PETALING JAYA: The Securities Commission (SC) has congratulated outgoing Chairman Datuk Syed Zaid Albar (pictured) for his instrumental role in leading the commission and the capital market over the past two difficult years.
During his leadership, the SC said Syed Zaid had strengthened various oversight and enforcement processes within the commission to achieve quick and effective results.
Many milestones in corporate governance have been achieved, allowing the SC to expand its mandate to include enforcement of breach of fiduciary duties by directors of publicly traded companies.
During the same period, the SC said it had recalibrated its priorities to enable the regulator and capital market participants to cope and respond to the impact of the pandemic while ensuring market stability and continuity.
“He also focused on advancing the development initiatives of the SC, particularly in advancing the sustainable development agenda, growing the Islamic capital market and harnessing innovation.
“Key to this is the publication in September last year of the Capital Market Masterplan 3, which will set the tone and direction for SC’s development and regulatory initiatives for the next five years,” he said. said in a statement yesterday.
Syed Zaid’s resignation will take effect on May 31, after serving as the capital market regulator for nearly four years. He will be replaced by Datuk Dr Awang Adek Hussin, who will take office on June 1.
In his address, Syed Zaid said it was an honor and a privilege for him to serve the country leading a major institution like the SC.
“I welcome the appointment of Datuk Dr Awang Adek and wish him well in his new role as the next SC Chair.
“I would like to thank the SC Board of Directors, the management team and the SC leadership and staff.
“Their integrity, professionalism and dedication have been tested and proven time and again as they work tirelessly to ensure the stability and continuity of the capital market,” he said.
