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SSM Annual Report 2005

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SSM Annual Report 2005 about the cover The Key to a Thriving Nation The Companies Commission of Malaysia acts as a one-stop centre for all corporate and business-related matters. As the nation’s sole custodian of corporate information, it is the fundamental and vital key in the crucial national task of forging an honest, thriving and encouraging business environment for our countrymen and foreigners alike. The Companies Commission works closely with members of the public to unlock their needs and expectations through the provision of quality and value-added services at all times. Datuk Hj. Mohd. Shafi e bin Hj. Apdal Minister of Domestic Trade and Consumer Aff airs Minister’s Foreword Assalamualaikum wbkt dan salam sejahtera. As the agency in charge of crucial corporate compliance and governance issues across the nation, the Companies Commission has led the way by placing great emphasis on its internal competence in the past year while upholding the fundamental merits of integrity and enhanced service delivery. Notably, the Companies Commission has been committed to adding vital value to its operations through strategic plans such as capacity optimisation in order to fulfi l its heavy obligations and responsibilities as well as meet the ever-changing and challenging needs of the modern corporate world. Companies Act 1965 (Act 125) governs companies the Companies Commission could our nation and their offi cers through provisions which promote and cultivate conducive and dynamic enforce duties and obligations on directors, and businesses. In discharging its roles competently, impose necessary punishments for breach of the Companies Commission takes Malaysia’s these provisions. There are a total of 374 Sections corporate environment a step closer to the under this Act. Compliance with applicable standards of developed nations. laws is one important aspect of good corporate governance and the Companies Commission’s Malaysia strongly encourages foreign direct achievements in 2005 indicate a substantial investments into our country for a varied, amount of eff ort to enforce a higher level of fl ourishing and competitive business environment integrity for Malaysia’s corporate entities. Fitting that is of similar stature as that of other successful action was taken to ensure accountability over nations. To this end, there is a compelling need statutory responsibilities when doing business. to provide easy access to these foreign investors Steadfast enforcement is necessary and a positive and to adopt fuss-free yet eff ective processes development for our developing nation. in order to ensure strong participation. In accordance with international demand for as In addition to its role as a regulator, my Ministry well as our government’s stand on integrity and acknowledges that the Companies Commission good corporate governance, the Companies is also signifi cantly tasked with encouraging Commission has put all its eff orts behind these entrepreneurship by way of addressing the principles in aid of the nation’s ambitions to build complexity involved in establishing a business a robust and competitive business environment in Malaysia as well as its legal and proper for all. administration and management. It is important to note that only with the presence of good I am happy to note that the Companies governance and an eff ective enforcement Commission has continued to be sensitive environment such as that implemented by and responsive to discerning customers and 3 entrepreneurs through its daily activities and duties by focusing on good customer service to all. It has also engaged in more interactive events such as organising dialogue sessions with internal and external customers in the past year, thereby eff ectively enhancing communication and transfer of pertinent information between parties. In addition, the Companies Commission’s strategies for change and development have taken into consideration ExecutiveExecutive OffiOffi cercer ofof thethe CompaniesCompanies Commission.Commission. the actual and existing situation for current and WithoutWithout doubt,doubt, I believebelieve thatthat AbdulAbdul Karim’sKarim’s upcoming companies and businesses. This was experienceexperience andand lleadershipeadership aabilitybility wwouldould done through actions and activities such as greatlygreatly assistassist inin developingdeveloping tthehe CCompaniesompanies public surveys and dialogues held nationwide. Commission’sCommission’s nextnext stagestage ofof strategicstrategic initiatives.initiatives. 