On Wednesday, the new Terengganu state cabinet was formed. Ten assemblymen were sworn in as state executive councillors (EXCO) and given specific portfolios. Congratulations to all. I sincerely hope they can work well as a team. All we, the rakyat of Terengganu, are asking from you - be honest and committed. nothing more, nothing less.
The State of Terengganu, through its agencies, owns a number of public listed companies. namely - TDM Berhad, EPIC Berhad and Golden Pharos. all of them are listed on the main board of Bursa Malaysia. Overall, these companies are doing pretty well. in fact, TDM announced today that they are acquiring another 30,000 hectares of land in West Kalimantan for oil palm plantation development. am actually proud. indirectly, i feel that i own these companies, maybe 0.0000000000001%.
The chairman of TDM Berhad is Dato Wan Hisham. the chairman of EPIC Berhad is Dato Mohamed Awang Tera. both were appointed in april 2004, right after BN won back the state from PAS. at that time, Dato Wan Hisham was the state EXCO in charge of Infra Development, Public Utilities and Communications. whereas, Dato Mohamed Awang Tera was the state EXCO in charge of Industrial Development and Tourism.
This is where i have a problem. i totally disagree that state EXCOs, who are part of the executive branch, be appointed as chairmen of public listed companies. i have nothing personal against them. and i am not questioning their integrities. but this is an issue of governance. Their chairmenship of these companies are akin to a minister being a chairman of a GLC. can you imagine say, TS Nor Mohamed Yakcop - the 2nd Finance Minister, being chairman of Sime Darby? or Dato Shabery Cheek - Minister of Information, being chairman of Media Prima Bhd.
Dato Wan Hisham lost in the recent GE. So he is ok to continue as chairman of TDM Berhad. Dato Mohamed Awang Tera has been appointed as a state EXCO for another term.
I hope MB Mad Said would not re appoint Dato Awang Tera as chairman of EPIC Berhad. appoint someone who is not part of the executive branch. why not appoint someone from the industry. let state EXCOs concentrate on their main job - serving the people.
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TS NMY as chairman of Sime Darby would be off. But state exco member as chairman of a listed company....
If it is a non-executive role probably won't harm the company. Also it is extra burden on them as I am sure nowadays SC is strict. Aren't they liable if they become directors of a company?
But I do get your point on governance. Having said that, you still need to allign the company's mission and vission with that of the state's. I'm all for meritocracy but I guess as a figure head and non-executive role, he should be the check and balance for the professional who really is running the company.
Of course a caveat to my comments is that the company IS run by professionals...
Denang! Try updating everyday man! I'm hoping on you now to know local current affairs!!
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