The ICDM Pulse : The Annual General Meeting
ICDM has made remarkable progress in advancing the professionalisation of directorship and in promoting greater diversity and inclusivity on corporate boards. In the recent AGM, we shared key milestones achieved during the financial year ending 31 December 2022 (FY2022) and for the period from January to April 2023.
Through our annual strategic initiatives, we continue to promote excellence in governance, facilitate directors’ professional development, and enhance the standard and effectiveness of directors to transform boards and directors into proactive leaders capable of leading diverse and agile entities. With significant strides made, we are certainly on track to accomplish this mission.
We have achieved significant milestones this year, including a remarkable increase in our membership base. We are pleased to announce that we have now grown to 1,168 individual members, and our corporate membership has also surged to 86, with 58% of them being PLCs. In support of the government and regulators agenda in achieving diversity, with a particular emphasis on placing women directors, as a result of our efforts, we have placed 33 women directors, several of whom are first-time female directors on boards. Impressively, 16 of these women directors were placed on the board of PLCs, illustrating a significant mindset shift towards enhanced diversity on corporate boards. Our board sourcing requests have also increased steadily, by 28%, with 87 independent sourcing requests recorded. In addition, we are proud to have delivered 84 director education programs, with 4,293 participants benefitting from these programs in 2022 alone. Our Aspiring Directors Immersion Programme (ADIP) on the other hand played a crucial role in fostering board mentorship, leading to 39 board-ready Affiliates, with 10 individuals successfully securing 15 board positions. Our Board and Director Effectiveness Evaluation (BDEE) subscriptions also grew exponentially where 76% of BDEE clients are currently publicly listed boards.
You can read our ICDM Annual Report titled The B-Factor: [Bold + Brave] Boards – The ICDM Report | Jan 2022 – Apr 2023 for further information on our achievements and activities lineup for the year ahead.
We will continue to play our part in reinforcing self-discipline among board members through enhancements of skills, knowledge and mindset to promote a sustainable leadership model, thus complementing market and regulatory disciplines. In this issue, we highlight the continued focus on the importance of conducting a Board & Directors Effectiveness Evaluation. Most companies are starting to see the value in getting an independent perspective when it comes to assessing the board performance and how they measure up to local and regional best practices. And the presence of an external facilitator provides opportunity for the organisation to solicit candid and open feedback from the board directors to help identify potential gaps and areas for enhancements. For more details, we also recommend reading the Malaysian Board Practices Review 2020.