Business leaders in Malaysia are demanding for greater transparency with 82% saying that public companies should disclose the remuneration policy and individual remuneration of executive and non-executive directors, according to SJ Grant Thornton managing partner Datuk N.K. Jasani.
In addition, he said 90% 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.
These statistics were contained in The Grant Thornton International Report which surveyed business leaders for their views on compensation and the role of shareholders.
“Not only do the business leaders ask for greater transparency, they also require more fairness and this is reflected by a resounding 96%, who expressed that executive remuneration at public companies should be closely linked to performance targets,” Jasani added.
The survey was conducted iby Experian in May and June 2012 as part of the Grant Thornton Interna-tional Business Report, a quarterly global business survey of 3,000 public and private business. Bernama
Grant Thornton is one of the world's leading organisations of independent assurance, tax and advisory firm.
Meanwhile, 78% of business leaders in Malaysia said that shareholders should have greater involvement in establishing remuneration policy for senior executives at large public companies.