Our June 29th posting [read here] refers.
It was the posting about Banker I that used to head Bank H and then moved up into the shareholder S organisation.
Banker I was supposed to represent S on the Board of Director of Bank H. There was no plan to make him Bank H Chairman, just a member of the Board of Director.
Bank Negara Malaysia (BNM) rejected that arrangement. Last week, there was a report related to this issue.
Sorry couldn't get the original Straits Times report. Just FMT's reporting of ST report:
Will new BNM rules affect Nazir Razak’s future at CIMB?
FMT Reporters | Aug 11, 16 10:37am
A Straits Times report says the move to demarcate the separation of powers between board and management of banks has ‘implications’ on his future as chairman of CIMB.
KUALA LUMPUR: New Bank Negara Malaysia (BNM) guidelines may impact on Nazir Razak’s position as CIMB Group chairman next year, according to a report in The Straits Times.
Under the Bank Negara rules issued early this month, chief executive officers of financial institutions are prohibited from taking over as chairmen of the board of directors.
The guidelines also stipulate that financial institutions must have a majority of independent directors on their respective boards, the report said.
The ST report said that while the rules were not expected to be applied retroactively, they could have “implications” for Nazir “when his position as director on the board comes up next year for renewal by the bank’s nomination committee.”
The report however does not explain what these implications are.
Nazir, who is the younger brother of Prime Minister Najib Razak, served as CIMB’s CEO between 1999 and 2014, before becoming chairman of the group.
The report said CIMB executives did not respond to requests for comment on how the bank intended to deal with the new guidelines.
The guidelines, said the report, were aimed at demarcating the separation of powers between the board and the management.
A senior central bank official, who spoke on condition of anonymity, told the ST that Bank Negara wanted to avoid situations where a “chairman could be in a position to oversee policies that were put in place when that person was CEO.”
The report said the new rules had forced Najib’s administration to appoint Abdul Wahid Omar chairman of government trust fund agency Permodalan Nasional instead of chairman of Maybank.
The ST report quoted unnamed senior aides of Najib as saying the prime minister had originally planned to appoint Abdul Wahid, who was minister in the prime minister’s department in charge of economic planning, as chairman of Maybank when he stepped down from the Cabinet in June.
However as Wahid had been president and CEO of Maybank between 2008 and 2013, they appointed him chairman of Permodalan Nasional Berhad instead.
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Unfortunately, it was retrospectively applied to a larger extreme on Banker I and shareholder S. Nazir is no more of interest but only that of Banker I, Bank H and institutional shareholder S.
Lets wait for this policy announcement. It better be more inclusive, if you know what we mean.
2 comments:
for all your bark against Nazir, he is still the brother of Najib and BIL of your boss.
so stop barking.
The power of the barking of the people cannot be underestimated.
We the people have no choice but to continuously exposed the blatant plundering of our wealth that belongs to all and our future generations by greedy people.
It is the malaise and tidakapathy that has brought about this situation.
Nazir, Najib are just people given trust by the Malays and they have exploited that trust to their own wealth.
There are many unknows crooks like Bakke S who is a master in billion ringgit debt. He was at 1MDB which racked up 50 billions debt.
Now Bakke is at Sime Darby racking up RM20 billion debt!.
Sime Darby is owned 50 by Malays PNB and now cannot pay its debt and have to rationalise "sell" its land asset just like 1MDB.
If Bakke was innocent at 1MDB surely he would have made a police report against the diversion of thousand millions of loans to Jho Low. The directors who failed to make police report are complicit or criminally negligent towards the Malaysian taxpayers.
The 1MDB directors who kept quiet were responsible for letting Jho Low running away with the billions of KWAP money.
So we must not stop barking.
Khazanah Nasional another UMNO company has racked up 44 billion debt. How is Khazanah Nasional going to pay for the same amout of debt as 1MDB?
By selling TNB shares or other shares put in trust by the Malays of course.
If we stop barking who will expose 1MDB, Khazanah Nasional, Sime Darby robbery?
Bakke paid 6 billion to Kulim. Who own Kulim?
Why buy more plantation when the output is not enough to pay for the loan.
Bakke tried to steal from PNB by issuing right issue.
Just like 1MDB tried to steal from EPF, PNB by trying to make them buy 1MDB IPO.
IPO, right issues to EPF and PNB that is almost the same kleptocracy technique isnt it?
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