Awang Adek Hussin appointed new SC chairman

KUALA LUMPUR: The Minister of Finance has appointed Datuk Awang Adek Hussin as the new executive chairman of the Securities Commission, effective June 1, 2022.

Awang Adek, who was formerly an assistant governor in Bank Negara, will replace outgoing chairman Datuk Syed Zaid Syed Jaffar Albar, who resigned from the post just six months after the renewal of his contract in November 2021. Syed Zaid's resignation will take effect on May 31, 2022.

In a statement, the Finance Ministry said Awang Adek was appointed in accordance with Section 4(2) of the Securities Commission Act 1994 [Act 498] and will serve for a term of three years until May 31, 2025.

It said Awang Adek has vast experience in the capital markets and Islamic finance.

He had previously served as a director on the SC's board, chairman of Tenaga Nasional Bhd, Malaysian ambassador to the US, first director-general of the Labuan Offshore Financial Services Authority (LOFSA).and was the Deputy Finance Minister from 2006 to 2013.

"The Finance Ministry would like to express its appreciation and thanks for the contributions and service of Syed Zaid Albar as SC executive chairman from Nov 1,2018, to May 30, 2022," said the statement.

In a separate statement, SC said Syed Zaid Albar's resignation will take effect on May 31.

SC said Syed Zaid, who was appointed to the role in 2018, was instrumental in leading the institution and the capital market through a challenging period dominated by the effects of the Covid-19 pandemic on businesses and investors.

During his leadership, the SC recalibrated its priorities to enable the regulator and capital market participants to address and respond to the impact of the pandemic while ensuring market stability and continuity.

Syed Zaid Albar also focused on advancing the SC’s development initiatives particularly in promoting the sustainability agenda, growing the Islamic capital market and harnessing innovation.

Key to this is the release in September last year of the Capital Market Masterplan 3 (CMP3), which will set the tone and direction for the SC’s development and regulatory initiatives for the next five years.

“It is an honour and privilege for me to serve the country, and lead an institution that stands resolutely strong like the SC. I welcome the appointment of Awang Adek, and wish him well in his new role as the next SC chairman,” Syed Zaid Albar said.

“I would like to thank the SC’s board, leadership team and the officers and staff of the SC. Their integrity, professionalism, and dedication were tested and proven many times as they ceaselessly worked to ensure the stability and continuity of the capital market,” he added.