15 October 2019
Over 500 delegates from both international and local origins gathered at the International Directors Summit (IDS) 2019, a 2-day event organised by the Institute of Corporate Directors Malaysia (ICDM) at Shangri-La Hotel in Kuala Lumpur on 14-15 October 2019. The theme of the summit is “The Trust Compass: Resetting the Course”.
In her welcoming remarks, Tan Sri Zarinah Anwar, chairman of ICDM expressed for good corporate governance and management accountability to be practised at board level. Achieving board effectiveness in decision-making process requires reality check to evaluate current board position where legacy boardroom has to change to achieve sustainable business. These include exchange of ideas, long term strategic skill and capacity building, gender diversity and inclusiveness.
In his opening remarks, Datuk Syed Zaid Albar, chairman of the Securities Commission Malaysia affirmed with the current disruptive technology shift and mega trend, generation Y mindset and climate related risk; businesses are constantly navigating the challenging market environment by addressing these issues tactically in order to continually grow and prosper. The ability to exercise independent mindset and judgment apart from being legally qualified are seen as key appointment criteria for non-executive directors.
YB Tuan Lim Guan Eng, Minister of Finance, in his keynote address reiterated the effort Malaysia is focusing on in rebuilding trust by delivering a corrupt-free administration. The new corporate liability provision in the MACC Act 2019 under Section 17A(3) to be enforced in 1 June 2020, has a provision whereby a commercial organisation and its directors may be found liable for corrupt acts committed by any persons associated with the organisation.
Continuous reforms are the foundation of economic resilience. Besides, digitalisation programme led by the RM21.6 billion National Fiberisation and Connectivity Plan (NFCP) and Malaysians@Work initiative to be launched will provide youths and graduates the additional incentives to upscale skill sets to secure jobs. On achieving higher women participation at work, the target of having at least 30% women on the Board of Directors of the top 100 listed companies is getting closer with almost 24% participation as of last year
Board of directors need to lead by example where top down culture of integrity and ethics are central to good governance and must be practised diligently in the company’s operations.
During the summit, as an exhibitor, Aleevar Consulting is both privileged and deeply honoured to have ICDM board of directors led by Tan Sri Zarinah Anwar at its booth during their courtesy visit. Aleevar Consulting shared some assessment opportunities for board members of public listed companies where it sees opportunity in providing independent business insights or programme assessment on technology disruption such as digital marketing and geofencing, data analytics and AI, and real-time dashboard for companies to make faster but informed decision.