PETALING JAYA: With growth expected to be gradual for most businesses post-movement control order (MCO), it is imperative that boards and directors reflect and act now to steer their organisations towards success and sustainability, says Institute of Corporate Directors Malaysia (ICDM).
ICDM president and CEO Michele Kythe Lim noted that board readiness and competency are keys to a company’s success over the long term.
“We are unable to predict how long the pandemic will impact businesses but as the country gradually heads towards recovery, it is not a time for complacency.
“While some sectors have been more impacted than others, the agility and quick response to disruptions or crises have proven to be vital to the business longevity, and that applies across all industries.
“It is now or never; to survive as a business, we need to revise our plans and expectations to cater to changing customer expectations and the environment, ” she said during a virtual press conference following ICDM’s third AGM.
During the MCO, ICDM had fast-tracked innovative virtual solutions to meet the increased demands for new knowledge and insights by the director community.
ICDM also launched the “ICDM Reimagine and Rebuild” initiative, which is aimed to aid boards and directors in leading their companies on the right path during these uncertain times.
As the centre of excellence for the professional development of directors, ICDM sees itself playing a role in supporting directors by equipping them with the right knowledge and tools. ICDM also aims to focus on sustainable economic recovery as companies come out of the Covid-19 crisis.
The institute also strives to enhance the competency, composition and diversity of boards through objective and independent board evaluation.
This includes building and improving the next generation of directors, as well as establishing a professional certification for directors.
ICDM is working closely with regulators to build up a formal certification qualification for directors as a benchmark of standards.
This move will ensure that there is a proper and objective sourcing of independent directors from a credible pool.
“We will continue to build and fortify the skillsets of directors as they take charge in leading their businesses.
“As we move towards corporate governance best practice, ICDM hopes to collaborate with partners and stakeholders to champion the voices of Asean, ” added Lim.
Since ICDM’s inception in October 2018, ICDM has recorded a total of 497 individual members and 40 corporate members, as well as completed 77 director development programmes which benefited 4,617 directors and senior leaders.
The institute has also facilitated 27 director sourcing applications with seven successful placements, and conducted seven board and director effectiveness evaluations.
This article first appeared in The Star Online on September 8, 2020.