KUALA LUMPUR (Dec 3): Bank Negara Malaysia (BNM) has appointed Datuk Abdul Rauf Rashid, who is the managing partner of Ernst & Young (EY) Malaysia, as a member of BNM's financial stability executive committee following non-ex officio members' appointments term expiry.

BNM also announced BNM Deputy Governor Abdul Rasheed Ghaffour and legal firm Shook Lin & Bok partner Yoong Sin Min's reappointments as  members of the seven-member executive committee.

"These appointments are in accordance with Section 37(2) of the Central Bank of Malaysia Act 2009 (CBA 2009). The appointments are effective for a three-year term from 3 November 2019 to 2 November 2022," BNM said in a statement on its website yesterday.

BNM said Abdul Rauf, who started his professional practice in the UK, has more than 27 years of local and international experience in assurance and business advisory services.

"He has provided various types of assurance and business advisory services across the financial services industry. Among his portfolio of clients are banks, insurers and takaful operators, fund managers, occupational pension schemes and investment companies," BNM said.

According to BNM, the seven-member executive committee includes BNM Governer
Datuk Nor Shamsiah Mohd Yunus, Secretary-General of Treasury Tan Sri Ahmad Badri Mohd Zahir, Securities Commission Malaysia chairman Datuk Syed Zaid Albar and Perbadanan Insurans Deposit Malaysia chief executive officer Rafiz Azuan Abdullah.

"The executive committee was established in 2010 pursuant to Section 37 of the CBA 2009 and generally meets at least twice a year. Its primary purpose is to contribute to the fulfilment of the bank’s statutory mandate of preserving financial stability through its powers to decide on specific policy measures that may be taken by the bank to avert or reduce risks to financial stability.

"The executive committee is a key component of the accountability framework that has been institutionalised for the exercise of the broad financial stability powers accorded to the bank under the CBA 2009. It is responsible to ensure that the proposed measures within its purview are appropriate, having regard to the bank’s assessment of risks to financial stability," BNM said.