This article first appeared in The Edge Financial Daily on April 17, 2020

KUALA LUMPUR: Tan Sri Abdul Wahid Omar, former chairman of Permodalan Nasional Bhd, has been tipped to be the chairman of Bursa Malaysia Bhd, according to sources.

When contacted, Bursa Malaysia chief executive officer (CEO) Datuk Muhamad Umar Swift declined to comment on the matter.

The appointment happens after incumbent non-executive chairman of the stock exchange Datuk Shireen Ann Zaharah Muhiudeen had been asked to vacate her post over governance issues.

The Securities Commission Malaysia (SC) yesterday confirmed that Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz’s decision to revoke Shireen’s appointment after consultation with the commission.

“As provided for in the Capital Markets and Services Act 2007 (CMSA), the power to appoint and remove a public interest director and chairman of Bursa Malaysia rests with the finance minister. In exercising this power, the minister consults with the SC before arriving at his decision,” the regulator told theedgemarkets.com today.

“The consultation in this instance revolved around governance issues and the current Bursa chairman’s fit and properness to continue holding the position. Following our consultation, we believe the minister has decided to revoke Datuk Shireen Ann Zaharah Muhiudeen’s appointment,” the regulator added.

She was appointed to the post on March 1, 2019, replacing Tan Sri Amirsham A Aziz, who held the position for nearly four years since 2015.

Shireen is the founder of Corston-Smith Asset Management Sdn Bhd. Prior to this, she served as CEO of AIG Investment Corporation (Asia) Ltd from 1992 to 2004.

She was formerly a member of the International Advisory Panel for Labuan International Business and Financial Centre. Shireen also holds independent directorships at AMMB Holdings Bhd and the Federal Land Development Authority.

Abdul Wahid is no stranger to the local corporate community who held positions in the government and government-linked corporations, namely Malayan Banking Bhd and Telekom Malaysia Bhd.

He resigned from the board of PNB in June 2018, a month after the 14th general election, with former Bank Negara Malaysia governor Tan Sri Zeti Akhtar Aziz taking over the post.

In the latter part of 2018, he was appointed as the chairman of Universiti Kebangsaan Malaysia  and slated to hold the post from November 2018 to October 2021.