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The announcement was made by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz during the tabling of the Supply Bill 2022, adding that the Securities Commission will oversee the mandatory order.
According to Zafrul, while it will be compulsory for all major companies to have one female director on their board by September 2022, other listed companies can do so by 1 June 2023.
“Women’s contributions to society as a whole cannot be denied and must be revered and strengthened. Of the top 100 listed companies, only 25% of their board of directors are women. There are still 252 companies under Bursa Malaysia that still have no women representation,” he said.
Zafrul said that the RM5 million will help in organising leadership and entrepreneurial programmes for women and that these programmes will be aimed at helping the women grow their business online and from home.