SSM Journey in to Implementing Reform

1. SSM’S JOURNEY IN
IMPLEMENTING REFORM
by
Zahrah Abd Wahab Fenner
Chief Executive Officer
Companies Commission of Malaysia (SSM)
1

2. About the Companies
Commission of Malaysia
(SSM)
Legal Reform
SSM’s TRANSFORMATION
PROGRAMME
2
OVERVIEW OF PRESENTATION

3. 3
ABOUT THE
COMPANIES
COMMISSION OF
MALAYSIA (SSM)

4. * 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 2012
Subsidiary legislations
under the above Acts
SSM’S STATUTORY FUNCTIONS
1. 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

5. CATALYSTS FOR IMPROVEMENTS
People
Globalisation and
liberalisation
The Advent of ICT
Change in Business Trends
Modernisation of the public
service

6. 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 2002
Disparate 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

7. SSM’S REFORM
LEGAL Review of the laws administered by SSM
SSM’s
TRANSFORMA
TION
PROGRAMME
(SSMTP)
Introduction of new business process and core system
Organisational Transformation

8. 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
8

9. 9
LEGAL REFORM

10. THE LEGAL REFORM JOURNEY
10
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

11. 11
SSM’s
TRANSFORMATION
PROGRAMME

12. 2016 – 2020
5 Years
Main Activities
179 Mid-Term
Short-term
Quick Wins
Long -Term
Transformation
Plan
SSM’s TRANSFORMATION PLAN

13. 13
NEW STRATEGIES UNDER SSMTP
Improvement in Processes
Agile Technology
High Performance Culture
Creating a Trusted Environment
Sustainable Value

14. 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

15. THANK YOU
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