NEWS

 

TITLE: Address by Yang Berusaha Encik Salihin Abang, President, Malaysian Institute of Accountants at The Governance Symposium 2019 – Building a Governance Eco-system

DATE: 07/03/2019

ADDRESS BY

YANG BERUSAHA ENCIK SALIHIN ABANG

PRESIDENT

MALAYSIAN INSTITUTE OF ACCOUNTANTS

AT

THE GOVERNANCE SYMPOSIUM 2019 – Building a Governance Eco-system

7 MARCH 2019 (THURSDAY), PETALING JAYA

Salutations:

  • YBhg Tan Sri Abu Kassim Mohamed, Director General, National Centre for Governance, Integrity & Anti-Corruption (GIACC), Prime Minister’s Department
  • Yang Berbahagia Dato’ Yusli Mohamed Yusoff, President, Malaysian Institute of Corporate Governance
  • Distinguished Panellists
  • Ladies and Gentlemen

Good Afternoon!

  1. MIA is delighted to be organising this Symposium together with the Malaysian Institute of Corporate Governance (MICG).
  2. The theme of this Symposium is very much aligned with the new government’s quest to embed good governance through judicial, institutional, legislative and public sector reforms, as outlined in the new National Anti-Corruption Plan (NACP) 2019-2023.
  3. As such, we are delighted that YBhg Tan Sri Abu Kassim Mohamed, Director General, National Centre for Governance, Integrity & Anti-Corruption (GIACC), Prime Minister’s Department is able to join us today to deliver the keynote address and to explain the Government’s perspective on building a strong governance ecosystem underpinned by the NACP. Thank you, Tan Sri for coming.
  4. However, governance does not rest solely on the shoulders of the government. Good governance depends on a robust governance eco-system where all parties are co-operating in harmony and compliant with the rule of fair and equitable laws, to protect stakeholders’ and public interest.
  5. As such, all stakeholders – especially the private sector and civil society – must engage if we are to build a reformed and more robust governance framework that protects the public interest from the corruption and financial abuses of the past.
  6. As Prime Minister Tun Dr. Mahathir Mohamed said during the launch of the NACP, the execution of the 115 initiatives in the NACP will need the involvement of all – from himself to a kindergarten teacher. Tun Mahathir said: “It is the responsibility of all quarters… to inculcate good values and to (instil) hatred towards corruption among our children.” He also said, “It will be more meaningful when (leaders such as myself) and those (in positions of authority) can achieve integrity and trustworthiness, (and an environment free of) corruption and abuse of power.”
  7. As custodian of the public interest, influential decision-maker and business advisors and partners, accountants too are leaders in our sphere, and hence included in the leaders referenced by Tun Mahathir. Therefore, accountants and the profession play a pivotal role in supporting and advocating for good governance as well. This is our collective responsibility.
  8. Our collective responsibility also entails complying with legislation in a more stringent environment that highlights enforcement. Otherwise, we will suffer penalties for non-compliance and ethical violations under more strict legislation e.g. new sections of the Malaysia Anti-Corruption Commission (MACC) Act 2009 - gazetted in May 2018, and the Companies Act 2016.
  9. Ladies and gentlemen, today’s symposium focuses on collaborative engagement. We seek to bring together stakeholders and decision makers from diverse sectors to discuss how we can enhance governance, which in turn will support the progressive development of a healthier and more robust governance eco-system.
  10. The Symposium also focuses on the evolving processes and solutions for enhancing governance that are being put in place to strengthen governance and enforcement.
  11. Apart from professional scepticism and sound ethical judgement, strong tone at the top also depends on good understanding of compliance and governance by those charged with governance or TCWG. This morning there was a discussion on directors’ fiduciary duties and liabilities under the new Section 17A on corporate liability in the MACC Act 2009 and relevant sections in the Companies Act 2016.
  12. Ladies and gentlemen, I am confident that you will come away from today’s Symposium with a better understanding of how we can all work together to build a better governance ecosystem, to support nation building.

Thank you!