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D I G I T A L
D I G I T A L
The Future of AsiaF E A T U R E
Leadership that Matters TodayL E A D E R S H I P S E R I E S
The Coronavirus Crisis: Are Leaders Ready?
O P I N I O N S
Redesigning for the Digital Economy:A Study of SMEs in Southeast
Asia
Managing Conflict of Interestin a Business Enterprise
BUDGET 2020 MALAYSIA GETS IT (MOSTLY) ABOUT THE
DIGITAL ECONOMY
-
Contents
PUBLISHED BYMALAYSIAN INSTITUTE OF MANAGEMENT (MIM) Institut
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Selangor, Malaysia.
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L E A D E R S H I P
06 The Coronavirus Crisis: Are Leaders Ready?
08 Leadership that Matters Today
T H E D E C A D E I N R E V I E W
15 The Decade in Review
D I G I T A L
26 Budget 2020: Malaysia Gets It (Mostly) About the Digital
Economy
30 Redesigning for the Digital Economy: A Study of SMEs in
Southeast Asia
F E A T U R E
38 The Future of Asia
O F F T H E B O O K S H E L F
46 2020 Must Reads
A P A G E I N H I S T O R Y
48 Beyond Performance-Based Training
O P I N I O N S
53 Managing Conflict of Interest in a Business Enterprise
R E M E B E R I N G I C O N S
57 MIM Court of Emeritus Fellows
M I M H I G H L I G H T S
60 YABhg Tun Daim Zainuddin Returns to the TAR Lecture
Series
-
Sivanganam Rajaretnan
Chief Executive Officer
Malaysian Institute of Management
In accordance to date of admission
HONORARY FELLOWSYM Royal Professor Ungku Abdul Aziz Ungku Abdul
HamidYAB Tun Dr. Mahathir MohamadYB Dato’ Seri Anwar IbrahimYABhg.
Tun Abdullah Ahmad BadawiYB Dato’ Sri Mohd Najib Tun Abdul
Razak
COURT OF EMERITUS FELLOWS
PresidentYABhg. Tun Haji Mohammed Hanif Omar
Vice PresidentYBhg. Dato’ Ng Tieh Chuan
YBhg. Datuk Dr. Paddy BowieYM Tunku Tan Sri Dato’ Seri Ahmad
Tunku YahayaYBhg. Tan Sri Dato’ Azman HashimIr. George Lee Yau
LungDr. Tarcisius Chin Nyet LeongMr. Robert Kuok Hock NienT.Y.T.
Tun Pehin Sri (Dr) Haji Abdul Taib MahmudProf. Liew Shou KongYBM
Tan Sri Tengku Razaleigh Tengku Mohamad HamzahYBhg. Prof. Tan Sri
Dato’ Dr. Mohd Rashdan Haji BabaYBhg. Tan Sri Kamarul Ariffin
Mohamed YassinYBhg. Tan Sri Osman S. CassimYBhg. Tan Sri Dato’ Sri
(Dr) Sallehuddin MohamedYBhg. Tan Sri Wan Azmi Wan HamzahYBhg. Tan
Sri Kishu TirathraiYBhg. Tan Sri Dato’ (Dr) R V NavaratnamMr. Niels
John Madsen R, R1YBhg. Datuk Haji Mohd Saufi Haji AbdullahYABhg.
Tun Dr. Ahmad Sarji Abdul HamidYABhg. Tun Musa HitamYBhg. Tan Sri
Dato’ Sri Dr. Teh Hong PiowYBhg. Tan Sri Dato’ Dr. Lin See YanYBhg.
Gen (Rtd.) Tan Sri Dato’ Seri Mohd Zahidi Haji ZainuddinYAM Tunku
Tan Sri Imran Almarhum Tuanku Ja’afarYBhg. Tan Sri Dato’ Dr.
