Land and property governance should be based on good principles, says MICG

KUALA LUMPUR: Land and property governance should be based on good principles rather than on hard and fast rules, says Malaysian Institute of Corporate Governance President (MICG) Tan Sri Megat Najmuddin Khas.

He said regulations should be reasonable enough to make them logically practicable in varied real life situations.

"The government must use the Land Acquisitions Act 1960 in conjunction with the National Land Code, judiciously. Compensations for acquisition must be arrived at, fairly and in accordance with, the basis sets by the laws," he said at the opening of the "MICG National Land and Property Governance Conference for the Public and Private Sector" here on Tuesday, May 24.

Megat Najmuddin urged companies and players involved in land and property development activities to be properly regulated, governed and monitored by the relevant authorities.

He said the management board and auditors have a clear role and statutory duties to assume.

"In my view, lack of corporate governance is largely a symptom of failed risk management and internal control," he added. — Bernama