PETALING JAYA: The Securities Commission (SC) praised its outgoing chairman Datuk Syed Zaid Albar (pic) for his instrumental role in leading the commission and the capital market through the last two challenging years.

       During his leadership, the SC said Syed Zaid strengthened various supervision and enforcement processes in the commission to achieve swift and effective outcomes.

       Many corporate governance milestones were achieved, which saw the SC extending its remit to include enforcing breach of fiduciary duties by directors of public listed companies.

       In the same period, the SC said it recalibrated its priorities to enable the regulator and capital market participants to address and respond to the impact of the pandemic while ensuring market stability and continuity.

       “He also focused on advancing the SC’s development initiatives, particularly in promoting the sustainability agenda, growing the Islamic capital market and harnessing innovation.

       “Key to this is the release in September last year of the Capital Market Masterplan 3, which will set the tone and direction for the SC’s development and regulatory initiatives for the next five years,” it said in a statement yesterday.

       Syed Zaid’s resignation will take effect on May 31, after serving the capital market regulator for almost four years. He will be succeeded by Datuk Dr Awang Adek Hussin, who will assume the position on June 1.

       In his remarks, Syed Zaid said it was an honour and privilege for him to serve the country by leading a major institution like the SC.

       “I welcome the appointment of Datuk Dr Awang Adek, and wish him well in his new role as the next SC chairman.

       “I would like to thank the SC’s board, leadership team and the officers and staff of the SC.

       “Their integrity, professionalism and dedication were tested and proven many times as they ceaselessly worked to ensure the stability and continuity of the capital market,” he said.