Mohamed Munir Abdul MajidYBhg. Tan Sri Dato’ Sri Mohd Hassan
MaricanYBhg. Tan Sri Dato’ Sri Tay Ah LekYBhg. Datuk Seri Haji
Mohamed Iqbal RawtherYBhg. Tan Sri Datuk Yong Poh KonYBhg. Prof
Datuk Seri Dr Haji Khairil Annas JusohYBhg. Tan Sri Dr. Ali
HamsaYBhg. Tan Sri Dato’ Seri Siti Norma YaakobYBhg. Tan Sri Lim
Kok ThayYBhg. Tan Sri Dr. Jeffrey Cheah Fook LingYBhg. Tan Sri
Dato’ Seri Megat Najmuddin Megat KhasYBhg. Tan Sri Dato’ Lim Wee
ChaiYBhg. Datuk Prakash Chandran
GENERAL COUNCILChairmanYBhg. Tan Sri Dato’ Seri Megat Najmuddin
Megat Khas
Vice ChairmanPuan Rahima Beevi binti Mohamed Ibrahim
Representing Court of Emeritus FellowsYBhg. Dato’ Ng Tieh
ChuanYBhg. Tan Sri Dato’ (Dr.) R. V. NavaratnamYBhg. Tan Sri Dato’
Seri Megat Najmuddin Megat Khas
Representing Corporate MembersPuan Rahima Beevi binti Mohamed
IbrahimYBhg. Datin Dr. Hasnorliza Abu Hassan Mr. Thiagarajan a/l S.
Rengasamy
Representing FellowsMr. Ong Weng Leong
Representing Associate FellowsMr. Azlan bin Abdullah
Representing Ordinary MembersMr. Rama Krishnan a/l
ThiruyangadamMr. Selvaraja MuthayaMr. Sugumaran a/l
VairavappillaiMr. Lim Eng Weng
Representing Associate MembersPuan Rosmawati binti Mohd Ali
CEO's Message
I t’s 2020! Let’s start the new decade with enthusiasm and
renewed vigour. We ended 2019 momentously with the 29th Tunku Abdul
Rahman Lecture Series which saw the honourable YABhg Tun Dr. Daim
Zainuddin speak on the future of Malaysia.
This year promises to be another exciting year for the
Institution, with a wide range of events and programmes in the
pipeline. On the professional development front, we have introduced
new programmes in line with the top 10 skills relevant to achieve
the requirements of Industry 4.0. From leadership development
programmes to Masterclasses and C-Suite Series, MIM works to curate
our offerings to address current and emerging market needs. We
kicked off the year with the 1st of our Emotional Intelligence
programme series, ‘Leaders as Coach’, conducted by our partner,
Genos International, Australia, which further accentuates our
efforts in providing world-class executive education
programmes.
March will see our signature Ready-To-Fly Youth Leadership
Programme which is open to MIM Member’s children and Student
Affiliates. Its sixth year running, the all-expense-paid
experiential learning programme is designed to help youth develop a
greater breadth of skills to meet the new demands of the workforce
of tomorrow. Then, join us in April as we discuss governance and
accountability at the MIM Crucial Conversations: Corporate
Liability 2020.
On a solemn note, MIM also mourns the loss of two illustrious
figures, the Late Chief Justice (Rtd.) Yong Pung How and
Allahyarham Tan Sri Abdul Aziz Abdul Rahman, who were both our
Court of Emeritus Fellows. They embodied the admirable qualities of
a leader and led lives governed by honour and principles. A tribute
to these icons is in the article ‘Remembering Icons’ on page
57.
As 2020 speeds full steam ahead, I would like to take the
opportunity to thank you for your support in the past year. Our
success is a reflection of your continued belief in our efforts as
we strive to achieve greater accomplishments in the new year.
-
The Coronavirus Crisis: Are Leaders Ready?By Korn Ferry
Do leaders have enough supply-chain contingencies for a global
epidemic?
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A s trade talks between the United States and China dragged on
last year, organisations spent much of that time analysing their
supply chains and making contingency plans to avoid any long-term
disruption and mitigate business risk. But with the coronavirus
outbreak, firms across the globe face a whole different level of
challenges.
Experts say the critical difference is time—or lack of it. It’s
been about three months since Chinese researchers first identified
the deadly respiratory illness that has so far infected more than
75,500 people and claimed the lives of more than 2,000 people in 29
countries. “When something like this happens, it’s all about how
quickly you can react,” says Kent Brown, North American practice
leader for Korn Ferry’s Supply Chain Center of Expertise.
