CEO's - MINDA

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BoardView 

Foreword by The CEO .......3 

Programme Highlights ........4 

MINDA ALUMNI ...............14 

Featured Articles 

GLCs – RESILIENT IN 

CRISIS AND BACK ON THE 

CHAMPIONSHIP PATH 

6 

Putrajaya Committee on GLC 

High Performance 

9 

POT HOLES ON THE ROAD 

TO RECOVERY 

Prof Datuk Dr Mohamed Ariff 

issue no.4 - september 2010 

KDN PPI6092/03/2010(023636) 

12 

BUILDING UP OUR ”SOFT 

POWER” FOR THE LEGAL 

LEDGER 

Stephan Young

2 

CONTENTS 

FOREWARD 

From The CEO’s Desk ......................................................................................................................... 3 

PROGRAMME HIGHLIGHTS ......................................................................................................... 4 

UPCOMING EVENT ................................................................................................................................5 

Chairman’s Forum 2010 “Leading Championship Strategies” 

FEATURED ARTICLES 

Article One ................................................................................................................................................... 6 

GLCs – RESILIENT IN CRISIS AND BACK ON THE CHAMPIONSHIP PATH 

By The Putrajaya Committee on GLC High Performance (PCG) Transformation 

Management Office (TMO) 

Article Two ................................................................................................................................................... 9 

POT HOLES ON THE ROAD TO RECOVERY 

By Prof Datuk Dr Mohamed Ariff, Distinguished Fellow – Malaysian Institute of 

Economic Research (MIER) 

Article Three ............................................................................................................................................. 12 

BUILDING UP OUR “SOFT POWER” For the Legal Ledger 

By Dr Stephan B Young, Global Executive Director - Caux Round Table (CRT) 

MINDA ALUMNI LIST ...................................................................................................................... 14 

EDITORIAL TEAM 

Editor In Chief 

Dato’ Abdul Aziz Abu Bakar 

Contributors 

The Putrajaya Committee on GLC High 

Performance (PCG) Transformation Management 

Office (TMO) 

Prof Datuk Dr Mohamed Ariff 

Distinguished Fellow 

Malaysian Institute of Economic Research (MIER) 

Dr Stephan B Young 

Executive Director 

Caux Round Table (CRT) 

Communications and Marketing 

Mazni Ahmad Norilah 

Photographer 

Muhammad Hafiz Mahmood 

Creative Designer & Printer 

A & S Cetak Sdn. Bhd. 

(KKDN: PQ1780/3869) 

Publisher & Distributor 

Malaysian Directors Academy

BoardView l September 2010 

From The 

CEO’s Desk 

Dato’ Abdul Aziz Abu Bakar 

REALISING MINDA’S VISION - 

To be a global player in the development 

of Directors whilst supporting national 

development objectives. 

With the recent announcement made by the Prime Minister 

YAB Dato’ Sri Mohd Najib Tun Razak to further move the 

Malaysian economy up the value chain, many people would 

like to know if GLC Boards are indeed moving in the right 

direction to play the central role in driving performance. 

MINDA hopes to contribute towards the ‘education’ of 

these directors especially when the discussions of stronger 

governance standards and mindset issues are hot topics 

these days. This is rightfully so since the disclosure of much 

transgression by corporate captains and “look the-otherway” 

board members. It is one thing to conduct a root 

cause analysis of what went wrong when a board does not 

function well, but that is often after serious damage has 

occurred. 

In this BoardView issue, our first article features the recent 

progress of GLC Transformation programme; an extract 

of the Progress Review which was recently published 

by the Putrajaya Committee on GLC High Performance 

(PCG) Secretariat. Datuk Dr Prof Mohamed Ariff’s article 

talks about the current Global and Malaysian Economies. 

Although it looks like the numbers are showing an overall 

recovery, he reckons no country or economy is “out of the 

woods” yet. Stephan Young’s article contests the premise 

that “Soft Power” – influence, persuasion, consultative; is 

more powerful than “Hard Power” – military, economic, 

political might. He argues, soft power used well, can easily 

get you the hard power. 

From 9 -11 of November 2010, MINDA will be organising 

its Chairman’s Forum (CF) 2010 in Yogyakarta, Indonesia. 

CF 2010 themed, “Leading Championship Strategies”, will 

focus primarily on the role of the Chairman to influence the 

Board and C-Suites with more impact towards dealing with 

critical business challenges, raise the level of commitment 

of the Board in becoming Regional Champions, develop 

Foreward 

a team of Board members that leads the success of the 

organization and assess the effectiveness of the board 

without losing the board’s commitment. Do not miss the 

opportunity to be a participant in our CF 2010. 

In other news, the last few months since BoardView issue 

number 3 was released, have been a rather busy time for 

MINDA. MINDA conducted two Tea Talks, one Luncheon 

talk and its flagship programme; Building High Performance 

Directors (BHPD) 2010. Held outside of Malaysia for the 

first time, BHPD 2010 was a success with encouraging 

comments received from its participants. More news and 

details on MINDA’s activities, calendar of events and its 

alumni members can be found in this issue of BoardView. 

On a lighter note, corporate branding is crucial in order to 

make a good impression and facilitate the attainment of 

business objectives. With this in mind, MINDA has recently 

embarked on the development of a Corporate Identity 

Manual; a set of guidelines which governs how MINDA’s 

identity is applied in maintaining visual continuity and brand 

recognition across all physical manifestations of the MINDA 

brand. 

With MINDA’s team fully equipped and already in operation, 

it is hoped that we are able to energize the GLCs’ Chairmen 

and directors with our exciting programmes and elevate 

MINDA to the next level. May the remaining months of 

2010 see a remarkable progress for MINDA to become the 

“Centre of Excellence” among the local institutions towards 

Enhancing Board Effectiveness. 

On behalf of everyone at MINDA, here’s wishing all our 

readers Selamat Hari Raya. 

Happy reading! 

3

4 

Programme Highlights 

Programme Highlights 

MINDA Luncheon Talk with Y.Bhg Laksamana Tan 

Sri Dato’ Seri Mohd Anwar bin Hj. Mohd Nor (Retired) 

Date: 13 May 2010 

Venue: The Royale Chulan, Kuala Lumpur 

Admiral Tan Sri Dato’ Sri Mohd Anwar Bin Hj. Mohd Nor (Retired), Chairman 

of the Armed Forces Fund Board, or Lembaga Tabung Angkatan Tentera 

(LTAT), was the guest speaker at MINDA’s Luncheon talk, held at The Royale 

Chulan, Kuala Lumpur. Tan Sri Anwar, has had 38 ½ years of experience in 

the Royal Malaysian Navy, which culminated to his being the Chief of the 

Navy, and eventually as the Chief of Defense Forces, the first for a Navy. He 

shared his experience as a Leader, both in the Armed Forces and corporate 

sector to over 40 invited guests comprising of Chairmen, Directors and senior 

management of GLCs and non GLCs. 

An Evening Tea Talk on “Borderless & 

Globalisation: No Pain No Gain” 

Date: 9 June 2010 

Venue: Mandarin Oriental, Kuala Lumpur 

“Three distinguished practitioners namely Mr Andrew Tsui, Chairman of Korn/ 

Ferry International’s Hong Kong office; Ms Sakie Fukushima, Chairman of 

Korn/Ferry International’s Japan office; Mr Gary Reidy, Managing Director of 

Australasia for Korn/Ferry International; on 9 June 2010 gave a splendid Tea 

Talk entitled “Borderless & Globalisation: No pain, No gain”. They shared their 

experiences and insights with invited Chairmen and Directors of GLCS and 

other guests, the pains and also gains of going abroad, namely, what the Board 

of Directors face to ensure competitiveness of companies, the challenges of 

Human Capital and Diversity in Japan, and Board issues in Australia”. 

