18/06/2025

BIZ & FINANCE WEDNESDAY | JUNE 18, 2025

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Malaysian Paper

/thesundaily /

Enhancing professionalism of company directors, boards

Cross-border power link project in focus at Asean energy meeting KUCHING: The cross-border power intercon nection project under the Asean Power Grid (APG) initiative is a key focus of the 43rd Asean Senior Officials Meeting on Energy (SOME) hosted by Malaysia’s Ministry of Energy Transition and Water Transformation (Petra). The three-day meeting, which began on Monday, is chaired by Petra secretary-general Datuk Mad Zaidi Mohd Karli in his capacity as chair of Asean SOME 2025. In a statement yesterday, Petra said the meeting is reviewing progress on the Asean Plan of Action for Energy Cooperation (APAEC) Phase II 2021–2025, while also discussing the direction and development of the upcoming APAEC 2026–2030 framework. “Discussions also centre on advancements in multilateral energy trading through the Lao PDR-Thailand-Malaysia-Singapore Power Inte gration Project. “Topics related to energy transition policies are also in the spotlight, including scaling up renewable energy, enhancing energy effi ciency, exploring nuclear energy potential and harmonising regional energy policies,”the statement read. The meeting brings together senior energy officials from all Asean member states, with Timor-Leste attending as an observer, serving as a key platform to discuss energy policies and strengthen the strategic direction of regional energy cooperation. This year’s meeting also provides an opportunity for member states to acknowledge Timor-Leste’s participation as a full Asean member. Petra said the meeting lays the ground work for the Asean Ministers on Energy Meeting scheduled for October. “Hosting the 43rd Asean SOME under scores Asean’s unwavering commitment to achieving sustainable, inclusive and resilient energy development in the region.” – Bernama

“We want to raise the standard and improve governance while supporting the Securities Commission’s priority in the capital market to increase returns. If you’re a better governing board with a better-run company, you’d have better profits and returns in the capital market. “That’s our intention, and we are supporting this as well,” she said after the institute’s 8th annual general meeting held recently. ICDM is Malaysia’s national institute of directors dedicated to strengthening corporate governance and board effectiveness through world-class director development and advisory services. Lim said the new national set of standards aims to significantly accelerate the growth of a diverse and qualified talent pool of directors across both the public and private sectors, as well as government-linked boards, to help companies achieve optimal board composition from the outset. She added that it is important to ensure board members of companies are chosen fairly based on a qualified and fixed standard that allows them to contribute to the company well. Lim said ICDM has grown considerably over the past year, with its overall revenue increasing 53%, its Leading for Impact Programme’s revenue rising by 172%, and Aspiring Directors Immersion Programme’s revenue increasing by 211%. “Our directors’ registry also features 1,264 prescreened, board-ready candidates who can take up the role of board member,” she added. Lim emphasised that the future of an organisation depends on the precise and integral leadership of boards and directors. “Therefore, they must champion gover nance, accountability, and performance stan

o Institute says benchmark certification framework vital

to raise standards and improve governance

dards with the same rigour they demand from the companies they oversee. As the national institute of directors, we are committed to these standards, a commitment proven by an independent board and director effectiveness evaluation of our own board, which reaffirmed our strengths,” she said. ICDM executive vice-president and suc ceeding president and CEO Jackie Mah said it is rewarding to see members appreciate the projects and initiatives that they have taken on, particularly to engage members more holi stically. “We’ve grown our member base from a small base to up to 1,500 last year,” she said. “Members were satisfied and happy with development training that we do as well as our advisory support and they really felt that we have set up an ecosystem to help directors progress to the next level.” Mah said ICDM has delivered over 500 programmes and trained more than 30,000 directors. “Just as we hold employees of organisations to certain standards and evaluate them with clear key performance indicators, boards and directors should also have mechanisms in place to evaluate their performance and development.” “The PCDF is not just a certification – it is a commitment to ensuring exemplary standards and quality of leadership among directors across the public and private sectors to meet rigorous, clearly defined benchmarks,” Mah said.

