The worst financial crisis that hit Asian countries from 1997 to 1998 was a turning point for Malaysian corporate governance practices (Corporate Governance Asia, 2010). Post-crisis researchers argue that among the significant factors of that crisis are the inefficiency of corporate governance and the weak financial structure of companies. Since the financial crisis was closely related to the failure of public listed companies, the Malaysian government began to realize the importance of improving corporate governance practices in order to stabilize the economic condition (Rahman, 2011). Therefore, improving corporate governance practices has focused on capital market legislations and infrastructure ( Rahman, 2011 ). Following the 1997 Asian financial crisis, corporate governance reforms took place in Malaysia. According to Rashidah Abdul Rahman (2011), the reforms began with the formation of the High Level Financial Committee in 1998 as the first step to carry out detailed governance research and suggest improvements to corporate governance. Meanwhile, the improvement of governance practices will be observed by the Malaysian Institute of Corporate Governance (Rahman, 2011). In the late 1990s, improvements in corporate governance practices were obviously focused on improving transparency in listed companies. These improvements included disclosure of directors' and CEOs' interests in companies, as well as mandatory quarterly reporting of all listed companies (Rahman, 2011). Furthermore, a new Malaysian Takeovers and Mergers Code was introduced in 1999 as an improvement on the Malaysian Code of 1987 (Rahman, 2011). These initial stages of the company… half of the document… ce to Enterprise Risk Management (ERM) and value creation. Third Asia-Pacific Business Research Conference, (pp. 1-10). Kuala Lumpur.Law, A. (2012). Malaysian Corporate Governance Code 2012 - Implications and Challenges for Boards of Directors of PLC Companies. Kuala Lumpur: Crowe Horwath.PricewaterhouseCoopers. (2012). Malaysian Corporate Governance Code 2012. Kuala Lumpur: PricewaterhouseCoopers.Rahman, R.A. (2011). Effective corporate governance. Shah Alam: University Publications Center (UPENA).Securities Commission Malaysia. (2014). General article: Corporate Governance. Retrieved March 26, 2014, from Securities Commission Malaysia: http://www.sc.com.my/corporate-governance/Securities Commission Malaysia. (2014). General Part: Audit Supervisory Body. Retrieved March 26, 2014, from Securities Commission Malaysia: http://www.sc.com.my/general_section/audit-oversight-board/