Tea Talk with Dag Detter 

Date: 19 May 2010 

Venue: Sime Darby Convention Centre, Kuala Lumpur 

Dag Detter, the former CEO of Stattum Holding Co., the Swedish 

state-owned enterprises (SOE) holding company. Mr. Detter 

was also the Director and Head of State Enterprise Division, 

Ministry of Industry. Mr. Detter helmed the transformation process 

and spearheaded the fundamental restructuring of the Swedish 

government’s vast portfolio of some of the largest companies in 

Sweden, which together was valued at €60 billion and constituted 

25% of Sweden’s domestic business sector. 

Building High Performance Directors 2010 

Date: 18 – 23 July 2010 

Venue: Hotel De La Paix, Siem Reap, Cambodia 

BHPD 2010 was held in Siem Reap, Cambodia. 15 directors from various GLCs attended the 

programme. Going abroad was a first for MINDA and BHPD. GLC Transformation requires 

GLCs to be regional champions, and Cambodia is seen as an excellent destination for GLC 

Directors to get to know their potential business partners. Among the topics covered during 

the five-day programme included GLCT Updates, Global Economic Recovery: Progress, 

Prospects and Pitfalls, and Malaysian Economic Outlook in the Near Term and Implications. 

A briefing on the possible business ventures abroad was also shared by the President of the 

Malaysian Business Council of Cambodia. 

BHPD 2010 programme included a visit to the most extensive concentration of religious 

temples in the world; Angkor Wat Temple Complex and a Corporate Responsibility initiative trip to two local organizations namely Artisan De 

Angkor, an institution which provides unschooled rural youth with a free quality vocational training blended with a professional, economic and social 

integration and the Sewing Training Centre, a vocational facility which is overseen by a network of local monks from the Life & Hope Association. 

BoardView l September 2010

Chairman’s Forum 2010 

“Leading Championship Strategies” 

09 – 11 November 2010 

Yogyakarta, Indonesia 

About Chairman’s Forum 2010 


Upcoming Event 

GLCs are renowned icons of Malaysia’s businesses and symbols of National pride. Mediocrity and getting-by are no longer 

acceptable. Excellence in Products/Services, Processes and Human Capital is now a necessity for growth and sustainability. 

These require excellence in innovation, creativity and strategic leadership imbued with strong interpersonal relationships led by 

exemplary Directors and Chairmen. 

With these ever increasing challenges faced by Boards in today’s competitive, volatile and demanding business landscape, 

Chairmen of Boards are ever more pressed to ensure excellence from the Board and its members. 

CF 2010 provides a platform for Chairmen of Boards to leverage on their knowledge, experience and wisdom among peers of 

like minded people in leading and developing an effective and enhanced Board. 

CF 2010 will focus primarily on the role of the Chairman, to: 

• Influence the Board and C-Suites in addressing critical business challenges 

• Cultivate a team of high performing Board members in becoming Regional Champions 

• Mobilize the Board to develop a competitive strategy for their companies 

• Enhance the effectiveness of the board through consistent assessment and reviews 

Testimonials 

CF 2007 

Y.Bhg Tan Sri Datuk Dr. Ahmad Tajuddin bin Ali 

UEM Group Berhad 

“The biggest “take-away” is the networking and bonding with fellow GLC Chairmen, tips on enhancing Board effectiveness and strategy development.” 

Y.Bhg Tan Sri Abdul Halim Ali, 

Malaysia Building Society Berhad 

“The programme enables us to identify the gaps in our role and helps us plan what needs to be done to become more effective Chairman.” 

CF 2008 

Y.Bhg Dato’ Dr. Mohamad Hashim Bin Ahmad Tajuddin 

Chemical Company of Malaysia Berhad 

“Excellent programme - all Directors/Chairman should go through this Programme” 

Y.Bhg Tan Sri Dato’ Lodin Wok Kamaruddin 

Lembaga Tabung Angkatan Tentera 

“Provides excellent forum for me to share my own experience with facilitators and other participants on my roles and responsibilities as Chairman and 

board member.” 

5

6 

Featured Articles - One 

GLCs – RESILIENT IN CRISIS AND BACK ON THE CHAMPIONSHIP PATH 

This is the 6th year of the GLC Transformation Programme and 

we have just entered the second half of a 10-year programme. 

The programme has made significant progress to-date and we 

are on track and staying the course. However challenges remain. 

GLCs have also taken up YAB Prime Minister’s call to strive 

towards becoming regional champions. GLCs now have a bigger 

presence in the region today compared to when the programme 

started. Indeed the GLC Transformation Programme targets to 

create regional champions by 2015. 

“GLCs must aspire to greater heights, whether in 

terms of being best in class or emerging as future 

regional if not global champions” 

YAB Dato’ Sri Najib Tun Abdul Razak, Invest Malaysia 2009 

Keynote Address, 30 June 2009 

Equally important is for the programme to support the 

Government Transformation Programme (GTP), the New 

Economic Model (NEM), the 10th Malaysia Plan (10MP) and the 

soon to be launched Economic Transformation Programme (ETP). 

Moving forward, collective action and greater collaboration are 

needed among the public sector, GLCs and non-GLC private 

sector. This is imperative, in the spirit of 1Malaysia and will help 

us take a big step towards becoming a developed high income 

nation. 

BACKGROUND 

In May 2004, the transformation of GLCs was identified as 

a national priority and integral to Malaysia’s aspirations of 

achieving developed country status. The GLCT Programme 

was subsequently launched that year, anchored on three key 

underlying principles: 

1. National Development Foundation – Growing equity, 

improving total factor productivity, developing human capital 

and Bumiputera community 

2. Performance Focus – Creating economic and shareholder 

value through improved GLC performance 

3. Governance, Shareholder Value and Stakeholder 

Management — Enhancing governance within GLCs through 

implementation of GLCT Initiatives, and engaging and 

managing stakeholders 

The Programme was established as a 10-year programme 

encompassing four phases as outlined in Exhibit 1 below. The 

Programme now continues in Phase 4 on its trajectory towards 

achieving full national benefit by 2015. 


PROGRESS TO DATE 

1. GLCs WEATHERED THE CRISIS AND HAVE RESUMED 

ITS GROWTH TRAJECTORY 

Restructuring and transformation efforts under the earlier 

phases of the GLCT Programme (including implementation of 

the 10 GLCT Initiatives*) resulted in more resilient GLCs that 

passed the test of the global financial crisis and the Malaysian 

recession in 2009. G-20** total shareholder returns (TSR) 

generated a 5-year compound return of 14.5% to 20 August 

2010, out-performing non G-20 FBM KLCI by 2.2% per annum. 

While G-20 FY2009 aggregate earnings declined 20% from the 

previous year, it remained at RM2.1 bn or 22% above 2004 

levels when the Programme started. 

GLCs In Strong Position For Growth 

Promising outlook for 2010-2011: Historically, GLCs have been a 

good proxy to the broader Malaysian economy, due to the procyclicality 

of sales and a sticky fixed-cost structure. G-20 earnings 

therefore is set to recover, returning to peak-earnings by FY2011 

on the back of Malaysia’s growth forecast. Based on Bloomberg 

consensus estimates, equity analysts expect G-20 aggregate 

earnings to increase 51% in FY2010 to RM17.7bn and another 

17.5% in FY2011 RM20.8 bn. 

* The 10 GLCT Initiatives consist of (1) Enhancing Board Effectiveness (Green 

Book), (2) Strengthening Directors Capabilities (MINDA), (3) GLIC Monitoring 

and Management Functions, (4) Improving Regulatory Environment (White Book), 

(5) Achieving Value Through Social Responsibility (Silver Book), (6) Reviewing and 

Revamping Procurement Practices (Red Book), (7) Optimising Capital Management 

Practices (Purple Book), (8) Strengthening Leadership Development (Orange Book), 

(9) Intensifying Performance Management Practices (Blue Book), (10) Enhancing 

Operational Efficiency and Effectiveness (Yellow Book) 

** A selection of 20 GLCs controlled by the Government-Linked Investment Company 

(“GLIC”) constituents of the Putrajaya Committee on GLC High Performance (PCG). 