Ű BY MAHADHIR MONIHULDIN sunbiz@thesundaily.com

KUALA LUMPUR: The Institute of Corporate Directors Malaysia (ICDM) has advised company directors and boards not to be mere figureheads, ahead of the introduction of a formalised director certification framework to advance the professionalisation of boards. The institute encourages corporate directors to discard outdated mindsets, relearn what the future demands and embrace innovation with courage and a relentless commitment to board excellence and continuous development. It also emphasises the importance of the coming launch of a national Professional Directors Certification Framework (PDCF) this year, a new benchmark for board directors. The PDCF is a structured, competency based pathway for directors and the industry, globally aligned with a benchmarked baseline qualification. This aligns with the roadmap set out by the Securities Commission Malaysia to achieve a resilient and high-performing capital market. ICDM president and CEO Michele Kythe Lim stated that, at present, anyone can be selected as a board member, and there are no specific qualifications required.

Seveno Capital, Borderless Healthcare join hands to tap wellness market KUALA LUMPUR: Seveno Capital and Borderless Healthcare Group have launched The Well Estate, the world’s first medical wellness real estate company, to target the growing US$1.8 trillion (RM7.6 trillion) global wellness market. According to a statement, the new joint venture between Seveno Capital and Borderless Healthcare Group will focus on asset owners within the “wellness archipelago” of Singapore, Thailand, Indonesia, Vietnam and Malaysia. while Borderless Healthcare Group is led by global healthcare technology, media, teleco mmunication, service and content pioneer Dr Wei Siang Yu. Law said The Well Estate will enable hospitality asset owners to align their business and guest offerings with the global wellness and longevity revolution that will be equally as transformative as artificial intelligence. The Well Estate will support hotel and hospitality asset owners to shift from a “room yield” to a “room plus” business model by providing turnkey medical wellness solutions, giving guests live access to health and medical experts as well as famous content creators. and health programmes. According to the Global Wellness Institute, the global wellness industry was valued at US$5.6 trillion in 2023 and is projected to reach US$8.5 trillion by 2027. The wellness economy is also expected to grow by 8.6% annually through 2027, outpacing global gross domestic product, while luxury wellness resorts can generate 30% to 50% higher daily rates than traditional hotels. The initiative comes as hotels are investing heavily to meet this demand and to capture a larger share of this lucrative market. – Bernama Seveno Capital is led by Park Hotel Group founder and healthspan entrepreneur Allen Law Meanwhile, Dr Wei said The Well Estate sets a new standard for immersive guest experiences that is profitable, purposeful and scalable. By unlocking new revenue streams and increasing the value of each guest stay, The Well Estate aims to improve asset utilisation, particularly for underused spaces such as gyms and spas, with guests also having access to personalised diets, fitness, yoga, mindfulness

Petronas signs 20-year deal to purchase gas from US-based Commonwealth LNG

PETALING JAYA: Petroliam Nasional Bhd (Petronas), through subsidiary Petronas LNG Ltd, has entered a liquefied natural gas (LNG) sale and purchase agreement with Commonwealth LNG LLC, marking a key milestone in its strategy to diversify its LNG portfolio through long-term supply from the United States. Under the SPA, Petronas will purchase one million tonnes per annum (mtpa) of LNG from Commonwealth LNG for 20 years from Commonwealth’s 9.5 mtpa facility currently under development in Cameron, Louisiana. A document exchange ceremony was held between Petronas LNG Ltd CEO Ezran Mahadzir and Commonwealth LNG president and CEO Farhad Ahrabi on the sidelines of Energy Asia 2025. Petronas LNG marketing and trading vice president Shamsairi M Ibrahim said, “This

agreement underscores Petronas’commitment to fostering global partnerships that ensure reliable, sustainable and long-term LNG supply for our customers. Collaborating with Commonwealth LNG will expand our supply node and strengthen our presence in the global LNG market.” The collaboration signifies a key step towards a shared ambition to deliver sustainable energy solutions advancing strategic energy colla boration, contributing to regional energy security and reinforcing Commonwealth LNG’s role as a reliable player in the global LNG landscape, Petronas said in a statement yesterday. Farhad said, “We’re pleased to establish this partnership and proud that Commonwealth LNG has been invited to help extend Petronas’ successful history of more than a half-century in serving global energy needs.”

Ezran (left) and Farhad at a document exchange ceremony on the sidelines of Energy Asia 2025.