Kuala Lumpur, 4 December – National deposit insurer Perbadanan Insurans Deposit Malaysia (PIDM) opens itself to public scrutiny by publishing its policies and by-laws as part of its commitment for greater accountability.
PIDM’s Board of Directors recently approved its Corporate By-Law and policies for Board Governance, Whistleblowing and Procurement. These By-Law and Policies are the firsts of others to be issued and made public in the coming months.
“We manage public funds and this requires us to be accountable to all stakeholders for our decisions and actions. We are serious about building strong foundations of public accountability at early stages so that good governance becomes ingrained in our core operating values and principles in the long run,” according to Jean Pierre Sabourin, Chief Executive Officer of PIDM.
Developed based on globally-recognised best corporate governance principles, PIDM’s Board Governance Policy sets out 15 best practices or standards of behaviour which the Board of Directors of PIDM will subscribe in carrying out its responsibilities.
“Among the standards is a requirement for the responsibilities and accountability of the Chairman and Chief Executive Officer to be clearly distinguished and documented. The policy also sets out expectations of the Board from management in respect of each standard. The clear division in the roles of the Board and management is important in the public sector context, so that there is clarity in terms of stewardship and accountability,” Sabourin said.
At present, PIDM’s Board members include Tan Sri Dato’ Abdul Aziz bin Haji Taha (Chairman), Tan Sri Dato’ Sri Dr. Zeti Akhtar Aziz, Tan Sri Izzuddin bin Dali, Tan Sri Dato’ Seri Haji Mohd. Azmi bin Dato’ Haji Kamarudin, Datuk Dr. Abdul Samad bin Haji Alias, Datuk Dr. Sulaiman bin Mahbob and Encik Michael Wong Kuan Lee.
In light of PIDM’s commitment to uphold high standards of conduct, ethics and integrity, PIDM publishes the “Policy for Disclosure of Information Concerning Wrongdoing at the Workplace”, commonly known as the Whistleblowing Policy. This policy encourages early reporting of any evidence of wrongdoing within the workplace not only by PIDM’s employees, but also by external persons who may have evidence of such wrongdoing. The “whistleblower” can make such report to a designated person and the report will be kept in utmost confidence.
PIDM also publishes the Corporate By-Law approved by the Board of Directors, which relates generally to the regulation of the affairs and conduct of the business of PIDM. It consolidates relevant provisions in the Akta Perbadanan Insurans Deposit Malaysia 2005 and contains specific provisions relating to the Board of Directors, conduct of Board meetings, Board Committees, officers, conflict of interest, execution of documents and accounts and audit.
Another area which has been receiving much public attention is procurement. PIDM has developed and approved a Procurement, Contracting and Outsourcing Policy in line with the Government’s efforts to enhance transparency of procurement processes in the public sector and government-linked companies.
As part of its commitment to accessibility, the By-Law and Policies are available on PIDM’s website in Bahasa Melayu, English, Chinese and Tamil, which can be downloaded at the following URL: http://www.pidm.gov.my/
PIDM protects your deposits in the bank as well as your takaful and insurance benefits in the unlikely event of a failure of a member bank or a takaful operator / insurance company.