KUALA LUMPUR: CGS International Securities Malaysia Sdn Bhd has appointed Tan Sri Shahril Ridza Ridzuan and former health minister Khairy Jamaluddin Abu Bakar as independent non-executive directors, effective Feb 28, 2024.
While it is not mandatory to appoint independent directors to the board, CGS chief executive officer Azizah Mohd Yatim said it chose to adopt the recommended corporate governance best practices in the Malaysian Code on Corporate Governance to signify its commitment to the highest standards of corporate governance.
"With our recent change in ownership to become wholly owned by CGS International Holdings Ltd, we have new growth opportunities and can benefit from the credentials, expertise, and network of these well-respected individuals to strengthen the competencies of our board," she said in a statement.
In December last year, CIMB Group Holdings Bhd completed the disposal of its remaining 25.01 per cent stake in CGS-CIMB Securities International Pte Ltd and 25 per cent shareholdings in CGS-CIMB Holdings Sdn Bhd to CGS International, formerly known as China Galaxy International Financial Holdings Ltd.
Shahril and Khairy (also known as KJ) will join six other CGS board members, Carol Fong, Yuen Kwok Wai, Chan Yuen May, Azizah Mohd Yatim, Alan Inn Wei Loon, and Khairi Shahrin Arief Bin Baki.
"We are confident that the combined depth and diversity of our board, which includes both private and public representatives in areas of business, finance, investment, and policy, will create a robust, well-connected leadership that will bring the company towards its vision of being a world-class and leading investment bank in Asia," Azizah said.
Shahril, who was formerly managing director for Khazanah Nasional Bhd and CEO for the Employees Provident, is currently chairman of Axiata Group Bhd and Ekuinas Nasional Bhd. He also sits on the boards of Pengurusan Danaharta Nasional, and Kuala Lumpur Kepong Bhd.
Khairy previously held ministerial positions with the Ministry of Health, the Ministry of Science, Technology, and Innovation, and the Ministry of Youth and Sports. He was also a director of investment banking at ECM Libra Avenue Securities.