The speed and agility with which organisations react can be the
difference between losing millions and tens of millions of
dollars—particularly in a country like China, where every global
company has some operations. Already, Apple, Starbucks, and Ikea
have temporarily closed stores, while automakers have delayed
production and airlines have canceled flights to the country. The
closer operations are to the Wuhan/Hubei region where the virus
originated, the deeper and more costly the impact, of course. "Most
companies were not prepared for such a nationwide shutdown for this
long," says Diana Chan, leader of Korn Ferry's Global Industrial
Markets practice in Greater China.
Brad Marion, global leader of Korn Ferry’s Automotive practice,
notes that automakers and suppliers strive to have a footprint and
revenue mix that matches regional market share. With China now
representing 30% of the world’s automotive market, that would mean
most automakers would hope to have approximately 30% of their
corporate revenues based in China, says Marion. “The impact the
coronavirus will have on the Chinese economy is of great concern to
many in the automotive industry,” he says.
The sudden halting of travel into and out of China also means
leaders have limited opportunities to source alternative partners,
says Mehrab Deboo, a senior client partner with Korn Ferry’s Global
Supply Chain Center of Expertise. He says shipments will be delayed
as organisations scramble to reroute or find alternate routes
for
cargo. “The full affect of the virus won’t be known for months,
but it is going to test the adaptability and nimbleness of supply
chains for multiple global industries,” says Deboo.
That's why, says Brown, in times of sudden disruption, risk
management becomes very important. “What kind of exposure does a
company have, how close to the source is it located, when might the
ban be lifted?” says Brown. “You have to figure out these
logistical questions and manage from there.” From an inventory
standpoint, identifying factories and warehouses that can take on
additional capacity, accelerate production, or source components is
critical. But that’s a luxury for some organisations—others are too
small to have multiple warehouses or suppliers they can switch to
in an emergency. As US-China trade issues flared up in 2018, many
companies started expanding their manufacturing footprints to
Vietnam, Thailand, and Malaysia, which helps mitigate certain
risks, Chan says.
While some have drawn comparisons between the coronavirus
outbreak and the SARS epidemic of 2002, there is one big difference
for business operations: a lot more data analytics are available
now. Leaders can track the coronavirus’s impact across a range of
data points to better forecast risk and response for the next
outbreak. In the absence of clairvoyance to predict the next major
epidemic, “leaders can look at the numbers and put in algorithms to
mitigate the effect,” says Brown.
For Article Submission-Advertisements-Subscriptions, please
email us: [email protected]
That's why, in times of sudden disruption, risk management
becomes very important. – Kent Brown
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2 World’s First iPad Unveiled A device between a smartphone and
a laptop, the iPad was Apple’s first tablet computer. It was
launched by Steve Jobs at an Apple press conference in San
Francisco. It's included applications were redesigned to take
advantage of the larger screen with added functionality similar to
their Mac OS X counterparts.
3 Google Leaves ChinaGoogle set up shop in China in 2006,
offering a version of its services that conformed to the
government’s oppressive censorship policies. It shut down its
Chinese search engine in 2010, after it discovered a cyberattack
from within the country that targeted it and dozens of other
companies.
4 Instagram was LaunchedThe app itself only took 8 weeks to
build but was a result of over a years work behind it. It was a
success right from the beginning with over a million users only two
months after it was launched. It went on to be bought by Facebook
for USD1billion in 2012 and now has over 600 million active
users.
5 BP Oil SpillKnown as the Deepwater Horizon Spill, more than
200 million gallons of crude oil was pumped into the Gulf of Mexico
for a total of 87 days making it the largest maritime oil spill in
history. It was caused by an explosion on the Deepwater Horizon
oil
2 0 1 0
1 Malaysia Day Celebrated Throughout Malaysia for the First
Time
Malaysia Day falls on 16th of September. Malaysia Day was
initially only celebrated in Sabah and Sarawak, whereas it was a
usual working day in Peninsular Malaysia. The then Prime Minister
Najib Razak made Malaysia Day a nationwide public holiday in 2010
during a Q&A session at the Parliament on 19th October
2009.
The year 2020 has arrived, and with it the beginning of a new
decade.
Here’s a look at stories that made headlines and scientific
discoveries in the past 10 years in Malaysia and around the
globe.
The Decade in Review
Deepwater Horizon offshore drilling unit on fire.Photo Credit:
The Star
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rig which caused the rig to subsequently sink.
