At a media conference, Tun Mohamed Dzaiddin said the previous role of Executive Chairman for KLSE Bhd has now been separated into two - the position of the Chairman in a non-executive role and the position of the Chief Executive Officer.
“This is to provide the check and balance with the expanded commercial objectives of KLSE Bhd.
“The key function of the Chairman is to provide supervisory and monitoring guidance in balancing the regulatory and commercial objectives of KLSE Bhd, going forward.
“Related to this, the Chairman would also review and counsel that proper processes and procedures are in place to comply with all laws, regulations and rules established in meeting the regulatory and commercial objectives of KLSE Bhd,” he said.
At the same media conference, Chief Executive Officer, Yusli said his primary responsibility is focused on the management and operations of the entire exchange group.
“The CEO leads the implementation of strategic plans and policies established by the Board of Directors, with the aim of increasing the value of the company for its shareholders, whilst safeguarding the interests of the broader investing public.
“The CEO is also responsible for maintaining relationships with key customers, regulators, and policy-makers to ensure that the Group remains in good standing,” Yusli said.
He said KLSE Bhd will continue to assess itself to ensure regulations and services provided meet the needs of market participants.
“Market infrastructure too will be subject to constant review to assess its capabilities and capacities to fullfill market requirements,” he added.
Yusli said since 1 September 2003, KLSE Bhd has adopted a streamlined management structure to better serve the expanded commercial and public interest objectives of the KLSE Bhd Group.
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“The objective is to optimise a structure that supports and facilitates KLSE Bhd to continue to be a more efficient, responsive and progressive exchange. Additionally, the structure will enable KLSE Bhd to respond to heightened competition and greater customer expectation.
“You will see from the structure the streamlining of the regulatory functions of the exchange reporting to the Chief Regulatory Officer and the streamlining of the commercial operations of the exchange reporting to the Chief Operations Officer.”
“In successfully streamlining its regulatory, public interest and commercial objectives, KLSE as a public company will enhance its role as an efficient, cost effective and internationally competitive fund raising and investment centre,” Yusli said.
Chairman, Tun Mohd Dzaiddin added KLSE Bhd will continue to work closely with the Securities Commission following the signing of the Regulatory MOU with SC upon the conversion of the exchange on 5 January 2004. “The objective of the regulatory MOU was to establish a framework for the purpose of facilitating the regulatory functions of the respective parties as provided for under the laws, rules and other regulatory requirements.
“The Regulatory MOU also specified the regulatory roles and obligations of KLSE Bhd in ensuring a fair, efficient, transparent, innovative and internationally competitive market.
“To ensure that KLSE Bhd will continue to strike a balance between enhancing regulations and promoting business efficacy, we will also continue to consult and engage market and industry participants in the development of policies, rules and regulations for the Malaysian securities industry and capital market,” Tun Mohamed Dzaiddin said.