As at 28 February 2009, there are 19 GLCs following the Sime Darby merger and 

TM / Axiata demerger. UEM Group has replaced UEM World following UEM’s 

restructuring exercise 



2. GLCs CONTINUED TO CATALYSE DOMESTIC 

ECONOMIC GROWTH AND DELIVER BENEFITS TO 

ALL MALAYSIANS 

G-20 net domestic capital expenditure totaling RM15.4bn in 

2009 translated into high economic multipliers and structural 

transformation content for new growth drivers. Much of this 

expenditure was in support of the country’s 2nd Economic 

Stimulus Package. Active divestment of non-core and noncompetitive 

assets by G-20 totaling RM782m in 2009 provided 

new business opportunities for the private sector. Efforts to 

increase “crowding-in” via collaboration and co-investment 

opportunities with local players were pursued. 

GLCs won numerous awards in 2009 for improving its service 

levels and provision of higher quality products and services. 

GLCs have also actively supported SEJAHTERA, a programme 

to raise the livelihood of lower-income groups. Through the 

Vendor Development Programme (VDP) aimed at helping 

vendors to become more competitive, a total of 130 vendors 

have graduated since 2004. 

3. REGIONALISATION AND BUILDING FOR THE FUTURE 

GLCs have been steadily expanding their geographic footprint. 

G-20 overseas revenue has grown from 26% of total revenue 

in FY2004 to 32% in FY2009. In the same period, share of 

G-20 overseas assets grew from 9% to 23%. Meanwhile, 

GLCs continue to build human capital by supporting ongoing 

programmes such as Promoting Intelligence, Nurturing Talent 

and Advocating Responsibility (PINTAR), the Graduate 

Employability Management Scheme (GEMS), the Leadership 

Development Circle (LDC) under Orange Book initiative, 

Government-GLC Cross Fertilisation Programme and 

Accelerated Development Programme (ADP) under the Orange 

Book initiative and Malaysian Directors Academy (MINDA) 

programmes. GEMS has trained 5,000 unemployed graduates in 

2009. All of them have undergone industrial training and thus far, 

3,000 or 60% have secured permanent employment. 

4. STAYING THE COURSE, CREATING CHAMPIONS AND SUPPORTING THE NEW ECONOMIC MODEL (NEM) 

7

8 


The GLCT Programme To Continue, With Greater 

Urgency And Focus Towards Championship 

Phase 4 of the GLCT Programme aims to have all GLCs 

performing on par with domestic peers, with several becoming 

regional or global champions by 2015. YAB Prime Minister has 

reaffirmed this ambition, stating the Government’s commitment 

to ensure that the GLCT Programme continues to be 

implemented, with greater urgency and focus. 

Collective Action And Greater Collaboration Needed 

At the 20th meeting of the Putrajaya Committee on GLC High 

Performance (PCG20) on 15 September 2009 chaired by YAB 

Prime Minister, the Phase 4 Framework (see Exhibit 4) was 

presented and deliberated as a way forward for the Programme. 

It shows how the five transformation agents of the Programme 

(i.e. GLC Board, GLC Management, GLICs, Government 

and PCG) need to work together to ensure achievement of 

Programme aspirations. 

The 5 components of the framework as depicted 

above are explained as follows: 

1. National Agenda: 

The country needs pivotal transformation to drive the final stage 

of development before 2020. To achieve this, all Malaysians must 

unite and work together, as articulated in the1Malaysia concept. 

The NEM,10th Malaysia Plan, GTP and the forthcoming ETP will 

put in place the required strategies to achieve this. All parties, 

including GLICs and GLCs should draw on our relative strengths, 

and focus on sectors and industries that will propel us to a 

higher income economy. 

2. Creating Champion Firms: 

A developed nation is synonymous with competitive firms and 

vice versa. Breakthroughs in innovation, branding, inorganic 

growth, process integration, corporate entrepreneurship and 

transformative transactions are required. In executing their 

business objectives and strategic plans, GLCs could leverage and 

work together with their network. 

3. Government’s Role: 

The Government’s performance has a major bearing on the 

nation’s competitiveness. They enable growth beyond Malaysian 

borders through direct Government-to-Government discussions, 

promote public-private partnerships and ensure industrial 

policy stability and a sound regulatory environment. They also 

introduce appropriate policies to encourage innovation, growth 

and competition, while ensuring the national development goals 

are met. With the GTP, extensive work has commenced to 

improve the public service delivery. 

4. Programme Support: 

GLCs comprise of a significant network of companies. A lot of 

advantages can be derived from harnessing this network. This 

includes learning best practices from each other, promoting 

synergies (e.g. “coopetition” - cooperating and competing at the 

same time), having unity with 1 voice especially in addressing 

common issues, sharing and exchanging resources. 

There needs to be more collaboration between GLCs and 

non-GLC private sector in order to leverage relative strengths 

and create greater wealth together. The Government, GLCs and 

private sector, including multinational companies, must join hands 

and collaborate to fully unleash the dynamism of Malaysia Inc and 

enhance the competitiveness of the country. 

5. PCG Stewardship: 

At the start of the GLCT Programme, PCG was focused on 

creating high-performing companies. It should now focus 

on providing stewardship for creation of regional and global 

champions. 

THE WAY FORWARD 

The GLCT Programme is now in its final phase. Programme 

ambition to have several regional or global champions by 2015 

remain. YAB Prime Minister has called on GLCs to accelerate 

their transformation to high performance. Notably, some GLCs 

have made significant progress towards regional championship. 

These include Maybank, CIMB and Axiata. 

However, becoming a regional or global champion is no easy 

task. The harsher economic environment and the short timeframe 

to 2015 raise the challenge considerably. Other constrains 

include gap in talent management, striking the right balance 

between commercial and social obligations, need for broader 

support from all key stakeholders and enhancement of public 

sector transformation. 

Therefore, the five key agents of the Programme will need 

to step-up and engineer breakthrough solutions and “gamechanging” 

strategies. Incremental steps alone will not be enough. 

• GLC Boards will need to focus on upgrading the capabilities 

of the Board, CEO and Senior Management 

• GLC CEOs and senior management should craft winning 

business transformation plans and strengthen execution 

momentum 

• GLICs to catalyse and accelerate change as active 

shareholders and institutionalise capabilities at GLCs 

• Government to continue providing visible support, create 

a conducive business environment and successfully execute 

national level programmes such as GTP and NEM 

• PCG to continue providing Programme stewardship 

GLCs are now primed to support the government’s reforms via 

the implementation of the NEM, with 5 cores roles identified 

and discussed at the PCG21 meeting on 6th May 2010, chaired 

by YAB Prime Minister: 

1. Diligently staying the course in executing the 10-year GLC 

Transformation programme 

2. Relentlessly executing the transformation plans to become 

regional champions 

3. Where appropriate, pioneering entry into new economy 

investments in line with the NEM 

4. Collaborating and co-investing with the non-GLC private 

sector 

5. Continuing to focus on core operations on a level playing 

field and exiting non-core and non-competitive assets 

To succeed and in the spirit of 1Malaysia, the Government, 

GLCs and private sector must join hands in order to fully 

unleash the dynamism of Malaysia Inc, enhance the country’s 

competitiveness and ultimately realise Vision 2020. 


