PUTRAJAYA: The restructuring initiative of the Asian International Arbitration Centre (AIAC) will be implemented in phases involving governance reforms within the Centre, said Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said (pic).
In her post on X, Azalina said the restructuring initiative also involved the introduction of the AIAC Court of Arbitration in accordance with relevant amendments to the prevailing legislation.
She said the institutionalisation of the AIAC Advisory Board, transitioning into the AIAC Board of Directors, strives to future-proof the strategic development of the Centre.
"This restructuring initiative will, among others, also involve the appointment of the CEO who is entrusted to manage the day-to-day operations and administration of the Centre,” she said.
The restructuring initiative followed the formalisation of the Supplementary Agreement to the Host Country Agreement between the Malaysian Government and the Asian-African Legal Consultative Organization (AALCO) regarding the AIAC (Malaysia) on Tuesday (Feb 20).
"This is a significant milestone for the AIAC since its inauguration in 1978 as it marks the official roll-out of a series of crucial reforms from the governance, structural, and administrative aspects.
"It is indeed a remarkable leap from the rebranding of AIAC during my previous ministerial tenure back in 2018, which saw the internationalisation of its identity from the Kuala Lumpur Regional Centre for Arbitration (KLRCA) to AIAC (Malaysia), as it proudly stands today,” she said.
Azalina noted that the institutional reform agenda affirms the Malaysian Government's ongoing dedication to strengthening the role and function of AIAC, in congruence with its mandate as the Host Country under the HCA and recognition of AIAC's status as an independent and neutral institution under AALCO.
She further said that the government had also granted permission for the continuous use of the iconic heritage Sulaiman Building for AIAC’s operations as well as consistent channels of financial support to the AIAC to maintain a sustainable growth of the Centre.
"I am glad that AALCO acknowledged and welcomed the initiatives, which is in line with the international standards of the well-established arbitral institutions,” she said.
The minister also expressed her gratitude to AALCO and its secretary general, Dr Kamalinne Pinitpuvadol for the support and contribution to this reform initiative, and assured AALCO that promoting Malaysia as the preferred seat of arbitration has always been a priority to the Madani government in continuous effort to position AIAC at the centre stage of the international arbitration. - Bernama
