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Corporate Governance

Corporate Governance is at the core of everything that we do in FIDE FORUM (FORUM) given our unique position as the only alumni association that serves and represents the interest of directors of financial institutions in Malaysia. 

Directors, as Leader of leaders in the financial services sector, execute their fiduciary duties faithfully and continuously lead their respective institutions in the area of corporate governance. It is not surprising then that our Members, who are directors of financial institutions, also expect the highest level of corporate governance practices from the FORUM. 

It is our vision “to be the leader in promoting corporate governance excellence in Boards of Financial Institutions” and we aim to achieve this vision through our mission of “promoting best corporate governance practices amongst Boards of Financial Institutions by leveraging on the strengths and experiences of our Members.”

Our corporate governance structure are explained briefly below:
 

Board of Directors

The Board is responsible for the overall corporate governance of the FORUM. It oversees and approves the development of the FORUM’s strategic vision and plans. Strong governance is essential to the achievement of the FORUM’s objectives. 

The Board is accountable to its Members and other stakeholders for the performance as well as compliance with laws and standards of the FORUM. Decisions on the FORUM matters are to be made via majority vote at Board meetings as stipulated by the Memorandum and Articles of Association (M&A) of the FORUM, unless delegated to the Chief Executive Officer or Working Committees.
 

Board Composition

The Board consists of Chairman, Vice Chairman and seven (7) non-executive members. All members of the Board are Members of the FORUM and they do not receive any remuneration. Chairman carries out a leadership role in the conduct of the Board and its relations with Members and other stakeholders and maintains a close working relationship with the Chief Executive Officer.

Procedures for operations and the election of Board members are governed by the FORUM’s M&A. 

To assist in the execution of its responsibilities, the Board maintains an Audit Committee and a Membership Committee. Project Steering Committees are ad-hoc committees, established to carry out specific tasks from time-to-time.
 

Board Committees

1. Audit Committee
The Audit Committee is guided by the Audit Committee Charter with the objective of assisting the Board with oversight of the integrity of the FORUM’s financial statements; the financial reporting process; the systems of internal accounting and financial controls; the performance of the FORUM’s internal audit function; the identification and management of the FORUM’s significant risks; the FORUM’s compliance with related policies and applicable laws and regulations.

2. Membership Committee
The Membership Committee meets regularly to plan and discuss matters related to the FORUM’s membership recruitment and membership benefits. It is governed by the Membership Committee Charter as well as the Membership Policy.

3. Project Steering Committees (PSCs)
There are currently a number of PSCs managing projects in various areas such as Directors’ Remuneration and Directors Register, to name a few. Each PSC consists of a group of individuals nominated by the Board with expertise in their respective areas to ensure that the PSC is competent to achieve the objectives of the respective projects.