initiatives will not work

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LEGAL REFORM

THE LEGAL REFORM JOURNEY

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2004• Corporate Law Reform Committee (CLRC)

2011 • Accounting Issues Consultative Committee (AICC)

2012• Limited Liability Partnerships Act 2012

2015• Companies Commission of Malaysia (Amendment) Act 2015

2016• Companies Act 2016• Interest Schemes Act 2016

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SSM’s TRANSFORMATION

PROGRAMME

2016 – 2020

5 Years

Main Activities

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Mid-Term

Short-term

Quick Wins

Long -Term

Transformation Plan

SSM’s TRANSFORMATION PLAN

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NEW STRATEGIES UNDER SSMTP

Improvement in Processes

Agile Technology

High Performance Culture

Creating a Trusted Environment

Sustainable Value

Be relevant in 21st Century

Operational Efficiency

Increase Revenue High

Performance Culture

Knowledge Driven

Organisation

Excellent Customer

Service

THE FUTURE STATE

Reliable and accurate information

THANK YOU

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