6 BrahMos Missile CreatedIndia's BrahMos missile, jointly
developed with Russia, set the world record for becoming the
world's first and fastest supersonic cruise missile. The name
BrahMos is a portmanteau formed from the names of two rivers, the
Brahmaputra of India and the Moskva of Russia.
7 Haiti Struck by Devastating Earthquake
The deadliest natural disaster of the decade happened when
a 7.0 magnitude earthquake struck the West Indian island of
Hispaniola. Followed by dozens of powerful aftershocks, the quake
hit hardest in Haiti, the poorest country in the western
hemisphere, killing an estimated 250,000 people and affecting some
3 million.
8 Creation of Synthetic LifeformIn a giant leap for
biotechnology, a team of scientists led by DNA pioneer Dr Craig
Venter successfully created the first artificial lifeform.
Mycoplasma laboratorium is an entirely new species of bacterium,
with
a man-made set of genetic code-originating on a computer and
placed on a synthetic chromosome inside an empty cell. Using its
new “software”, the cell can generate proteins and produce new
cells.
9 Copiapó Mining AccidentThe Chielan mining accident saw 33 men
become trapped for a staggering 69 days after the copper and gold
mine in which they worked collapsed. The mine, opened in 1889,
spiralled into the depths of a mountain and was approximately 2,625
feet deep.
region around a star where liquid water, a requirement for life
on Earth, could persist.
4 Fukushima Nuclear DisasterFollowing a massive earthquake, a
15-meter tsunami disabled the power supply and cooling of three
Fukushima Daiichi reactors, leading to a nuclear disaster in the
country. The tremor of the 9.0-magnitude Tohoku earthquake and
subsequent tsunami killed over 15,000 people and displaced hundreds
of thousands of people.
5 Steve Jobs DiesSteven Paul Jobs was an American inventor,
designer and entrepreneur who was the co-founder, chief executive
and
2 0 1 1
1 Malaysia’s New Currency Series launched
The latest series of Malaysian banknotes drew its inspiration
from the distinctive features of Malaysia, incorporating elements
of the country's natural treasures, culture and heritage. Themed
'Distinctively Malaysia', the banknotes features traditional
expressions in the art and craft, natural wonders, flora and fauna
and the economy. The banknotes issued were in the denominations of
RM1, RM5, RM10, RM20, RM50 and RM100.
2 Osama bin Laden killedOn May 2nd 2011, U.S. Special Forces
raided an al-Qaeda compound in Abbottabad, Pakistan, and killed the
world’s most wanted terrorist: Osama bin Laden. The entire
operation, which lasted only 40 minutes from start to finish, was
the culmination of years of calculated planning and training.
3 Scientists discover Kepler-22b An extrasolar planet orbiting
within the Goldilocks zone or habitable zone of the Sun-like star
Kepler-22. The planet is nearly 2.5 times the size of Earth and has
a 290-day year. It is the first planet that NASA's Kepler mission
has confirmed to orbit in a star's habitable zone - the
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chairman of Apple Computer. Under Jobs' guidance, the company
pioneered a series of revolutionary technologies, including the
iPhone and iPad. Jobs died following a long battle with pancreatic
cancer.
6 Greek Debt CrisisThe Greek debt crisis was the dangerous
amount of sovereign debt Greece owed the European Union between
2008 and 2018. In 2010, Greece said it might default on its debt,
threatening the viability of the eurozone itself. To avoid default,
the EU loaned Greece enough to continue making payments. It was the
biggest financial rescue of a bankrupt country in history.
7 World’s First Synthetic Organ Transplant
Surgeons carried out the world's first transplant of a fully
synthetic organ, a windpipe created using the patient's own stem
cells and a fully artificial scaffold. The operation was performed
on a
36-year-old cancer patient at the Karolinska University Hospital
in Stockholm, Sweden.
8 Completion of the International Space Station
This was by far the largest man-made structure ever put into
orbit – measuring 110m wide, with a mass of 345,000 kg and a living
volume of 1000 cubic metres. The primary fields of research on
board the station include human research, space medicine, life
sciences, physical sciences, astronomy and meteorology. It will
remain in operation until the early 2020s.
9 22 Nanometer Chips are in Mass Production
The successor to 32nm, this latest generation of chips continued
the trend of Moore’s Law, each containing more than 2.9 billion
transistors. They will, in turn, were succeeded by 16nm chips –
close to the limits of miniaturisation for integrated circuits.
