“… the only organisation that specifically represents and serves the interests of directors of financial institutions in Malaysia.… I strongly encourage all our Corporate and Individual Members to make full use of the value propositions of the FORUM, especially the opportunities to network and share experiences with each other, and to provide feedback to those whose work impacts us, such as our regulators and other stakeholders….
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It is my sincere hope that we will all work collaboratively to be leaders and agents of change in corporate governance development in financial institutions in Malaysia.”
FIDE FORUM, the Alumni Association, was incorporated and registered with the Companies Commission of Malaysia as a company limited by guarantee on 27 October 2010.
The FIDE Programme – organised by the ICLIF Leadership and Governance Centre -- was jointly developed and implemented by Bank Negara Malaysia and Perbadanan Insurans Deposit Malaysia. Its ultimate objective is to promote boardroom governance within the banking and insurance sectors, and to develop world class directors who are advocates of best practices and excellence in corporate governance. The Programme has been highly successful to date.
It was the FIDE Programme that sowed the seeds for the idea of an alumni association. Some of the first batch of directors who went through the Programme, as a matter of fact, found it so educational and stimulating that they thought – why can’t this continue? We also realised that through engagements and interactions with each other we have opportunities to discuss and debate common corporate governance challenges that we face as directors of financial institutions, share ideas, and find solutions.
Having discussed this amongst our group of directors who graduated from the first FIDE Programme, we decided that we should establish an alumni association, and hence we have today, FIDE FORUM. We were exceedingly fortunate to have the support and encouragement of our Patron, YBhg Tan Sri Dato’ Sri Dr Zeti Akhtar Aziz, Governor of Bank Negara Malaysia, Perbadanan Insurans Deposit Malaysia, the Steering Committee of the FIDE Program, Iclif Leadership and Governance Centre and Asian Institute of Chartered Bankers (formerly known as Institute Bank-Bank Malaysia).
Our founding Board – believes that, as a group, FIDE FORUM (FORUM) can become a lead influencer and promoter of high standards of corporate governance in banks and insurance companies in Malaysia
. We believe that we can stand out regionally and eventually even, internationally. A novel idea, no doubt, and clearly a challenge. I am confident that we have the capability to achieve this goal.
FIDE FORUM'S ACHIEVEMENTS DURING 2014-2015
Let me share with you the vison of the FORUM. In 2014, the Board of Directors of the FORUM adopted a three-year strategic business plan 2014-2016. Our vision is to be the leader in promoting corporate governance excellence in Boards of financial institutions
All our initiatives are guided by four strategic thrusts:
- Engagement with Members and stakeholders through a network of directors and be the “Voice“ of its Members.
- Expansion of Board talent pool and be the preferred choice of board talent for professional directors.
- Education and development of directors through a continuous learning programme.
- Enlightenment in good corporate governance practices through “Thought Leadership”.
I am pleased to inform that as the only organisation that specifically represents and serves the interests of directors of financial institutions in Malaysia,
the FORUM has made good progress in accomplishing significant milestones in some of the key strategic initiatives of the 2014-2016 Strategic Plan.
One of the game changing initiatives undertaken by the FORUM is the Directors’ Remuneration Study to examine the trends, issues and challenges in determining directors’ remuneration. Another game changer is the Directors’ Register where the FORUM plays a strategic role in facilitating the access to a wider pool of board talent to meet the increasing demands for directors on financial institution boards. This is a joint project between Bank Negara Malaysia, Perbadanan Insurans Deposit Malaysia and the FORUM. I believe that the FORUM will through these two game changer projects, provide opportunities for board diversity and succession planning which are key to board performance.
For the first time, in March 2014, our Members had the opportunity to attend an exclusive Annual Dialogue with Bank Negara Malaysia Governor, Tan Sri Dato Dr. Zeti Akhtar Aziz, and her senior officials. FORUM Members were privileged to be briefed by the Governor and discussed important issues pertaining to the economy and the financial sector. The Second Annual Dialogue in 2015 was equally engaging. We can look forward to more exclusive dialogues with regulators on areas of common interests.
To keep abreast with the latest issues and challenges that affect the financial services sector, the FORUM organised four specially designed continuous development programmes and six Distinguished Board Leadership Series with renowned experts, ten focus group sessions and one industry consultation, and launched FIDE FORUM’s Directors’ Remuneration Report 2015 during the period of 2014 - 2015. These initiatives provide for continual learning, experience sharing and networking opportunities. Participations at these events have increased as directors see the benefits of networking and knowledge sharing.
Opportunities to build effective and efficient boards are abound. I strongly encourage all our Corporate and Individual Members to make full use of the value propositions of the FORUM, especially the opportunities to network and share experiences with each other, and to provide feedback to those whose work impacts us, such as our regulators and other stakeholders.
MEMBERSHIP OF THE FORUM
I am glad to report that corporate membership of the FORUM has grown steadily. During years 2014 and 2015, we have registered 5 Group Corporate Members, 43 Corporate Members and nine Individual Members, compared to 4 Group Corporate Members, 30 Corporate Members and 8 Individual Members as at 31 December 2013. The increase in membership during the period of 2014 - 2015 reflects the value propositions that the FORUM has delivered to its Members. In total, we have a membership comprising 63 per cent of licensed FIs in Malaysia.
GRADUATES OF FIDE PROGRAMME HAVE JOINED THE FORUM
As for education in corporate governance within the industry, I must record my satisfaction with developments in this area. As at 31 December 2015, 689 directors in financial institutions have completed the FIDE Programme organised by the Iclif Leadership and Governance Centre, recording an increase of 11 per cent since 31 December 2014. Many of the graduates of the FIDE Programme have since joined the FORUM.
COLLABORATIVE SPIRIT OF “FOR THE MEMBERS, BY THE MEMBERS”
We will continue our efforts to deliver value add services to our Members and leverage on our network of directors to build board leadership in financial institutions corporate governance. Much depends on our Members’ commitment and support as we learn, share and succeed together as per our motto “For the Members, by the Members”. Initiatives by the FORUM personally enrich us; benefit us as directors and leaders; benefit the institutions that we lead, and provide our community with institutional and financial stability. It is my sincere hope that we will all work collaboratively to be leaders and agents of change in corporate governance development in financial institutions in Malaysia.