The so-called Great Recession has turned out to be a 

somewhat muted affair with the US economy, the epicentre 

of the global financial crisis, making a faster-than-expected 

turnaround, although pundits had bandied about a prospective 

deep recession with an L-shaped recovery. The V-shaped 

recovery in the US and some major economies has been 

attributed mainly to quick government interventions through 

appropriate monetary and fiscal measures. The G20 initiatives 

have also contributed much through coordinated fiscal and 

monetary interventions and concerted efforts to stave off 

protectionist forces. 

However, the global economic recovery is not only uneven 

but also unsteady and fragile, going by the volatile key 

macroeconomic numbers in the US and elsewhere. The 

sovereign debt crisis in Europe is not simply an offshoot of 

the fiscal responses to contain the recessionary forces through 

stimulus packages. There is much more to it than meets the 

eye. The lack of fiscal discipline during good times in PIIGS 

(Portugal, Ireland, Italy, Greece and Spain) and excessive 

government expenditure have taken a toll, with stimulus 

packages acting as the last straw. 

The recovery is fragile largely because the root causes of the 

crisis still remain unresolved: global imbalances between savings 

and investment, production and consumption, persistent 

balance-of-payments (BOP) current account deficits in some 

countries and persistent surpluses in some others, leveraged 

debt burden with interest and maturity mismatches, to 

mention a few, have not diminished. There have not been 

much expenditure or price adjustments either. During the 

crisis, short-term debt was converted into long-term debt just 

as private debt was transformed into public debt, thanks to 

government bailouts. 

There are emerging fears that the sovereign debt issue in 

Greece may spread to other Eurozone (EZ) members in 

the Mediterranean, in which case EZ may become another 


Featured Articles - Two 

POT HOLES ON THE ROAD TO 

RECOVERY 

By Prof Datuk Dr Mohamed Ariff 

epicentre for the continuing saga. Given the US’ exposure to 

Europe, the chances are that US will not be immune to the 

European crisis, with possible global spill-over impact. It is in 

this sense that a double-dip remains a distinct possibility. 

There are even talks of a triple-dip, should China’s bubble 

burst. Pre-emptive measures taken by the Chinese government 

may not able to prevent a Dubai-style property meltdown 

with serious consequences. If the epicentre shifts from Europe 

to China, Asian economies will be particularly vulnerable. The 

question of a hugely undervalued yuan still remains a nagging 

issue, although China has recently indicated that it is willing to 

let its currency appreciate gradually. 

While the 1Q10 numbers had exceeded expectations nearly 

everywhere, the second quarter was much less impressive, 

especially in the US. The third quarter hopes are dimming as 

well, if July unemployment figures in the US are anything to 

go by. See Chart 1. The so-called recovery in the EZ, with no 

more than marginally positive growth, has been stymied by 

sovereign debt overruns in several countries. It now appears 

that more countries may be joining the PIIGS bandwagon, with 

Hungary now struggling with a government debt equivalent to 

80 per cent of the national output. 

CHART 1 

US Summary Indicators Chart 1 

9

10 


It is not going to be easy for these countries to rein in their 

budget deficits, although they have plans to cut their deficits 

drastically. Public expenditure cutbacks in the name of fiscal 

austerity would hurt growth prospects in the near term, while 

reduced taxes to stimulate private sector consumption and 

investment would frustrate their efforts aimed at balancing their 

books. Interest rate hikes in the wake of inflationary pressures 

are also likely to dampen the growth momentum. 

While the crisis has exposed the dangers associated with 

inadequate regulations, ironically there are new risks arising 

from the US financial sector reforms and the proposed Basel III 

banking sector regulations, as their timing may further weaken 

the already fragile recovery process. All indications soberly 

suggest that the recovery may well be a slow uphill task. 

The economic outlook for Asia in general and East Asia in 

particular looks better, but Asia has not decoupled from the 

West, as its fortunes are still tied to those of the US and the 

EU. The only saving grace for Asia is that it continues to enjoy 

comfortable BOP current account surplus and large external 

reserves. The emerging large Asian economies like China, India 

and Indonesia – given their relatively large domestic market - 

are understandably less vulnerable to external shocks than the 

smaller ones like Malaysia, Thailand or the Philippines. While 

Asian economies may move away from recession, they cannot 

re-enter the pre-crisis growth trajectory so long as the US and 

EU are mired in difficulties. 

China seems to hold the trump card with huge external 

reserves exceeding US$2 trillion with an undervalued currency. 

Chinese yuan, which was tied to the US dollar, was de-pegged 

prior to the recent G20 Summit in Toronto in a pre-emptive 

manner. But subsequent movements in the value of the 

yuan have been disappointing, as China continues to keep its 

currency on a short leash. By keeping its yuan close to the 

weak greenback, China kills two birds with one stone: (a) 

protecting its external reserves which is mostly denominated 

in US dollars, and (b) keeping its exports competitive 

internationally. 

As the dollar is clearly overvalued, the US and the world 

economy would benefit from dollar depreciation, but the 

demand for the dollar as a reserve currency, especially in 

light of the Euro troubles, helps the dollar stay artificially 

strong. While the dollar needs to depreciate, an unanswered 

question is: against which currency? In the past, the brunt of 

the adjustment had fallen on the Euro for which EZ is paying a 

price now. Japanese yen has appreciated a lot in recent times 

against the dollar, but the strong yen is hurting the Japanese 

economy. If China is unwilling to allow its yuan to rise against 

the dollar, the latter cannot possibly depreciate enough. 

Thus, currency misalignment will continue to haunt the global 

economy in the post-crisis period, as an optimal currency 

re-alignment will not be politically feasible, given the complex 

concerns over external reserves and export competitiveness. 

Increased exchange rate volatility may thus add to business 

risks especially for firms with international connections in the 

near term. 

Talking of exchange rates, another frightening thought is the 

possibility of the EZ breaking up - a fallout from the PIIGS 

sovereign debt overhang. The Euro is now infected by these 

ailing economies, which lack fiscal prudence. They are unlikely 

to leave the EZ on their own. Nor can they be forced out. 

Germany is under tremendous political pressure - as it forks 

out billions in rescue operations in Greece – to review its 

options to stay put or quit the EZ. Any break up in EZ would 

spell troubles for exchange rates everywhere, and it may take a 

while before the dust would settle. 

The Malaysian economy exited from the global recession in 

the fourth quarter of 2009 (4Q09) after posting a 4.5 per 

cent year-on-year (yoy) GDP growth, which helped mitigate 

the 2009 contraction trimming it down to just -1.7 per cent. 

The 1Q10 results were pretty impressive with 10.1 per cent 

yoy expansion. See Chart 2. The recovery was led by a strong 

revival in the manufacturing sector, thanks to a surge in export 

demand. 

Summary Indicators Summary Indicators 

CHART Chart 2 2 

Gross�Domestic�Product 

Year�on�year�percentage�change 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

�2 �2.0 0 

�4.0 

�6.0 

�8.0 

1Q06 1 

2Q06 2 

3Q06 3 

4Q06 4 

1Q07 1 

2Q07 2 

3Q07 3 

4Q07 4 

1Q08 1 

2Q08 2 

3Q08 3 

4Q08 4 

1Q09 1 

2Q09 2 

3Q09 3 

4Q09 4 

1Q10 1 

Unemployment�Rate 

Percent 

4.5 

4.0 

3.5 

3.0 

2.5 

2.0 

1.5 

1.0 

0.5 

0.0 

1Q006 

2Q006 

3Q006 

4Q006 

1Q007 

2Q007 

3Q007 

4Q007 

1Q008 

2Q008 

3Q008 

4Q008 

1Q009 

2Q009 

3Q009 

4Q009 

1Q110 

10.1 

Industrial�Production 

Index,�2005�=�100 

120.0 

115.0 

110.0 

105.0 

100.0 

95.0 

90 90.00 

85.0 

80.0 

Jan�07 

10.0 

3.7 

8.0 

6.0 

4.0 

2.0 

0.0 

�2.0 

�4.0 

May�07 M 

Sep�07 

Jan�08 

110.2 


May�08 M 

Consumer�Price�Index 


The remarkable rebound was almost entirely due to 

export expansion in 1Q10, and the double-digit growth 

was attributable largely to the low-base in 1Q09 when the 

Malaysian economy suffered the sharpest contraction this time 

around. It is not unusual for recovering economies to post 

high growth rates yoy initially. What is disquieting, however, 

is that growth is decelerating quarter-on-quarter (qoq). All 

indications are that GDP growth will be slower in the second 

and subsequent quarters as the low-base effect wears off. It 

is instructive to note that Malaysia’s GDP actually shrank by 

2.6 per cent qoq in 1Q10, notwithstanding the double-digit 

expansion yoy. See Chart 3. 

