Press Statement - released on 8 September 2001
The Report on Corporate Governance by the high level Finance Committee
in February 1999 to the Ministry of Finance proposed the setting up
of a Minority Shareholder Watchdog Group as the “fist step towards
encouraging shareholder activism in Malaysia”.
Shareholder activism is expected to be the preferred protection
mechanism for minority shareholders, particularly institutional
investors, without recourse to courts or regulatory authorities.
In August 2000, a public company limited by guarantee was incorporated
under the Companies Act 1965 in the name of “Badan Pengawas
Pemegang Saham Minoriti Berhad” (“Badan Pengawas”).
It is a not-for-profit organization having as its founder members,
the following institutional investors:
1. Employees Provident Fund (EPF)
2. The National Equities Corporation (PNB)
3. The Armed Forces Fund Board (LTAT)
4. Pilgrims Fund Board (Tabung Haji)
5. Social Security Organisation (SOCSO)
The present chairman of the Board of Directors of Badan Pengawas
is the former Chief Secretary to the Government, Tan Sri Abdul Halim
Ali. Tan Sri Abdul Halim Ali is also the Chairman of Employees Provident
Fund.
In accordance with its Memorandum of Association, Badan Pengawas
is a monitoring and research based organization advising its members
on corporate governance issues that concern them, particularly those
relating to listed companies in which they are minority shareholders.
Badan Pengawas is to act as a mechanism for collective action for
its members in proxy voting on their behalf at company AGMs and
EGMs. Badan Pengawas will be service-oriented and is expected to
be self-financing eventually, being capable of generating sufficient
income from its members for its products and services. In general,
Badan Pengawas seeks to be of service to all minority shareholders
in the Malaysian business community.
En Yusof Abu Othman, age 49, a qualified Chartered Accountant with
the Institute of Chartered Accountant in England & Wales, has
been appointed the first Chief Executive Officer of Badan Pengawas.
En Yusof Abu Othman has served in senior management positions in
various organizations, including being the founding Chief Executive
Officer of Tabung Amanah Saham Selangor Berhad, the fund manager
for ASAS or Amanah Saham Selangor, in 1994. Immediately prior to
his appointment as the Chief Executive Officer of Badan Pengawas,
he was the Vice President – Revenue Development in one of
the stock-broking companies, where he spearheaded all non-brokerage
based income for the Group by establishing and leading a new Revenue
Development department, including formulating all procedures and
policies for that department.
Badan Pengawas is expected to be operational later in the year
after it becomes a licensed Investor Adviser with a full complement
of an in-house analysts/consultants team.
All enquiries and correspondence can be sent to Badan Pengawas
at the following address:-
Badan Pengawas Pemegang Saham Minoriti Berhad
11th Floor Bangunan KWSP
No. 3, Changkat Raja Chulan
Off Jalan Raja Chulan
50200 Kuala Lumpur
Tel:03-2070 9090
Fax:03-2070 9107
|
