Appointment of New Members to Bank Negara Malaysia's Financial Stability Executive CommitteeRef No : 11/16/16 28 Nov 2016 Embargo : For immediate release
Bank Negara Malaysia (the Bank) wishes to announce the appointments of Deputy Governor Abdul Rasheed Ghaffour, Datuk Johan Idris and Puan Yoong Sin Min as members of the Bank’s Financial Stability Executive Committee (Executive Committee). Datuk Johan and Puan Yoong will serve as external experts for a three-year term with effect from 3 November 2016 following the resignation and expiry of membership of the previous external experts. These appointments are in accordance with Section 37(2) of the Central Bank of Malaysia Act 2009 (CBA).
The Executive Committee is empowered under the CBA to decide on specific measures that can be taken by the Bank to avert or reduce risks to financial stability. These measures are:
- any order to take specific measures which is issued to a person or financial institution that is not supervised by the Bank;
- the extension of liquidity assistance to overseas operations of a licensed financial institution in Malaysia; and
- the provision of capital support to a non-viable licensed financial institution in Malaysia.
The Executive Committee consists of seven members, a majority of whom are non-executive members who are independent of the Bank’s management.
The Executive Committee serves to strengthen the accountability framework for the exercise of expanded financial stability powers accorded to the Bank under the CBA. It acts to ensure that proposed measures within its purview are appropriate to address identified risks to financial stability.
With these new appointments, the current members of the Executive Committee are:
- Governor Muhammad bin Ibrahim (Chairman)
- Tan Sri Dr. Mohd Irwan Serigar bin Abdullah, Secretary General of Treasury
- Tan Sri Dato' Seri Ranjit Ajit Singh, Chairman of Securities Commission Malaysia
- Jean Pierre Sabourin, Chief Executive Officer of Perbadanan Insurans Deposit Malaysia
- Deputy Governor Abdul Rasheed Ghaffour
- Datuk Johan Idris
- Puan Yoong Sin Min
Bank Negara Malaysia
28 November 2016
Profiles of the new members of the Bank Negara Malaysia’s Financial Stability Executive Committee:
Deputy Governor Abdul Rasheed Ghaffour
Encik Abdul Rasheed Ghaffour is the Deputy Governor responsible for financial sector regulation and development including payment systems, international reserves management and money market operations, and foreign exchange administration. He is a member of the Bank’s Monetary Policy Committee and Financial Stability Committee. Encik Abdul Rasheed has vast experience in regional integration initiatives. He played a key role in the development and successful implementation of the Financial Sector Masterplan (2001-2010) and formulation of the Financial Sector Blueprint (2011-2020).
Datuk Johan Idris
Datuk Johan Idris is the Managing Partner of KPMG and the immediate past President of the Malaysian Institute of Accountants (MIA). He is an Exco Council member of the Malaysian Institute of Certified Public Accountants (MICPA), a Fellow of the Chartered Institute of Management Accountants (CIMA) and a member of MIA. Datuk Johan chairs the MIA sub-committee i.e. Integrated Reporting Steering Committee and is a member of the Professional Development Panel of the International Centre for Education in Islamic Finance (INCEIF).
An Alumnus of University Putra Malaysia, he is the project leader of an accounting standard of the Malaysian Accounting Standards Board and presently Board member of Malaysian Professional Accountancy Centre (MyPAC) that promotes professional accountancy centre of excellence.
Puan Yoong Sin Min
Puan Yoong Sin Min is a lawyer who has been admitted to both the Bars in Malaysia and Singapore. She is a litigator in civil disputes, with her specialty in the area of banking and finance litigation. Puan Yoong has extensive experience in financial sector issues (including matters relating to Islamic finance, private debt securities, investment banking, receivership and insolvencies) and financial crisis management (including the acquisition of non-performing loans by the Danaharta Group of companies, Prokhas Berhad). Puan Yoong is a senior partner of the legal firm of Messrs Shook Lin & Bok and a council member of the Insolvency Practitioners Association of Malaysia (IPAM).
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