Output Indicators CHART 

Output Indicators 

Chart 3 3 



12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

�2 �2.0 0 

�4.0 

�6.0 

�8.0 

1Q06 1 

2Q06 2 

3Q06 3 

4Q06 4 

1Q07 1 

2Q07 2 

3Q07 3 

4Q07 4 

1Q08 1 

2Q08 2 

3Q08 3 

4Q08 4 

1Q09 1 

2Q09 2 

3Q09 3 

4Q09 4 

1Q10 1 


Quarter�on�quarter�percentage�change 

8.0 

6.0 

4.0 

2.0 

0.0 

�2.0 

�4.0 

�6.0 

�8.0 

�10.0 

1Q006 

2Q006 

3Q006 

4Q006 

1Q007 

2Q007 

3Q007 

4Q007 

1Q008 

2Q008 

3Q008 

4Q008 

1Q009 

2Q009 

3Q009 

4Q009 

1Q110 

10.1 

Jan n�06 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

�10.0 

�20.0 20 0 

�30.0 

�40.0 

Mayy�06 

Sepp�06 

Jan n�07 

Mayy�07 

Sepp�07 

Jan n�08 

Gross�Exports�(f.o.b.) 


Jan�06 

20.0 

15.0 

10.0 

5.0 

0.0 

�5.0 5.0 

�2.6 �10.0 

�15.0 

�20.0 

May�06 M 

Sep�06 

Jan�07 

May�07 M 

Sep�07 

Jan�08 

Industrial�Production 


Jan n�06 

Mayy�06 

Sepp�06 

Jan n�07 

Mayy�07 

Sepp�07 

Jan n�08 

Sep�08 

Mayy�08 

May�08 M 

Mayy�08 

Jan�09 

Sepp�08 

Sep�08 

Sepp�08 

May�09 M 

Jan n�09 

Jan�09 

Jan n�09 

Mayy�09 

May�09 M 

Mayy�09 

Sep�09 

Sepp�09 

2 

Sep�09 

Sepp�09 

3 

Jan�10 

Jan n�10 

Jan�10 

Jan n�10 

May�10 M 

Mayy�10 

1.6 

21.9 

May�10 M 

Mayy�10 

12.5

Surveys conducted by the Malaysian Institute of Economic 

Research (MIER) in June 2010 showed mixed results with 

4 out of 6 indices exhibiting some softening. Consumer 

Sentiments Index and Business Conditions Index dropped 

although they stayed above the threshold. Likewise, tourism 

and residential property indices showed a small decline, 

still hovering above the threshold. See Chart 4. In contrast, 

the auto and residential property sector indices registered 

impressive increases. 

MIER’s Survey Results CHART Chart 4 4 

MIER’s Survey Results 

Consumer�Sentiment�Index�(CSI) 

140.0 

120.0 

100.0 

80.0 

60.0 

40.0 

20.0 

0.0 

110.4 

140.0 

120.0 


Business�Conditions�Index�(BCI) 

1Q06 1 

2Q06 2 

3Q06 3 

4Q06 4 

1Q07 1 

2Q07 2 

3Q07 3 

4Q07 4 

1Q08 1 

2Q08 2 

3Q08 3 

4Q08 4 

1Q09 1 

2Q09 2 

3Q09 3 

4Q09 4 

1Q10 1 

2Q10 2 

1Q06 1 

2Q06 2 

3Q06 3 

4Q06 4 

1Q07 1 

2Q07 2 

3Q07 3 

4Q07 4 

1Q08 1 

2Q08 2 

3Q08 3 

4Q08 4 

1Q09 1 

2Q09 2 

3Q09 3 

4Q09 4 

1Q10 1 

2Q10 2 

CEO�Confidence�Index 

140.0 

120 120.00 

100.0 

80.0 

60.0 

40.0 

20.0 

0.0 

1Q006 

2Q006 

3Q006 

4Q006 

1Q007 

2Q007 

3Q007 

4Q007 

1Q008 

2Q008 

3Q008 

4Q008 

1Q009 

2Q009 

3Q009 

4Q009 

1Q110 

2Q110 

129.1 

100.0 

80.0 

60.0 

40.0 

20.0 

0.0 


Quarter�on�quarter�percentage�change 

8.0 

6.0 

4.0 

2.0 

0.0 

�2.0 

�4.0 

�6.0 

�8.0 

�10.0 

1Q006 

2Q006 

3Q006 

4Q006 

1Q007 

2Q007 

3Q007 

4Q007 

1Q008 

2Q008 

3Q008 

4Q008 

1Q009 

2Q009 

3Q009 

4Q009 

1Q110 

While there are concerns that the recovery may be fragile 

and may not be sustainable due mainly to external factors, the 

current revival is not accompanied by stronger employment 

numbers. Prices are beginning to warm up with demand 

picking up, but there are no imminent inflationary threats to 

the Malaysian economy. 

Monetary indicators do confirm that the recovery process is 

underway and that the country’s banking system stays strong 

and stable. Banks are more than adequately capitalised, with 

a remarkably low non-performing loan (NPL) ratio of around 

2 per cent. The central bank has recently raised the overnight 

policy rate (OPR) by another 25 basis point to 2.75, now that 

the economy has turned the corner. 

The recovery however has yet to be reflected in investment 

numbers. Domestic private investment is still very lethargic. 

Foreign direct investment (FDI) inflows are trickling in slowly, 

after suffering a drastic 81 per cent drop in 2009. Despite 

continuous BOP current account surpluses, the country’s 

reserves have fallen significantly due partly to capital outflows. 

Meanwhile the ringgit is strengthening; the appreciation is 

gradual and unlikely to hurt Malaysia’s export competitiveness 

so long as the currency is not overvalued. Stronger ringgit 

would create wealth effect and dampen inflationary pressures 

as it lowers import costs. 

On the fiscal side, the economy continues to face difficulties 

with revenue not keeping pace with expenditure. It is unclear 

how the government will be able to reduce the budget deficit 

from 7 per cent last year to 5.3 per cent this year, as this year’s 

revenue – based on the preceding recession year’s income – 

will not be larger. All indications are that the fiscal situation 

is likely to remain challenging, to say the least. It is disturbing 

to note that there has been a clear downtrend in Malaysia’s 

revenue-raising capability over the years: in 2009, Federal 

Government revenue stood at 23 per cent of GDP, way below 

the last 10-year average of 34 per cent. 

4 

119 119.66 

�2.6 


At the current rate, government revenue may be barely 

enough to meet the cost of the country’s bloated civil service 

and no more. Malaysia has the highest civil servants to 

population ratio in the Asia-Pacific: compare Malaysia’s ratio of 

4.68 to Indonesia’s 1.79, South Korea’s 1.85 or Thailand’s 2.06. 

For revenue, Malaysia relies precariously on oil and gas 

which constitutes 41 per cent of the total. There is a need 

to find alternative sources of revenue not only to reduce the 

government’s dependence on depleting oil and gas, but also to 

offset the revenue losses arising from reductions in corporate 

and individual income tax rates. 