2 0 1 2
1 First Female Malaysian to Win Medal at the Olympics
Malaysian diver, Pandelela Rinong was the first female Malaysian
athlete to win a medal at the Olympics, as well as the first to win
an Olympic medal in any sport other than badminton. She won the
bronze medal in the 10-metre diving platform at the 2012 Summer
Olympics in London, United Kingdom.
2 Gangnam Style’ Breaks YouTube
Gangnam Style takes the world by storm and became the first
video ever to reach a billion views on YouTube. The music video for
South Korean singer Psy's Gangnam Style exceeded YouTube's view
limit, prompting the site to upgrade its counter.
3 Neil Armstrong DiesUS Astronaut, who made the “giant leap for
mankind” as the first person to walk on the Moon, died at 82, due
to complications resulting from cardiovascular procedures. A quiet,
private man, at heart an engineer and crack test pilot, Mr.
Armstrong made history on July 20th 1969, as the commander of the
Apollo 11 spacecraft on the mission that culminated the
Soviet-American space race in the 1960s.
UCL professor Alex Seifalian holds the trachea that was used in
the first synthetic organ transplant.Photo Credit: Rex
Shutterstock/ The Guardian
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2 0 1 4
1 MH370 DisappearsMH370 disappeared with 239 passengers and
crews, becoming one of the biggest aviation mysteries until today.
The Malaysia Airlines jet had taken off from Kuala Lumpur on a
routine flight to Beijing. After some fictitious reports that the
Boeing 777 had landed in southern China with technical problems,
MH370 was declared missing and presumed to have crashed in the
South China Sea. Despite many clues and theories regarding MH370’s
disappearance, the truth behind its disappearance is still yet to
be discovered.
2 MH17 Shot Down Over UkraineMalaysia Airlines Flight 17 (MH17)
shot down by a surface-
to-air missile over Ukraine pro-Russian separatists. The
passenger flight was en route from Amsterdam to Kuala Lumpur. A
Dutch-led international team of investigators has charged four
suspects, three Russians and a Ukrainian, with the murder of all
298 people aboard. They will go on trial in absentia in a Dutch
court in March 2020.
3 Facebook Buys WhatsAppIn a play to dominate messaging on
phones and the Web, Facebook acquired WhatsApp for $19 billion.
WhatsApp has upwards of 450 million users, and it is adding an
additional million users every day. It has been able to hold its
weight against messaging heavyweights like Twitter, Google and
Microsoft's Skype.
4 One World Trade Center Completed
One World Trade Center (also known as One WTC or Freedom Tower)
is the main building of the rebuilt World Trade Center complex in
Lower Manhattan, New York City. One WTC is the tallest building in
the United States, the tallest building
in the Western Hemisphere, and the seventh-tallest in the world.
It sits on the World Trade Centre site, which is being built to
replace the original seven buildings that were destroyed in the
September 11th terrorist attacks.
5 Tigers are Going ExtinctThe 20th century saw tiger numbers
plunge by over 95% worldwide. By the 1970s, they had disappeared
from Central Asia, by the 1980s from Java and by the 1990s from
South China. Three of the nine subspecies – Bali, Javan and Caspian
tigers – were extinct by the 1980s. Poaching remains a serious
problem, with tiger skins fetching up to USD20,000 in China.
2 0 1 5
1 Sabah EarthquakeSabah earthquake struck Ranau, Sabah, Malaysia
with a moment magnitude of 6.0 on 5th June, which lasted for 30
seconds. The earthquake was the strongest to affect Malaysia since
the 1976 Sabah earthquake. Malaysian authorities believed there was
as many as 19 people killed, most caught in the landslide triggered
by the quake.
Most tigers are now found in captivity, such as this majestic
beast at the Korkeasaari Zoo in Helsinki, Finland.Photo by: Max van
den Oetelaar on Unsplash
A woman writes a message on a banner for missing Malaysian
Airline Flight 370 at Kuala Lumpur International Airport in
2014.Photo by: Charles Pertwee/Bloomberg
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reform labour laws, among other measures.
5 Zika Virus EpidemicZika virus is a mosquito-borne flavivirus
that was first identified in Uganda in 1947 in monkeys. In early
2015, a widespread epidemic of Zika fever, caused by the Zika virus
in Brazil, spread to other parts of South and North America. It
also affected several islands in the Pacific, and Southeast Asia.
