Bursa chairman’s position revoked over governance issues

PETALING JAYA: Datuk Shireen Ann Zaharah Muhiudeen has been removed from her position as Bursa Malaysia chairman over governance issues.

The Securities Commission (SC) said the power to appoint and remove a public interest director and chairman of Bursa Malaysia Bhd rests with the Finance Minister, as provided for in the Capital Markets and Services Act 2007 (CMSA).

In exercising this power, it said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz decided to revoke Shireen’s appointment on the advice and consultation with the SC.

“Following our consultation, we believe the Minister has decided to revoke Datuk Shireen Ann Zaharah Muhiuddin’s appointment, ” an SC spokesperson said.

Long time corporate stalwart Tan Sri Abdul Wahid Omar is said to be the frontrunner for the job as Bursa Malaysia chairman.

Shireen, who was appointed Bursa Malaysia chairman on March 1 last year, replacing Tan Sri Amirsham A. Aziz, is the founder of Corston-Smith Asset Management Sdn Bhd.

She was previously the asset management company’s MD and principal fund manager from 2007 to 2019.

Prior to her appointment as Bursa Malaysia chairman, Shireen was independent non-executive director of AMMB Holdings Bhd between June 2016 and June 2019, and non-executive director of Apollo Food Holdings Bhd from January to October 2018.

Before that, she was a non-executive director at HSBC Bank Malaysia Bhd between December 2013 and February 2016.

She had also served as CEO of AIG Investment Corp (Asia) Ltd from 1992 to 2004.

Shireen was a member of the International Finance Corp’s working group for the establishment of the Philippine Stock Exchange’s Maharlika Board and a member of the international advisory panel for the Labuan International Business and Financial Centre.

She holds a Master of Business Administration degree from Loyola Marymount University in the United States and a Bachelor of Science in Business Administration degree from University of Southern California.