Capital Market Director Programme (CMDP):
Licensed intermediary institutions play an important systemic role in the capital market ecosystem. The growth or decline of the capital market is influenced by, among others, the success and failure of these institutions. Hence, the quality of leadership at these institutions is paramount. Kiel et al., 2012 suggest four levels of competence required of a board. They are as follows:
Industry: Experience in and knowledge of the industry in which the organisation operates
Technical: Technical/professional skills and specialist knowledge to assist with ongoing aspects of the board’s role
Governance: The essential governance knowledge and understanding all directors should possess or develop if they are to be effective board members
Behavioural: The attributes and competencies enabling individual board members to use their knowledge and skills to function well as team members and to interact with key stakeholders
The Capital Market Director Programme (CMD) is an exclusive platform for directors and other strategic personalities of licensed intermediary institutions to equip themselves with new and relevant knowledge, skills and abilities (basic to intermediate level). The programme is also designed to allow them to explore and deliberate on pertinent issues affecting the industry from multi-stakeholders’ perspectives.
The specific objectives of the programme are as follows:
- Equip members of the board with knowledge and skills to provide leadership and oversight in the running of licensed intermediary institutions;
- Assist directors of licensed intermediary institutions in becoming an effective member of the board through the latest developments in regulations and challenges, business and governance in the capital market; and
- Promote a thorough understanding of the role of the Securities Commission in regulating a dynamic and competitive capital market.
This programme will also “strengthen intermediation standards and capabilities” as espoused by the Capital Market Masterplan 2 (CMP2).
Securities Commission Malaysia (2011) Capital Market Masterplan 2. Securities Commission, Kuala Lumpur.
Module 1: Directors as Gatekeepers of Market Participants
At the end of the module, participants will be able to:
- Understand the high-level contextual function of the board and the directors in discharging their mandates;
- Appraise the roles, duties, responsibilities and liabilities of directors as provided for in applicable laws relevant to licensed intermediaries;
- Apply the relevant key principles and recommendations of the Malaysian Code on Corporate Governance to oversee the compliance and performance roles of licensed intermediaries;
- Understand the critical functions played by independent directors in building confidence and trust for licensed intermediaries; and
- Exercise judgement appropriately in dealing with issues of legal and governance brought to the attention of the board.
*SIDC CPE points are recognised by FIMM, AICB and MIA
Newly appointed directors and directors of CMSL holders
OUTLINE MODULE 1 – DIRECTORS AS GATEKEEPERS OF MARKET PARTICIPANTS
|9.00 am||Core duties of directors – fiduciary duty, duty of care, skill and diligence and other legal and regulatory expectations as specified by the extant laws including but not limited to:
Discussion of recent selected enforcement cases.
|10.30 am||Coffee Break|
|10.45 am||Discussion of how the application of selected principles and recommendations of the Malaysian Code on Corporate Governance can deliver sustainable values for licensed intermediaries. The selected principles and recommendations include:
Independent directors as value enhancers or value destroyers;
Failure of governance and the implication on licence to operate – Case study.
|12.30 pm||End of Programme|
Chew Phye Keat
Head of Corporate and Commercial, Raja. Darryl & Loh
Phye Keat has been practicing law since March 1987. He is a graduate of the law faculty of University of Malaya with an LLB (Hons) and an LLM degree from the same university and is currently Head of Corporate and Commercial in the law firm Raja. Darryl & Loh in Kuala Lumpur. Phye Keat has handled a broad spectrum of corporate and commercial transactions including joint ventures, manufacturing, telecommunications, computer contracts and information technology, licensing, franchising, foreign investment, immigration, slae of goods, construction, privatisation, infrastructure (including the fight light rail transit project in Malaysia, STAR) and labour/employment.
Through his involvement with Transparency International – Malaysia in which he is a former Executive Committee Member he was active in advocating advancement in the anti-corruption laws of Malaysia including the new Section 17A on Corporate Liability in the MACC Act 2009.
As part of his portfolio, Phye Keat has also been conducting workshops to clients from various sectors and industries on the Corporate Liability provision of the MACC Act and providing advice on compliance programs in respect of the same. He has been very active in helping various clients become compliant with the MACC Act and Guidelines on Adequate Procedures.
CEO of the Minority Shareholders Watch Group (MSWG)
Devanesan Evanson is currently the CEO of the Minority Shareholders Watch Group (MSWG). He is a qualified Accountant (FCCA) who is also a Chartered Member of the Malaysian Institute of Accountants. He also holds a law degree (LLB Hons) from the University of London. He is a Fellow member of the Institute of Internal Auditors Malaysia (FIIAM).
He is an adjunct professor at Universiti Kebangsaan Malaysia. He is also a member of the Industry Advisor Panel (IAP) of International University of Malaya-Wales (IUMW). Devanesan also sits on the Board of Agensi Kaunseling dan Pengurusan Kredit (AKPK) as an Independent Director and is also the Chairman of the Audit Committee.
He is also a Past-President of the ACCA Advisory Committee, a Past-President of the Institute of Internal Auditors Malaysia and a Past-Council Member of the Malaysia Institute of Accountants.
Devanesan retired from Bursa Malaysia in 2010 after serving Bursa Malaysia for eighteen years. He started his career at Bursa Malaysia as Head of Internal Audit and Risk Management. He was also, at one time, the Chief Regulatory Officer and later, the Chief Market Operations Officer of Bursa Malaysia.
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