The virus can be transmitted from an infected pregnant woman to her
foetus, then can cause microcephaly and other severe brain
anomalies in the infant.
6 The First Climate Change Refugees
As a direct result of sea level rises, the inhabitants of the
Carteret Islands in Papua New Guinea had been forced to abandon
their homelands. Crops, trees and wells had been contaminated by
seawater, while most of the buildings on the islands were
destroyed. The melting of polar ice sheets and glaciers, together
with thermal
2 IMDB Scandal1Malaysia Development Berhad (1MDB) is an
insolvent Malaysian strategic development company, wholly owned by
the Minister of Finance (Incorporated). In 2015, The Wall Street
Journal released a report alleging Malaysia's then-Prime Minister
Najib Razak of channelling over RM 2.67 billion (≈ US$ 700 million)
from 1MDB to his personal bank accounts, making it the world’s
biggest financial scandal.
3 Nepal EarthquakeNepal was devastated by a massive 7.8
earthquake, killing nearly 9,000 people, injuring 22,000 and
leaving 3.5 million people homeless. It was the worst natural
disaster to strike Nepal since the 1934 Nepal–Bihar earthquake. The
earthquake triggered an avalanche on Mount Everest, killing 21
making 25th April 2015 the deadliest day on the mountain in
history.
4 Greece Bailout ExpiresThe Greek government missed its 1.6
billion euro ($1.7 billion) payment to the IMF when its bailout
expired on June 30th making it the first developed country to
effectively default to the Fund. However, a third bailout was
approved from the EU. In exchange for the 86 billion euro bailout,
which is to be distributed through 2018, EU creditors required
Greece to implement tax reforms, cut public spending, privatize
state assets, and
expansion, could raise the level of Earth’s oceans nearly 2m by
2100 – potentially displacing hundreds of millions of people.
7 Lee Kuan Yew DiesFounding Prime Minister of Singapore, Lee
Kuan Yew died ages 91. His death was four months shy of the 50th
anniversary of Singapore’s independence. Mr Lee was widely regarded
as the man most instrumental in shaping Singapore, from the time he
and his People's Action Party colleagues pushed for self-government
in the 1950s, to their quest for merger with Malaysia in the early
1960s, and their efforts to secure the country's survival after
independence was thrust on it on Aug 9th 1965.
Rescue workers take part in the rescue operation where several
houses have collapsed at Vhaktapur district in Nepal 27 April
2015.Photo by: The New York Avenue Presbyterian Church
Lee Kuan Yew Dies.Photo by: The New Republic
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T he Malaysian government clearly gets it that the nation needs
to prepare well, and prepare fast, in order to be a winner in the
digital economy, that is already upon us. It has made “boosting
economic growth in the New Economy and Digital Era” as the first
pillar of its 2020 Budget that was introduced by Lim Guan Eng,
Malaysia’s Minister of Finance.
With the Digital Economy being all about workers upskilling
themselves to be ready for future jobs, the second pillar of
investing in talent is especially crucial. Here I really like the
TVET focus carved out. For example, the strengthening of Technical
and Vocational Education and Training (TVET) with an allocation of
RM5.9 billion to ensure the pipeline of skilled and semi-skilled
workers will remain robust.
Budget 2020: Malaysia Gets It (Mostly) About the Digital
EconomyBy Digtal News Asia
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public funds for maximum impact, the RM50 million should be
matched by the same amount from the telco hardware and software
players chipping in together. I am talking about the likes of
Nokia, Ericsson, ZTE, Huawei, even Samsung, some of the Japanese
network players, the Softbank owned British chip designer ARM
Holdings and of course the American chip makers like Intel,
Broadcom, Texas Instruments etc. Whoever has an interest in wanting
to do business in Malaysia’s 5G market.
A RM100 million a year grant for at least four years? Now we’re
talking and giving our tech entrepreneurs and companies a chance to
think bigger than just fighting over a small RM50 million sum.
And if the government grant is not coming from the MCMC, and I
would be surprised if it is not, then our telco operators must
contribute as well to the matching amount.
Of course, if the Axiata Group-Telenor merger had gone
ahead,
the global innovation centre they would have established in KL
would have become the fertile ground from which possible Malaysian
tech innovators in 5G could have arisen.
