Nazir Razak steps down from EPF investment panel

In a statement, CIMB said the RBC, which was launched yesterday at the WEF

KUALA LUMPUR: Datuk Seri Nazir Razak is leaving his post as Employees Provident Fund (EPF) investment panel member when his tenure ends this month.

In a recent Instagram post, the CIMB Group Holdings chairman said he had decided, after 15 years in the panel, not to be considered for renewal at the end of the tenure.

Posting a photo of himself standing with EPF chairman Tan Sri Samsudin Osman, Nazir expressed his gratitude to the rest of the panel and all EPF staff.

“After (a record) 15 years as EPF Panel member, I have decided not to be considered for renewal at the end of my tenure this month.

“It’s been such a huge honour and privilege to serve since 2002, and witness EPF assets grow from RM200bil to over RM750bil today, pay consistently good dividends, and diversify from pure Malaysian investments to almost 30% in the rest of the world,” he said in the post.

Nazir added that EPF was a world-class pension fund and a great Malaysian success story.

“So long as it continues to be led with integrity by a strong leadership team and follows its established institutional processes, EPF will continue to grow from strength to strength,” he added.

Among the comments to the post, thanking Nazir for his contributions during his tenure was a comment from group chief executive officer and founder of AirAsia Bhd Tan Sri Tony Fernandes.

“Good leadership is to know when to move on. 

“Onto bigger and better things and hope the foundation you helped to build will maintain and grow. “Take a bow for all the work you have done in being part of a great organisation,” he said.