SC: MoF decided Bursa chairman has to go over governance issues

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KUALA LUMPUR (April 16): Datuk Shireen Ann Zaharah Muhiudeen, the non-executive chairman of Bursa Malaysia Bhd, has been asked to vacate her post over governance issues.

Shireen was appointed to her current post on March 1 last year, replacing Tan Sri Amirsham A Aziz, who held the position for nearly four years since 2015. Shireen was also made public interest director.

When contacted, the Securities Commission Malaysia (SC) confirmed Finance Minister Tengku Datuk Seri Zafrul Tengku 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 Minister of Finance. 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 Muhiuddin’s appointment,” it added.

Shireen is the founder of Corston-Smith Asset Management Sdn Bhd. Prior to this, she served as the chief executive officer 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.

See also: Abdul Wahid tipped to be next Bursa chairman