Goods and services tax (GST) is likely to be put off until after 

the next general election for fear of political backlash. By 

the same token, the government is likely to go slow on the 

withdrawal of subsidies. Government debt has ballooned to 53 

per cent of GDP and extrapolations show that it will exceed 

100 per cent in 2019. While this does not necessarily mean 

that the country is at the brink of bankruptcy, balancing the 

books is not going to be an easy task. 

Nevertheless, Malaysia’s key macroeconomic fundamentals 

- with the notable exceptions on the fiscal side - are in fairly 

good shape. Barring major hiccups in the global economy in 

the second half of the year, Malaysia should be able to post a 

respectable growth of 5-6 percent in 2010. See Chart 5. 

MIER’s Survey Results Chart 5 

Table 12: Key Economic Indicators and Forecasts CHART 5 

Historical Forecasts 

MIER BNM ADB IMF MIER IMF 

2008 2009 1Q10 2Q10 2010 2010 2010 2010 2011 2011 

GDP (% yoy) 4.7 -1.7 10.1 6.5 4.5-5.5 4.2 2.5 5.2 4.1 

Private Consumption 8.5 0.7 5.1 5.4 3.8 6.8 

Public Consumption 10 10.77 33.1 1 66.3 3 -0.9 0 9 -2.7 2 7 22.7 7 

Gross Investment 0.8 -5.6 5.4 5.0 5.5 5.5 

Domestic Demand 6.8 -0.4 5.4 4.3 3.2 5.0 

Exports of G & S 1.6 -10.4 19.3 9.8 7.7 8.8 

Imports of G & S 2.2 -12.3 27.5 13.8 11.7 9.4 

Agriculture Sector 4.3 0.4 6.8 3.3 3.1 2.6 

Mining Sector -2.4 -3.8 2.1 2.5 2.5 2.2 

Manufacturing Sector 1.3 -9.4 16.9 11.0 6.5 8.4 

Construction Sector 4.2 5.8 8.7 5.0 3.7 3.3 

Services Sector 77.4 4 22.6 6 88.5 5 66.6 6 44.9 9 66.6 6 

GDP per capita (curr USD) 8,118 7,469 - - 7,880 7,657 8,106 8,014 

Fiscal Balance (% of GDP) -4.8 -7.0 -5.6 -5.6 

Current Account (% of GDP) 17.9 13.4 16.6 14.1 12.5 11.0 13.8 10.7 

CPI, Overall (% yoy) 5.4 0.6 1.3 2.2 2.0-2.5 2.6 1.2 2.2 1.9 

BNM OPR (%) 33.48 48 22.04 04 22.08 08 22.42 42 22.75 75 33.25 25 

USD/MYR Exchange Rate 3.33 3.52 3.37 3.20 3.20 

Unemployment Rate (%) 3.3 3.7 3.7 

MIER AII 102.0 92.2 141.1 152.5 

MIER BCI 96.9 99.7 124.0 119.6 

MIER CEO 72.7 85.1 122.1 129.1 

MIER CSI 86.6 99.9 114.2 110.4 

MIER RPI 96.7 101.3 134.7 128.0 

MIER RTI 92.5 85.1 106.9 134.1 

MIER TMI 107 107.8 8 89 89.2 2 120 120.5 5 118 118.2 2 

Sources: ADB Update; BNM; Economic Report 2009/10; MIER Calculations; WEO (IMF) 

5 

(As presented to the participants of MINDA’s Building High Performance Directors 

on 19 July 2010) 

Prof Datuk Dr Mohamed Ariff, Distinguished Fellow of the Malaysian Institute of 

Economic Research (MIER) and Professor Emeritus at the Faculty of Economics 

and Administration (FEA), University of Malaya, is a specialist in International 

Economics. 

He was the Executive Director of MIER from June 1997 until December 

2009. Previously he held the Chair of Analytical Economics at the University 

of Malaya where he had also served as the Dean of FEA. 

Ariff is currently Vice President of East Asian Economic Association and 

Vice President of the International Association for Islamic Economics. He 

has served as a board member in a number of bodies including the Inland 

Revenue Board, Malaysia Productivity Corporation (MPC) and Social 

Security Organization (SOCSO). He is currently an Independent Director of 

HSBC Bank Malaysia Berhad (HBMY), in addition to being a member the 

Selangor Business Council. He also sits on the Board of Directors of Global 

Development Network (GDN), an initiative of the World Bank. 

11

12 

Featured Articles - Three 

There is a concept sometimes used in discussions of American 

foreign policy that the Governor and the Legislature should act 

on during this time of budget challenges. 

I am referring to the idea of “soft” power as important and 

distinct from “hard” power. 

In foreign affairs, “hard” power is military capability, financial 

muscle, economic retaliation. “Hard” power is built with large 

budget expenditures. It is expensive and is the stuff that made 

traditional great powers great. – England’s navy, Napoleon’s 

Old Guard, Hitler’s SS and panzer divisions, Mao’s endless 

supply of infantry men, etc. 

“Hard” power is direct, is used 

unilaterally, and intimidates to get 

its way 

Now, “soft” power is different. It is indirect; it is consultative; it 

uses persuasion and cultural dynamics; and it is cheap. 

“Soft” power is all about gaining influence and effecting 

outcomes through negotiations and partnerships seeking points 

of mutual advantage and common understanding. 

Most successful alliances rest on “soft” power. Consider Ben 

Franklin’s ability to get the royal court of Louis XVI to support 

the young democratic republic of the United States in its fight 

against King George. Without the hard power of Admiral 

DeGrasse’s fleet in the Chesapeake and French troops by his 

side, Washington would not have won the battle of Yorktown. 

Building up our “Soft Power” 

For the Legal Ledger 

By Stephan Young 

The requisite “hard” power was obtained through the astute 

use of “soft” power. 

Today, “soft” power keeps the United Nations afloat and most 

other international organizations that support peaceful global 

prosperity. 

How should we make analogies between “hard” and “soft” 

power in Minnesota’ budget dilemma of cutting expenditures 

and/or raising taxes? 

I would say the “hard” power of the Minnesota Government 

is taxing and spending money and the “soft” power is its ability 

to create conditions where people work harder, capital is 

invested, jobs are created and the private economy grows. 

If “soft” power does its job, then more “hard” power will be 

available. 

One vital aspect of “soft” power, let me suggest is citizenship. 

A strong and dynamic culture of citizenship – some people 

talk about civic virtue, a musty phrase that still carries deep 

philosophy for any democracy – motivates people, politicians, 

public officials, business leaders, educators to reach out for 

higher levels of achievement for the common good. 

Citizenship is opposed to much in our current culture of 

consumerism, “me-ism” and greed. 

Citizenship says that there is something as important as “Me”, 

maybe at times even more important. And that something is 

“We”. 


Citizenship implies sacrifice, a work ethic, acceptance of one’s 

duty to help the community. Citizenship brings honour and is a 

cousin to valour. 

But who teaches citizenship any 

more? 

The pictures of Washington and Lincoln long ago came down 

from classroom walls in public schools. We teach our students 

social studies and American history (sort of). But do we teach 

them citizenship? 

And do we have enough of an idea of a common community 

any more to permit us to teach citizenship? We live segmented 

lives – politically divided into Red, Blue and Neither, conscious 

of multi-cultural identities and traditions, with many more 

religions now actively practiced than before. 

What can be done to build up the 

“soft” power of strong citizenship 

ideals? 

Well, the first step is to reaffirm what is our common heritage 

and aspirations – broadly speaking not limited by ideological 

litmus tests. 

Second, the Legislature and Governor should pay more 

attention to the overt teaching of citizenship values and ethics 

in our public schools. They should commit some “hard” power 

in terms of appropriations to the pursuit of the “soft” power 

which comes from having a better culture of citizenship pride. 