By the way, this standalone RM50 million grant is surprising
when considering the RM25 million matching grant announced to spur
pilot projects around applications such as drones, autonomous
driving, blockchain and based on fibre and 5G. Why the different
approach for much tougher technology development challenge?
Now for the head scratching, logic defying example, we have the
RM70 million allocated to build 14 one-stop Digital Enhancement
Centres in all states to facilitate access to financing and
capacity-building for businesses, especially small and medium-sized
enterprises (SMEs).
The funding will be allocated to Malaysia Digital Economy
Corporation (MDEC) to set up these centres. Here come the head
scratching moment. Lim says that the initiative is an extension of
the 100 Go Digital programme.
Now if you know what this programme is, then you need to take
over running DNA from me. Because in my seven years of running DNA,
we have not carried a single article on this programme. Neither can
I find anything about it online as well, though Singapore has
something called SME Go Digital.
At the same time, there is an allocation of RM11 million, (a
relatively small amount) to the Ministry of Energy, Science,
Technology, Environment and Climate Change (MESTECC) to encourage
the uptake of STEM education.
[RM1 = US$0.24]Still, if you were to look at some of the
specific incentives introduced to support the Digital Economy for
2020, your jaw may drop at the small amounts given to support this
acceleration to becoming a digital powerhouse nation and some of
the incentives may induce bouts of head scratching as well as to
questioning the logic behind them.
To the jaw dropping example, we have the 5G Ecosystem
Development Grant worth RM50 million that the government hopes will
“significantly enhance Malaysia’s economic competitiveness” through
seeding technological developments by Malaysian companies to ride
the global 5G wave. Lim’s specific remark here was, “The government
wants Malaysians to be prepared for the coming 5G era.”
I’m sorry but RM50 million won’t move the needle to achieve the
great things hoped for here. Although it is not mentioned where the
money will come from, I suspect it will be contributed by the
Malaysian Communications and Multimedia Commission or MCMC.
With Finance Minister Lim always talking about stretching
The government wants Malaysians to be prepared for the coming 5G
era.
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[Ed note: MDEC has since pointed out to me that this is a very
new program].
That mystery aside, and taking the word “build”, literally, it
defies logic that we need to actually build 14 centres, one in each
state, likely in the capital as that is where the majority of SMEs
are located.
It would be a total waste of money to do so. I say just use an
existing government facility and channel the full RM70 million to
the purpose of capacity building for our SMEs. Actually, I wouldn’t
be surprised if the government came out to clarify that this will
not entail actually building 14 facilities.
Lim also spoke of establishing, not building – though it could
mean the same thing – three new digital libraries in Kedah, Perak
and Johor to spur “knowledge-sharing and education through
digital-enabled content."
Again, I am sure, Minister of Communication and Multimedia,
Gobind Singh Deo, will have enough resources on the ground in each
of these states, to offer one of his ministry’s facilities for this
purpose. Waste not a cent on any pointless construction here as
that will not help the government achieve its goal of pushing the
nation towards digital transformation.
These two particular grants aside, there is a lot I like about
the various digital initiatives announced.
For example the RM20 million for MDEC to further grow digital
content champions
in the e-Games, animation and digital arts space. This support
no doubt serves as validation to the impressive work being done by
the outstanding Hasnul Hadi Shamsudin who leads MDEC’s creative
content efforts.
Digitalisation Boost for SMEsMoving away from MDEC to our SMEs,
the 50% matching grant amounting to RM5,000 each should give some
incentive for SMEs to digitise their operations. In this case the
grant is specifically for ERP, e-POS and e-payroll services. A
subtle criteria of this grant is that it actually refers to cloud
based services as it uses the term “subscription services” which is
the standard business model for cloud computing based services.
What I especially like here is the generous support and the
cut-off point in helping SMEs. The matching grant is to be made
available over a five-year period but will be limited to the first
100,000 SMEs owners quick enough to apply to take advantage of the
benefit.
And while the RM5,000 amount may not seem incentive
enough for an SME owner to take advantage of it, Effon Khoo, who
runs SaaS payroll and HR services for SMEs, contends that it is
enough for a full year of service for any SME that has 20 staff and
below.
“RM10,000 in general, is good enough for a 20 pax size SME to
get HR, accounting, POS, webstore cloud subscription sorted out.
