According to ICDM’s Chairman Tan Sri Zarina Anwar, since its establishment ICDM has mainly focus on two key areas, which are to enhance board effectiveness and promote excellence in governance to achieving the bigger goal of corporate and economic success in the country.
Tan Sri pointed out, in order to ensure this state of sustainability, Malaysia needs to drive the right tone from the top via strengthening directors’ professionalism. This is to move Corporate Malaysia from a state of regulatory discipline, to market discipline, to the final state of self-disciplines sustainable over the long term, Malaysia needs to drive the right tone, especially on the top management level, via the strengthening of directors’ professionalism and to move Corporate Malaysia from a state of regulatory discipline, to market discipline, to the final state of self-discipline.
Tan Sri said, ICDM supports the growing shareholder activism in the landscape. The involvement of non-executive / independent directors in the company’s business strategies or planning – this will improve or strengthen the Board.
Tan Sri also said that ICDM plans to strengthen the country’s corporate governance culture, as well as enhance the professionalism of boards and directors.
According to President / CEO of ICDM Michele Kythe Lim, there is a growing interest from both listed and unlisted companies in ICDM’s programmes. This is an indication the Boards and Directors are seeing the importance of a continuous elevation of skills and knowledge as imperative to remain competitive and relevant in the market.
CEO Michele commented that ICDM has recruited a total number of 125 individuals and 11 corporate members as well as reached out to 180 participants through our two (2) public programmes, Power Talk. For 2019, ICDM is targeting 25 corporate members (currently the number has reached 23), 500 individual members, and 100 affiliate members.
Michele said, in terms of corporate membership, 64% of ICDM’s members comprise of listed companies, 27% unlisted public companies, and 9% private companies. Financial services dominate the sectorial representation at 45%, followed by 18% from the industrial products and services sectors as well as 9% for property, construction, government investment linked companies and energy, respectively.
Nurturing the next generation of boards
Michele said, ICDM is also developing the pipeline for the next generation of directors and working to bring on board more Small and Medium Enterprises (SMEs) as part of the overall plan to enhance the CG culture in Malaysian companies, especially SMEs which make up 98.5% of the total business community in Malaysia and contribute more than one-third of our economy.
Michele also pointed out that, from a diversity perspective, the majority of ICDM’s members, or 38% are within the 50-59 years age range, followed by 40-49 years at 28%, 60-69 years at 22%, under 40 at 10% and over 70 years of age a 1%. Gender diversity as at 2018 stands at 34% female directors and 66% male.