Senator Steve Dille and Representative Paul Marquart have 

introduced a tiny step in this direction. A small bill for training 

of teachers in the delivery of better citizenship education. 

Now, I have worked with Senator Dille on shaping this 

proposal and strongly support it. My organization, the Caux 

Round Table, has been seeking to define that common core 

of ethical norms for responsible business behavior since 1994. 

We dialogue with religions and cultures around the world 

now. The success of our work in places like Islamic Malaysia, 

Buddhist Thailand, Confucian China, Eastern Orthodox Serbia 

convinces me that here at home in Minnesota we can bring 

people together in a “soft” power operation to foster better 

citizenship among all Minnesotans. 

Senator Dille’s bill is co-sponsored by Senators Leroy Stumpf, 

Claire Roebling and Tyrrel Clark. It is in line for a hearing. The 

Bill has Reviser’s number 09-0420 and carries the date of Feb 

25th, 2009. 

Previously, Senators Dille and Clark submitted legislation on 

the promotion of character development, which is now in 

Minnesota Statutes, section 120B.232. There was an initial 

appropriation of funds for teaching materials for character 

education, but then that little bit of “hard” power lost out 

and the ideal is now only supported by an admiring statutory 

scheme that doesn’t walk the talk. 


Featured Articles - Three 

Since our founding as a nation, citizenship has been nonpartisan. 

Its habits improve the commons that we all share in 

our government, our economy, our culture, our society. Both 

our common defense and our general welfare, not to mention 

the blessings of liberty no matter what your cause, depend on 

vital citizenship winning out over petty partisanship. 

From my recent conversations, both Republicans and 

Democrats really do recognize this truth and can get together 

behind Senator Dille’s vision of a community that sets high 

goals for itself and puts shoulder to the wheel to do what has 

to be done with those goals in mind. 

Now, “soft” power embraces more than citizenship. Education 

is perhaps at the top of the list of building “soft” power 

resources. Early childhood education is the foundation for 

future educational achievement. So what are we doing about 

that? Providing adequate standards of public health is a “soft” 

power objective too. 

But in arguing over how best to build our “soft” power 

resources on the expensive end of spending “hard” money, 

let’s not forget the good that comes from dedicated citizens, 

each stepping up to do his or her share in a time of difficulty. 

Stephan B. Young is the Global Executive Director of the Caux Round Table 

(CRT) (www.cauxroundtable.org). He is the author of Moral Capitalism 

(2004) and The Tradition of Human Rights in China and Vietnam (1989). 

Young has written for academic journals and in the public media on business 

ethics social responsibility, politics, jurisprudence, political culture, and Asian 

Studies. He received his baccalaureate degree from Harvard College and his 

doctor of jurisprudence degree from Harvard University. 

He was an assistant dean at the Harvard Law School and Dean of the 

Hamline University School of Law. He has taught at the University of 

Minnesota School of Law, Minnesota State University, the Carlson School of 

Management, University of Minnesota, and the SASIN Graduate Institute of 

Business Administration, Chulalongkorn University. Young graduated from the 

International School of Bangkok and in 1966 he discovered the UNESCO 

World Heritage site of Ban Chiang in Thailand, a Bronze Age culture. 

