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Accelerating Transformation – Change or Be Changed
In a world of unprecedented disruptions and market turbulence, transformation today revolves around the need to generate NEW value – unlocking new opportunities, driving new growth and delivering new efficiencies. How can businesses prioritise which areas to focus on when everything seems to be equally important? The answer – embrace transformations that are the best fit for the company.
Business transformation can be in the form of operational transformation, core transformation or even strategic transformation that changes the very essence of the company’s focus. Business leaders need to determine what kind of transformation that the company needs and that transformation needs to be done now, and not later. Winston Churchill once said, “to improve is to change; to be perfect is to change often.”
However, sustainable transformation is not an easy feat. Without having the right leaders to lead, a conducive culture, clear business strategies and talent capabilities, transformation efforts and resources may go to waste. This is where Boards play a crucial role as they are the stewards responsible in navigating the company during challenging times, refocus to new goals, re-strategise and recognise the risks and opportunities behind every given challenge. Boards need to refresh their board agenda as new elements affecting the business are a continuous constant.
Bursa Malaysia too has recently launched its Public Listed Company Transformation Programme which aims to steer Corporate Malaysia to advance and drive a higher performing Corporate Malaysia and thus increase its attractiveness to investors. The Chairman’s Survey highlighted in the recently released Securities Commission Annual Report 2021, also reiterated that the current board composition can be further improved with skillsets related to innovation, technology, sustainability, and climate-related considerations.