31 August 2005 saw Abdul Alim Abdullah ForesightForesight – thethe abilityability toto perceiveperceive thethe needneed concluding his term as the Chief Executive toto remainremain relevantrelevant andand competitivecompetitive inin anan Offi cer of the Companies Commission. Under ever-changingever-changing environmentenvironment – coupledcoupled withwith his competent leadership, a new set of thethe humilityhumility toto acceptaccept positivepositive andand negativenegative strategic objectives was drafted, and smooth feedbackfeedback aandnd toto forgeforge onon tirelesslytirelessly forfor implementation of these strategic initiatives continuouscontinuous improvementimprovement provideprovide tthehe has culminated in noticeable improvements in ultimateultimate edgeedge ttoo aanyny ssuccessfuluccessful aandnd tthrivinghriving the Companies Commission’s service delivery organisation.organisation. WithWith itsits strategicstrategic andand proactiveproactive standards, good statistics for surveillance and improvementsimprovements ttakenaken wwellell bbeforeefore ddiffiiffi ccultiesulties oorr enforcement, and a marked increment in terms hurdleshurdles areare met,met, thethe CompaniesCompanies CommissionCommission of compliance rate. With this strong legacy, I am undeniably belongs in this accomplished confi dent of Abdul Alim’s continued success category. By relentlessly demonstrating steadfast and contribution to the nation in his new role integrity in all its duties and service delivery, as a Judicial Commissioner of the High Court I believe we will continue to see great of Malaya. Subsequently, on 1 November 2005, achievements from the Companies Commission. I appointed Abdul Karim Abdul Jalil, Director of the Enforcement and Legal Division at the I look forward to another rewarding year ahead Anti-Corruption Agency, as the new Chief for the Companies Commission. Datuk Hj. Mohd. Shafi e bin Hj. Apdal Minister of Domestic Trade and Consumer Aff airs 4 Corporate Overview The Department of Statistics Malaysia reported a Gross Domestic Product (GDP) growth line with the a substantial reductiongovernment’s from forecastthe overall growth of 7.1% in 2004. To a certain degree, GDP growth rates have a direct correlation rate of 5.3% in 2005. This is in to the performance of trade and industry during the year. of 2005 of between 5% and 6%, yet Malaysia GDP Growth Rate GDP Growth Rate 8 7.1% 7 6 2004 2005 5.3% The Companies Commission’sSource: database indicated7.1% a total5.3% of 717,953 companies and 3,064,7065 businesses at the end of 2005 compared to Department680,871 companies of Statistics and Malaysia2,871,611 businesses at the end4 of 2004, fi gures that are indicative and striking, especially in view of Malaysia’s average population of3 approximately 26 million. With investment returns in stocks and shares unpredictable, and the national2 economy relatively healthy and thriving as indicated by the GDP, it is not unusual to fi nd business-minded1 0 individuals turning to the option of engaging in formal business vehicles (sole proprietorship,2004 2005 partnership or companies) to conduct their businesses. Sponsored vocational training andGDP active Growth Rate encouragement of entrepreneurship by organisations such as the Ministry of Entrepreneur and Co-operative Development, the Ministry of Human Resources and Majlis Amanah Rakyat (MARA) have, in turn, encouraged this entrepreneurial trend as well. 2004 Total Number of Companies and Businesses and Population 2005 Annual Change Total NumberCompanies of Companies Commission Total Register Number as at of31 Businesses December 680,871 717,953 5.4% 800000 680,871 717,953 700000 2,871,611 3,064,706 600000 Population 6.7% 500000 (Malaysia) 25.58 million 400000 3500000 3,064,706 26.13 million 300000 2,871,611 3000000 2.2% 200000 2500000 100000 2000000 30 0 26.13 mil. 2004 2005 1500000 25.58 mil. Total Number of Companies 25 Annual Change 5.4% 1000000 20 500000 15 0 2004 2005 Total Number of Businesses 10 Source: Annual Change 6.7% Companies Commission and Department of5 Statistics Malaysia 0 2004 2005 Population (Malaysia) Annual Change 2.2% 5 OnOn thethe otherother hand,hand, statisticsstatistics ofof thethe CompaniesCompanies CommissionCommission alsoalso indicateindicate anan increaseincrease ofof 129.1%129.1% forfor dissolution of companies and 43.0% for termination of businesses in 2005. DissolutionDissolution ofof CompaniesCompanies andand TerminationTermination ofof BusinessesBusinesses 2004 2005 Annual Change CompaniesCompanies DissolvedDissolved 3,3323,332 7,6337,633 129.1%129.1% BusinessesBusinesses TTerminatederminated 51,30151,301 73,35573,355 43.0%43.0% 3 7,63 55 73,3 8000 80000 7000 70000 01 51,3 6000 60000 5000 2 50000 3,33 4000 40000 3000 30000 2000 20000 5 200 005 1000 10000 2 ed ted 004 solv 004 ina 2 Dis % 2 erm 0 nies 9.1 0 es T .0% pa 12 ess 43 Com ge usin ge han B han l C al C nua nu An An Source: CompaniesCompanies CommissionCommission National external trade fi gures indicate that total exports (RM 533.8 billion) exceeded total
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