PETALING JAYA: Former deputy prime minister Tun Musa Hitam has urged the public and private sectors to prioritise improving governance, amid a tumultuous global and local political and economic landscape.
Describing the scandal over 1Malaysia Development Bhd (1MDB) as “the mother of all financial scandals”, Musa said the key to managing proper governance and integrity among leaders and senior management of companies is to first understand what the concept entails.
“If corruption and abuse of power do not exist in your company and as long as you ensure transparency and accountability in your decision-making process, your business will be sustainable in the long run,” he said when delivering his keynote address at the opening of the two-day Women’s Institute of Management’s Integrity and Governance for Company Directors in the Public and Private Sectors conference yesterday.
“Governance and integrity are two things that have been emphasised of late due to our country being tangled in one scandal after another, which have been very problematic for Malaysians. Judging from what has been happening recently, it would seem that our country is constantly working itself up to be worse,” Musa noted.
“We are going through a tumultuous age of uncertainties, which are compounded by recent developments globally. We cannot help but notice the confusion that all these events have caused,” he added.
Musa pointed to the need for greater integrity, transparency and accountability across all sectors in an effort to rid corrupt practices among companies, which would adversely impact market mechanisms as well as future business growth and opportunities.
The recent chain of events worldwide has contributed to more uncertainties in the political and business landscape, with Malaysia not being spared from this turmoil, he said, adding that alliances and allegiances within the global sphere are rapidly shifting, driving country leaders to “hedge or even trade” their country’s future.
He cited the recent election of Donald Trump as the new US president, Brexit, the Philippines’ election of a non-conformist president Rodrigo Duterte, as well as the extortion scandal surrounding South Korea’s first female president Park Geun-hye, as having a domino effect on global markets.
“The effects of all these global changes on our livelihood are laid right in front of us. Our stock, commodities and job markets are being unpleasantly impacted. We need to brace ourselves for much harder times,” said Musa.
Meanwhile, the women, family and community development ministry has set a target of 59% female labour participation in Malaysia by 2020. In 2015, the rate of women’s workforce participation stood at 55% compared with 47.9% in 2011.
“The ministry will put in more efforts in encouraging women to participate in the labour force. Our other main objective is the realisation of the 30% target of women in key decision positions such as board directors of public-listed companies (PLCs),” minister Datuk Seri Rohani Abdul Karim told reporters after the launch of the conference.
Rohani said as at September 2016, women made up 11.8% of employees at PLCs, and 16.1% of employees in the top 100 companies.
“About 68% to 71% of those enrolled in universities are women. The government should take into high consideration ways to push women forward and harness their talents and intelligence,” she said, adding that the ministry is also working with the Statistics Department to capture and recognise the number of working mothers.
http://www.theedgemarkets.com/my/article/wanted-governance-and-integrity
