We are with great pleasure and pleased that the Malaysian Institute of Corporate Governance and the Federation of Public Listed Companies, together with international conference organizer, Asian World Summit had jointly organized the 2^nd Annual Corporate Governance Summit 2010 – themed “Truth, Lies and Corporate Governance” which will be held on the 6^th & 7^th July 2010 at The Royale Chulan Hotel, Kuala Lumpur.

The past year’s massive destruction of both real capital and reputational capital at firms like Citigroup and Lehman should send shivers up the spine of every public director.

There is a real risk that politicians worldwide are going to over-regulate – that they will create obstacles to the free flow of capital that will weigh on foreign investment and global growth for years to come. This typically results in more corruption and in a further deterioration of the investment climate. Will promoting transparency be the most powerful weapon against corporate fraud than introducing more regulations?

Should the term Corruption also encompass some acts that may be legal in a strict narrow sense, especially where the rules of the game and the state laws, policies and regulations and institutions may have been shaped in part by undue influence of certain vested interests for their own private benefit? The global economic crisis of 2009 cost the world trillions of dollars, a protracted recession, millions of lost jobs, a huge loss of confidence in financial markets and a reversal in our efforts to curve global poverty. It is the result of the combination of several failures. A failure of business ethics is one of them: one that lies at the epicentre of this financial and economic earthquake.

One of the main lessons of this crisis is that companies and markets can’t rule themselves. Financial innovation sacrificed business ethics for the sake of extraordinary profits. The reconfiguration of the international financial system must guarantee transparent managerial incentive schemes. Business ethics derive from transparency, objectivity, reliability, honesty and prudence. These values allow the financial sector to generate the key asset to conduct business and discharge its fiduciary responsibility: TRUST. The global economy is too integrated to function without sound international ethical standards, sharing with them not only rights but also responsibilities.

 

These types of actions affect the global economy. They affect us all.... If it is a sufficient belief in the notion that business will act in good faith, then the capital system is itself at a risk.

 

 

For Corporate Malaysia, the colour at the moment, without a shade of a doubt is “grey”. As the corporate spotlight shines on acrimonious boardroom tussles, vicious shareholder disputes and simmering takeover bids, it throws out countless questions deemed by many as “grey areas”.

 

We would like to thank His Royal Highness Raja Dr. Nazrin Shah, the Crown Prince of the State of Perak for officiating the summit, as well to all of our distinguished VIPs, Guests, Speakers, Associate Partners and Delegates that contributed to the overwhelming success of the summit.

 

We also would like to extend special thanks to Tan Sri Dato' Hj Lodin Wok Kamaruddin, Deputy Chairman & Group Managing Director of Boustead Holdings Berhad, Malaysia.

 

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For more information, please contact:

 

Faizul at 03-21614198 or email faizul@asianworldsummit.com