The question: Explain why code of corporate governance or best practices failed? Elaborate your answers to justify why despite the presence of 'tight' rules and regulations, corporate governance fails?

Lack of Integrity, Morality and Conviction - Malaysian Scandals A casual internet search hovering over the topic Malaysian scandals yields a long list of scandals and corruptions. From the recent Fake Halal Meat scandal to IMDB, to deposit cooperative scandal in the 1980's all have but tainted Malaysian image and goodwill. IMDB is one of the most scandalous cases of all times, putting Malaysia on the World headlines but for all the wrong reasons. The amount involved in IMDB is estimated to be RM42 billion debts. Alleged bribery at MISC saw RM109 million was involved. As each case unfolds, more stories of corruption, power abuses, briberies leading people to questioning Malaysian integrity and if the corporate governance is effective at curbing those ill-behaviour. 5 FRAUD INVESTIGATION D 2 rate Eve? Code of Corporate Governance Accountants being the financial trustees of organisations are entrusted with this amanah (responsibility and trustworthiness). Unfortunately, accountants are often involved in many of these scandals. Securities Commission reacted to these scandals by tightening the rules and regulations and promoting good corporate governance practices or best practices as solutions to the problem. The Malaysian Code on Corporate Governance (MCCG) claims that the code reflects 'global principles and internationally recognised practices of corporate governance which are above and beyond the minimum required by statute, regulations or those prescribed by Bursa Malaysia'. The MCCG was reviewed and updated in 2007, 2012, 2017 and 2021, the times during which IMDB flourished. Human Governance - Alternative? Human governance on the other hand, is a self-governance concept that originates from one's inner strengths fully aware that there is Higher Being that is monitoring and recording every action that a person does. Action has consequences and everyone would have to be answerable and own their actions to the All Mighty, organisations that they work for and other stakeholders who are affected by the actions/decisions. The Malaysian Institute of Accountants (MIA) defines human governance as "an internal, inside-out and values-based conviction to guide the human as the sentient being to behave". In other words, it views individual employees as the soul of the company. Required: (1) List down a number of scandals that happened in Malaysia during the last decade and provide descriptions over the alleged happenings and the main reason why each of the listed scandals happened? Note: A minimum of 3 cases. [3 marks] (2) Explain why code of corporate governance or best practices failed? Elaborate your answers to justify why despite the presence of 'tight' rules and regulations, corporate governance fails. [3 marks]