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ICDM to Strengthen Corporate Governance

15 Oct 2019

The Institute of Corporate Directors Malaysia (‘ICDM’) hosted their inaugural International Directors Summit (‘the Summit’), a platform that is targeted at boards, directors, senior corporate and public governance figures.

Today’s opening ceremony of the two-day Summit at Shangri-La Hotel, Kuala Lumpur saw the convening of more than 400 local and regional executive leaders, governance experts, government representatives, policymakers and civil society. The Summit serve as a platform for the attendees to discuss, debate and establish definitive paths forward in areas of effective corporate governance leadership in the face of 21st century challenges.

Yang Berbahagia (YBhg) Datuk Syed Zaid Albar, Chairman of Securities Commission Malaysia said in his keynote address, “The business of business can no longer be just business. It requires an equation of corporate value that goes well beyond delivering predictable profit and a steady dividend stream, but one which is inclusive and integrates sustainability strategies and considerations.”

Themed ‘The Trust Compass: Resetting the Course’, the Summit featured prominent Malaysian corporate leaders and industry thought leaders who discussed topics around corporate governance, 21st century boards, innovation and disruptions, and how they influence companies and boards.

YBhg Tan Sri Zarinah Anwar said in her Welcome Remarks, “We operate today in an era of uncertainty; tougher competition, greater operational complexity and disruption of legacy business models. The old architecture of board governance most of us are accustomed to, is being challenged. The emergence of revolutionary technologies, disruptive business models and paramount shifts in stakeholders’ expectations in recent years have fundamentally changed the way we do business. It is apparent that boards and directors have to prepare ourselves adequately for these new realities, to enable us to best make that leadership difference. Competent directors are a critical pillar of board effectiveness, significantly reducing the company’s risks by having the confidence to ask the right questions, seek the right information, challenge a viewpoint and hold management accountable.

“The International Directors Summit is a pivotal part of ICDM’s ongoing mission to prepare boards and directors to develop their capacity to be effective stewards of the companies they lead. This Summit serves as a reality check for boards and directors, to provoke consciousness, to offer a platform for you to evaluate your positions from all perspectives, facilitation the exchange of ideas and networks, and hopefully, gaining the ability to formulate the best way forward for boards,” YBhg Tan Sri Zarinah concluded.

Amongst some of the most engaging presentations and key conversations included:

  • ‘What does a 21st Century Board Look Like?’ by Stéphane Garelli, a world authority on competitiveness, Founder of IMD World Competitiveness Centre, Former Managing Director of the World Economic Forum and best-selling author from Switzerland;
  • ‘The Part of Digital Disruption Every Board Needs to Know’ by Erik PM Vermeulen, an Innovative Thinker from the Netherlands
  • It’s Not Just about You: The Consequences of Your Action & Inaction’ by Paul Moore, Whistle-blower of Halifax Bank of Scotland from the United Kingdom;
  • A special keynote on what it takes to be a future-ready board and steward of trust by Anders Indset, a Business Philosopher, Author and Public Speaker from Norway;
  • ‘A New Paradigm: Towards ASEAN 4.0’ was a panel discussion chaired by Chow Sang Hoe, Malaysia Advisory Managing Partner of Ernst & Young Advisory Services and EY Asean Advisory Managing Partner, and saw exciting discussion and debate between Datuk Shireen Ann Zaharah Muhiudeen, Chairman of Bursa Malaysia; Ha Thu Thanh, Chairman of Vietnam Institute of Directors; and Kulveck Janvatanavit, Chief Executive Officer of Thailand Institute of Directors.
  • ‘Ethical Dilemmas in the Boardroom: What Keeps You Awake at Night?’ saw a robust discussion between panellists Håkon Bruaset Kjøl, Senior Vice President, Partner & External Relations Asia of Telenor Group & Chair of the Board of Directors of Digi.Com, as well as Yang Mulia Tunku Dato’ Mahmood Fawzy Bin Tunku Muhiyiddin, Chairman of Deutsche Bank, and moderated by Dato’
  • Preventing the Next Scandal: Building a Culture of Vigilance’ by Patrick Pearson, Corporate Communications Director of Black Sun Plc also saw the presentation of the 2nd edition of The Guide to Annual Reports in Malaysia, titled ‘The Importance of Culture Reporting’. The annual flagship research by Black Sun identifies trends and best practice in corporate reporting, with this year’s focus on the prevalence of culture reporting.