Good morning and welcome to the Governance Symposium 2020 which is jointly organised by MIA and the Malaysian Institute of Corporate Governance (MICG). Today is the second day of the Symposium and I trust that you have derived benefit from the content so far.
This Governance Symposium is a key learning event on MIA’s annual professional development calendar as it focuses specifically on governance and is designed for Those Charged with Governance, especially business leaders and board members. Those Charged with Governance are responsible for ensuring that there is a good tone at the top in their organisations by modelling and instilling an unimpeachable culture of ethics and good behaviour. Good behaviour and good governance by organisations in turn will lead to confidence and trust in the markets and business enterprises, which supports a strong economy and MIA’s mission of sustainable nation building.
As the regulator and developer of the accountancy profession, MIA is entrusted with upholding good governance through our regulatory activities. Our development of the profession is also aligned with ensuring that accountants are upskilled, informed and able to comply with regulations in order to uphold the public interest.
Although we operate today in vastly challenging times due to an unprecedented pandemic and its new norms, the accountancy profession’s ethics and the universal principles of good governance and good behaviour are timeless and unchangeable. Trust, integrity and accountability are called for more than ever to instil confidence and assurance among the public and our stakeholders.
The Symposium content is designed to equip our participants with the necessary strategies, skills and tools to manage governance and reputation risks in an environment that has been tremendously impacted by COVID-19. As governance professionals and regulators ourselves, MIA understands that this is certainly the most challenging time ever for those who are charged with governance. On top of the COVID-19 impact, you also face disruption in various areas ranging from legislative to digital, talent, reputation and culture. However, we are blessed to have unceasing innovation especially in the area of digitalisation. Digital transformation and adoption of digital tools can support boards and those charged with governance to better manage governance risks and controls.
In yesterday’s session, you heard from the various speakers on ways of strengthening corporate governance and economic growth during the COVID-19 pandemic, governance prospects and developments for 21st century boards, and on fighting corruption to build a nation and culture of integrity.
Today’s session is focused on technology adoption and scenario planning tools. This is critical because the way in which we govern is being greatly impacted by technology development, as is the way we live, work and do business which is being reshaped by digitalisation. Scenario planning meanwhile is important to help us forecast possible issues, developments and map our journey and options to achieve our purpose.
We will end Day 2 on an inspiring note, to encourage those charged with governance to demonstrate strong and ethical leadership in dealing with the unknown. As I said earlier this is an unprecedented crisis. However, it is critical for Boards and Those Charged with Governance to respond with insights and strategies that are aligned with the organisation’s purpose, values and ethics. Integrity, accountability and trust cannot be sidelined as this will compromise our compliance with regulations, and weaken ethical behaviour and good governance.
Last but not least, I would like to thank MICG for working together with MIA on our common mission, which is to advocate for strong regulations and good governance culture to protect the public interest and support sustainable nation building.
I wish you a productive symposium and invite you to join us in our future events.
Unit 33-01, Level 33, Tower A, The Vertical, Avenue 3, Bangsar South City,
No.8 Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia.
The use of the word ‘Accountant’
In Malaysia, the word ‘Accountant’ is protected as provided for under the provisions of the Accountants Act 1967 which states that no one can hold himself out or practise as an Accountant unless he is registered as a member of the Malaysian Institute of Accountants.
‘The Malaysian Institute of Accountants is committed to the observance and practice of the highest ethical standards of the accountancy profession. All PC holders are reminded that under the MIA By-Laws (On Professional Ethics, Conduct And Practice), no person shall practice or hold out anything on audit/tax services without a license approved by the Ministry of Finance. Every PC holder is therefore expected to comply fully with Section B200.1 to B200.6 of the MIA By-Laws (On Professional Ethics, Conduct And Practice) failing which, you may be held liable for unprofessional conduct and disciplinary action may be taken against you.’