Page 106 - KWAP_AR2022

104 KUMPULAN WANG PERSARAAN (DIPERBADANKAN) FoR BEttER GovERNANcE

STATEMENT ON

CORPORATE GOVERNANCE

COMPOSITION OF THE BOARD The following new Board members had been appointed in
2022, namely:
KWAP’s Board comprises qualified, experienced, and
skillful members with mixed backgrounds representing i. Dato’ Sri Mohd Shafiq Bin Abdullah, the new Director-
the Government, Private Sector, Bank Negara Malaysia, General of Public Service Department has been
and Contributories, which are imperative for the overall appointed on 1 March 2022 to replace Tan Sri Mohd
strategic achievements of KWAP. Khairul Adib Bin Abd Rahman who has retired on 16
January 2022; and
Section 6 of Act 662 (“KWAP Act”) stipulates that the Board ii. Dato’ Mohd Shaiful Bin Ibrahim on 15 December 2022,
shall consist of the following members, who are appointed to replace Dato’ Sri Mohd Shafiq bin Abdullah whose
by the Minister of Finance: service with the Government of Malaysia ended on 12
December 2022.
i. a Chairman who shall be the Secretary General of
Treasury, the Ministry of Finance; CHAIRMAN AND CHIEF EXECUTIVE OFFICER

ii. a representative from Bank Negara Malaysia; As per the KWAP Act and as part of good governance and
best practices recommended by the Malaysian Code of
iii. a representative from the Ministry of Finance; Corporate Governance (MCCG) issued by the Securities
Commission Malaysia, the roles of the Chairman and the
iv. the Chief Executive Officer who shall be an Chief Executive Officer of KWAP are distinct and separated.
ex-officio member;
The Chairman is principally responsible for conducting
v. three (3) representatives of the Government of and ensuring the effectiveness of Board meetings while
Malaysia; the Chief Executive Officer, who is duly appointed by
the Board with the approval of the Minister of Finance,
vi. three (3) other persons from the private sector with is responsible for the daily operations, administration,
experience and expertise in business or finance; and and management of KWAP which include overseeing the
overall operations of the business and the implementation
vii. a representative of the contributories to the Retirement
Fund other than the representative of the Government of policies and decisions made by the Board and the
investment decisions made by the Investment Panel in
of Malaysia. accordance with KWAP Act.
A brief profile of each Board member is presented on Section 9 (1) KWAP Act provides that the Board shall
pages 86 to 93 of this Annual Report. appoint a Chief Executive Officer on terms and conditions
as the Board deems fit, subject to the approval of the
In 2022, the tenure of appointment of Datuk Dr. Yacob Bin Minister of Finance. The Chief Executive Officer shall have
Mustafa has ended pursuant to his retirement on 5 June such powers and duties as may be conferred or imposed
2022. Subsequently, the Minister of Finance had approved upon him by this Act or as may be conferred or imposed
the reappointment of Datuk Dr. Yacob as KWAP Board by the Board from time to time.
member on 3 August 2022, pursuant to his reappointment
as the Accountant General of Malaysia. The Chief Executive Officer is assisted by the management
in handling the day-to-day administration of KWAP and
its employees. The Chief Executive Officer is also an
ex-officio member of the Board as well as the Secretary to
the Investment Panel.