Page 114 - SC Annual Report 2018 (ENG)

Securities
Commission
Malaysia
ANNUAL
REPORT
2018

sTATeMeNT

oN goveRNANce

The Securities Commission Malaysia (SC) is a statutory the various committees established by the Board is
body established under the Securities Commission provided in Table 2.
Malaysia Act 1993 (SCMA) to regulate and develop
the Malaysian capital market. The SC’s mission is to The Chairman is appointed for a term of three years,
promote and maintain fair, efficient and transparent and is eligible for reappointment upon completion
securities and derivatives markets and to facilitate of his or her term. Other Board members are
the orderly development of an innovative and appointed for a term of two years, and are eligible
competitive capital market. It is committed to for reappointment upon completion of the term.
ensure investor protection, fair and orderly markets,
and monitor, mitigate and manage systemic A person is disqualified from holding the office of
risks arising from the capital market. The SC’s a Board member if he or she holds a full time office
responsibilities, powers and authorities are clearly in any PLCs, becomes a member of either Houses of
defined and transparently set out in securities laws, Parliament, or becomes an officer or director of an
namely the SCMA, Capital Markets and Services entity that is regulated by the Commission. Further,
Act 2007 (CMSA) and Securities Industry (Central a Board member will also be disqualified if he or she:
Depositories) Act 1991 (SICDA).
• is convicted of an offence under the law
involving fraud, dishonesty, corruption or
ABouT THe coMMIssIoN violence;

Board Members • is declared a bankrupt;

The Board is responsible for the overall governance • is not capable of discharging his or her duties;
of the Commission. The Minister of Finance appoints
Board members. The Board comprises a Chairman, a • fails to attend three consecutive meetings of
Deputy Chief Executive and seven other members the Board without leave;
who may include persons representing the
government and private sector. The Chairman is • conducts himself in such a way as to bring
entrusted with the day-to-day administration of the disrepute to the Commission;
SC as provided by section 4B(1) of the SCMA.
• fails to disclose his or her interests; or
Datuk Syed Zaid Albar assumed the position of
Chairman on 1 November 2018. This follows the • becomes involved in any activity which may
retirement of Tan Sri Dato’ Seri Ranjit Ajit Singh on interfere with his or her independence in
31 October 2018. A profile of the Board members is discharging his or her functions.
featured on pages 94 to 97 and their involvement in

104 | PART 5 »» STATEMENTS, STATiSTiCS ANd ACTiviTiES

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