Prescribed events which require immediate announcement
A Bhd does not have a chief financial officer. Financial matters fall under the responsibility of its general manager, Mr. X. These matters include signing cheques, monitoring cash flow, financial planning and preparing the financial statements. Mr. X is also responsible for signing the statutory declaration in relation to the accounts of A Bhd. Mr. X has recently resigned from A Bhd. Must A Bhd announce Mr. X's resignation and provide reasons for the resignation in accordance with paragraph 9.19(14A)(b) of the Main LR?
Under paragraph 9.19(14A) of the Main LR, A Bhd is required to announce the cessation of office of its chief financial officer and to include the reasons for such cessation. Paragraph 1.01 of the Main LR further defines "chief financial officer" to mean the person primarily responsible for the management of the financial affairs of the corporation (such as record keeping, financial planning and financial reporting) by whatever name called. As Mr. X is primarily responsible for the management of A Bhd's financial affairs, Mr. X would fall within the definition of "chief financial officer". Hence, A Bhd is required to make the relevant announcement under paragraph 9.19(14A)(b) of the Main LR in relation to the resignation of Mr. X.