13

14 

MINDA Alumni 

MINDA ALUMNI 

1. Abdul Aziz Abu Bakar (Dato’) 

Malaysian Directors Academy 

DF 2009 / BHPD 2010 

2. Abdul Farid Alias (Mr) 

Khazanah Nasional Berhad 

KNB ND 07 

3. Abdul Halim Ali (Tan Sri) 


CF 2007 / DF 2009 

4. Abdul Jabbar bin Abdul Majid (Tuan Haji) 

Proton Holdings Berhad 

BHPD 2007 

5. Abdul Kadir Md Kassim (Tuan Haji) 

UEM Group Berhad 

BHPD 2007 / KNB ND 2008 / BHPD 2010 

6. Abdul Manaf bin Hashim (Dato’) 

Tenaga Nasional Berhad 

BHPD 2010 

7. Abdul Rahim bin Abu Bakar (Dato’ Ir) 

Westport Holdings Sdn Bhd / Telekom / UEM 

Builders Berhad 

KNB ND 2007 / CF 2007 / CF 2008 / KNB ND 

2008 / BHPD 2010 

8. Abdul Rahman Abdul Ghani (Mr) 

Malaysian Airline System Berhad 

BHPD 2007 

9. Abdullah Abdul Hamid (Mr) 

Khazanah Nasional Berhad / Malaysian Directors 

Academy 

KNB ND 2007 / BHPD 2007 / KNB ND 2008 / 

CF 2008 

10. Abdullah Hj Kuntom (Datuk) 


BHPD 2008 

11. Abdullah Yusof (Mr) 

Cement Industries of Malaysia 

BHPD 2008 

12. Abu Bakar Ibrahim (Mr) 


BHPD 2008 / KNB ND 2008 

13. Adlan Ahmad (Mr) 

Iskandar Waterfront Development 

DF 2009 

14. Ahmad Fuuad b. Mohd Dahalan (Dato’) 

Malaysia Airports Holdings Berhad 

KNB ND 2007 / KNB ND 2008 

15. Ahmad Pardas Senin (Dato’) 

UEM Group Berhad / Malaysian Directors Academy 

KNB ND 2007 / CF 2008 

16. Ahmad Sarji Abdul Hamid (Tun Dr) 

Permodalan Nasional Berhad 

CF 2007 

17. Ahmad Shahizam Shariff (Mr) 


KNB ND 2008 

18. Ahmad Tajuddin Ali (Tan Sri Datuk Dr) 

UEM World Berhad 

KNB ND 2007 / CF 2007 / KNB ND 2008 

19. Amirul Fares Zahir (Mr) 


KNB ND 2007 

20. Andrew Lo Kian Nyan (Mr) 

Kumpulan Wang Simpanan Pekerja 

BHPD 2007 

21. Anuar bin Mohd Hassan (Mr) 

Malaysian Reinsurance Berhad 

BHPD 2008 

22. Anwar bin Haji @ Aji (Dato’) 

Faber Group Berhad 

CF 2008 / KNB ND 2008 

23. Anwarrudin Ahamad Osman (Dato’) 

UEM Builders Berhad 

BHPD 2007 

24. Aris Othman (Tan Sri Datuk Dr) 


CF 2007 

25. Arlida Ariff (Madam) 

Iskandar Investment Berhad 

DF 2009 

26. Aziuddin Ahmad (Dato’) 

Valuecap Sdn Bhd 

BHPD 2008 

27. Azlan Zainol (Tan Sri) 

Malaysian Resources Corporation Berhad 

CF 2007 

28. Badri Hj Masri (Dato’) 

ASTRO All Asia Networks plc 

KNB ND 2007 / KNB ND 2008 

29. Bashir Ahmad bin Abdul Majid (Dato’ Seri) 


BHPD 2008 

30. Bazlan bin Osman (Datuk) 

Telekom Malaysia Berhad 

BHPD 2007 

31. Elakumari Kantilal (Madam) 


KNB ND 2007, / KNB ND 2008 

32. Enita Azlina bin Osman (Ms) 


KNB ND 2008 

33. Fuad bin Jaafar (Dato’) 


BHPD 2007 

34. Haidar bin Mohamed Nor (Tan Sri Dato’ Seri) 

Bumiputra-Commerce Holdings Berhad / CIMB 

Bank 

CF 2007 / CF 2008 

35. Hassan Jaafar (Mr) 

PLUS Expressways Berhad 

KNB ND 2007 / KNB ND 2008, / DF 2009 

36. Hiroyuki Kudo (Mr) 

CIMB Group 

DF 2009 

37. Hisham Zainal Mokhtar (Mr) 


BHPD 2010 

38. Idham bin Ismail (Mr) 


KNB ND 2008 

39. Ikmal Hijaz Hashim (Dato’) 


BHPD 2010 

40. Ismael Fariz Ali (Mr) 


BHPD 2007 

41. Izlan bin Izhab (Mr) 


KNB ND 2007 

42. Jamilah Hashim (Madam) 


KNB ND 2007 / KNB ND 2008 

43. Johan bin Abdullah (Mr) 

BIMB Holdings Berhad 

BHPD 2010 

44. K. Ravindran (Tan Sri) 


DF 2009 

45. Kalsom binti Abdul Rahman (Dato’) 


BHPD 2010 

46. Kamarulzaman Mohamed Zin (Dr) 


BHPD 2008 / KNB ND 2008 

47. Khairil Anuar Abdullah (Mr) 

Apollo Hospitals Enterprise Limited 

KNB ND 2007 

48. Khairuddin Ahmad (Tuan Haji) 

RHB Bank Berhad 

BHPD 2007 

49. Lau Tiang Hua (Mr) 


BHPD 2007 

50. Lau Yin Pin (Tan Sri Dato’) 


CF 2008 

51. Leo Moggie (Tan Sri Amar) 


CF 2007 

52. Lim Kheng Guan (Dato’) 


BHPD 2007 

53. Lodin Wok Kamaruddin (Tan Sri Dato’) 

Boustead Holdings Berhad 

CF 2008 

54. Loh Wai Yee (Ms) 


BHPD 2010 

55. Mat Rabi Abu Samah (Laksamana Madya Datuk) 

Langkawi Tuna Corporation Berhad 

KNB ND 2007 

56. May Quah Bee Fong (Ms) 


KNB ND 2008 


57. Md Ali Md Dewal (Mr) 

PT Bank Lippo Tbk 

KNB ND 2007 / CF 2007 

58. Md Anwar Md Nor 

(Admiral Tan Sri Dato’ Sri (R)) 

Lembaga Tabung Angkatan Tentera 

CF 2007 

59. Md Nor Md Yusof (Tan Sri) 

Bumiputra-Commerce Holdings Berhad 

KNB ND 2007 

60. Michael Jude Fernandez (Mr) 


DF 2009 

61. Michelle Lim (Ms) 


KNB ND 2008 

62. Mohamad Hashim Ahmad Tajudin (Dato’ Dr) 


BHPD 2007 / CF 2008 

63. Mohamed Arif Nun (Datuk Dr) 

Silterra Malaysia Sdn Bhd 

KNB ND 2007 / CF 2008 / KNB ND 2008 

64. Mohamed Azman Yahya (Dato’) 

Malaysian Airline System Berhad 

KNB ND 2007 / CF 2008 

65. Mohamed Khatib bin Abdul Hamid (Tan Sri 

Datuk) 

Pantai Holdings Berhad 

KNB ND 2007 / CF 2007 / BHPD 2008 / CF 

2008 / KNB ND 2008 

66. Mohamed Zain bin Mohamed Yusof (Datuk) 


BHPD 2008 

67. Mohammad Zainal Shaari (Dato’) 


KNB ND 2007 

68. Mohammad Azlan Hashim (Dato’) 

Proton Holdings Berhad / Kumpulan Wang 

Simpanan Pekerja 

CF 2007 / BHPD 2010 

69. Mohan Rajasooria (Mr) 


KNB ND 2007 

70. Mohd Izani Ashari (Mr) 


DF 2009 / BHPD 2010 

71. Mohd Nadziruddin Mohd Basri (Mr) 


KNB ND 2007 / BHPD 2008 

72. Mohd Rafik Shah Mohamad (Mr) 

Langkawi Tuna Corporation Berhad 

KNB ND 2007 

73. Mohd Sheriff bin Mohd Kassim (Tan Sri Dato’) 


KNB ND 2007 / KNB ND 2008 / CF 2008 

74. Mohd Shukri Hussin (Dato’) 


CF 2008 


75. Mohd Yusof Hussian (Mr) 


BHPD 2007 

76. Hj Mohd Zuki Hj Kamaluddin (Tan Sri Dato’) 

Island & Peninsular Berhad 

CF 2007 

77. Muhamad Fuad bin Abdullah (Ir Dr) 

Island & Peninsular Berhad 

BHPD 2008 

78. Muhammad Rais Abdul Karim 

(Tan Sri Datuk Dr) 

Malaysian Directors Academy 

CF 2008 

79. Muhd Radzi Hj Mansor (Tan Sri Dato’ Ir) 


CF 2007 

80. Nasution Mohamed (Mr) 

Penerbangan Nasional Berhad 

KNB ND 2007 

81. Noorizah binti Hj. Abd Hamid (Madam) 


DF 2009 

82. Oh Kim Sun (Mr) 

Pharmaniaga Berhad 

CF 2008 

83. Ong King How (Mr) 


KNB ND 2008 

84. Raja Arshad Raja Tun Uda (YM Tan Sri) 

Asia Capital Reinsurance Malaysia Sdn Bhd 

KNB ND 2007 / CF 2007 / KNB ND 2008 

85. Rosenah Mohd Hassan (Madam) 

Selat Tebrau Sdn. Bhd. 

KNB ND 2008 

86. Roslan A. Ghaffar (Dr) 

Malaysian Resources Corporation Berhad 

BHPD 2007 

87. Rosli Sharif (Dato’) 


BHPD 2008 

88. Rozana Makhzan (Ms) 

Biotrophics Malaysia Berhad 

KNB ND 2008 

89. Samsudin Osman (Tan Sri) 

BIMB Holdings Berhad 

CF 2007 

90. Shahazwan Harris (Mr) 


KNB ND 2007 

91. Shahnaz Al-Sadat binti Abdul Mohsein (Ms) 

Khazanah Nasional Berhad / UEM Group 

KNB ND 2007 / DF 2009 / BHPD 2010 

92. Shahridan Faiez Mohideen Abdul Kader (Dr) 


KNB ND 2007 

93. Shasidharan A/L Prapakaran (Mr) 


KNB ND 2008 

94. Stephanie Saw Ai Lee (Ms) 


BHPD 2010 

95. Sufyan Abdul Jabbar (Mr) 


KNB ND 2008 

96. Suriaghandi a/l Suppiah (Mr) 


KNB ND 2008 

MINDA Alumni 

97. Syed Muhamad bin Syed Abdul Kadir (Datuk) 


BHPD 2007 

98. Syed Othman Alhabshi (Prof. Dato’ Dr) 

Etiqa Takaful Berhad 

BHPD 2010 

99. Syed Saleh Syed Abdul Rahman (Mr) 

Lembaga Tabung Haji 

BHPD 2008 

100. Tan Poh Keat (Mr) 


CF 2007 

101. Tunku Mahmood Fawzy Tunku Muhiyiddin 

(YM Dato’) 


KNB ND 2007 

102. Wan Muhamad bin Wan Ibrahim (Dato’ Ir) 

TIME dotCom Berhad 

KNB ND 2007 

103. Yeo Keng Un (Mr) 


KNB ND 2007 

104. Yeoh Keat Seng (Mr) 

Malaysian Technology Development Corporation/ 

Biotrophics Malaysia Berhad 

KNB ND 2007 / KNB ND 2008 

105. Zainal Abidin Alias (Datuk) 


BHPD 2008 

106. Zainal Azwar bin Aminuddin (Dato’) 

TH Plantations Berhad 

BHPD 2008 

BHPD - Building High Performance Director 

CF - Chairman’s Forum 

DF - Director’s Forum 

KNB ND - Khazanah Nasional Berhad 

Nominee Directors 

15

16 

Featured Article’s - One 

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