To build strong businesses, regulators need to put in place an effective oversight of business activities.
Speaking at the annual Asian Roundtable on Corporate Governance (ARCG) yesterday, Securities Commission Chairman Datuk Syed Zaid Albar says there is growing awareness amongst governments and regulators that sustainable economic growth requires a proactive regulatory approach.
“It is better to ensure good governance now because it is far less costly than paying for consequences of bad governance later,” he continues.
“The new government is determined to restore Malaysia’s status in global public governance standings. The SC will remain vigilant in its pursuit of any potential breaches of securities law and it is my remit, and that of the SC, to discharge our duties with the utmost professional competence and highest levels of personal integrity,” he adds.
The roundtable, organised jointly by the SC and the Organisation for Economic Cooperation and Development (OECD), saw participation of over 100 regulators, academics, representatives from global and regional institutions.
Syed Zaid also stresses that gender diversity on board and senior management remains a key priority in the SC’s corporate governance agenda.
“In order to accelerate Malaysia’s national target of 30% women on boards by 2020, the SC has introduced various initiatives to encourage a more diverse board composition. We will be working closely with the Institutional Investor Council to drive the gender diversity targets in Malaysia,” he concludes.