And it improves the business operations a lot,” he says.
As someone who deals with traditional SMEs, daily, Khoo has
noticed how a slow adoption of productivity tools has hurt
businesses. “Sometime it's just a needle to move the company to
improve operations. You will be surprised that there are so many
companies still running operations the old way, for example using
paper to apply for leave. Many still struggle to pay payroll
online,” he notes.
Nonetheless he sees his clients being more receptive now with
this incentive. Joel Neoh, cofounder of Fave is also excited about
this incentive, adding, “we want to see how we can potentially work
with the
Moving away from MDEC to our SMEs, the 50% matching grant
amounting to RM5,000 each should give some incentive for SMEs to
digitise their operations.
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By EY
Redesigning for the Digital Economy: A Study of SMEs in
Southeast Asia
C o n t i n u a t i o n f r o m M A N A G E M E N T V O L . 5 4
N O . 3 ( F e a t u r e )
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Internet of Things (IoT) on Governments’ Digital Agenda
I oT is the connection of devices to the Internet using embedded
software and sensors to communicate, collect and exchange data
(such as their identity, condition and environment) with one
another. Country-level analysis indicate that IoT also ranks high
on the digital agenda, particularly so for the SMEs in Indonesia,
Malaysia and Singapore.
This could be attributed to governments in these countries
demonstrating the potential of IoT with public projects, fostering
the awareness of its benefits to businesses, and supporting funding
and expertise to accelerate the progression of IoT in the digital
economy.
Indonesia:
Figure 11: Government-led IoT projects
Multiple initiatives are underway as part of Indonesia’s
economic masterplan to become Southeast Asia’s largest digital
economy (through its “2020 Go Digital Vision” program) and have the
digital economy contribute US$130b to its economy in 2020. These
include the Ministry of Communication and Information Technology
(MCIT) launching “Industry 4.0: Making Indonesia 4.0” in April
2018. Industry 4.0 refers to five industrial digital technologies:
IoT, AI, human-machine interface, robot and sensor technology, and
3D printing. The initial prime beneficiaries are expected to be
from food and beverage, automotive, electronics, chemicals, textile
and garment industries. The government is aggressively pushing its
smart city initiatives as part of Industry 4.0. Under its “Movement
to 100 Smart City” plan, Indonesia is using IoT to develop smart
cities in Jakarta, and has installed about 400m sensor devices
across the country as part of the pilot phase to achieve “smart
connectivity, smart solutions and smart user.”9, 10
Malaysia:
The “National Policy on Industry 4.0” launched in October 2018
encourages the adoption of Industry 4.0 technologies including IoT.
Sectors in focus include the digitization of manufacturing
processes in the electrical and electronics, machinery and
equipment, chemical, medical devices and aerospace industries.Since
the introduction of “Smart Cities Initiatives” as part of its 11th
Malaysia Plan (2016-2020), the country is deploying an intelligent
IoT network in populated cities to test out urban management
solutions in optimising cities infrastructure and connectivity and
enhancing the livability for citizens. It is also set to adopt 5G
technology in the near future — plans are afoot to develop a
holistic strategy for 5G deployment in areas such as health care,
media and entertainment, automotive, manufacturing, public safety,
agriculture and education.11, 12
Singapore:
Singapore seeks to position itself as the epicenter for IoT
technology in Southeast Asia, with infrastructures being laid out
as part of its “Smart Nation initiative” to support IoT deployments
in the public and private sectors. This includes rollout of its
Narrowband IoT (NB-IoT) network in 2017, the first of its kind in
Southeast Asia. Interconnectivity among physical objects from this
nationwide NB-IoT network supports applications such as flood
monitoring, fleet management, and waste management, and enables
businesses and consumers to track their energy consumption.By 2020,
at least two 5G networks would also be rolled out to enable the
next-frontier commercial applications such as driverless cars and
virtual reality content streaming services.Various other plans to
catalyse Singapore’s progress toward a digital society include
equipping the workforce with data science and future skills,
helping SMEs build stronger digital capabilities, and facilitating
the development of a cashless society.13, 14, 15
The core idea is not to utilise new technology to merely
replicate an existing product, service or solution in a digital
form, but ideally, to enhance these offerings to support superior
customer engagements and potentially new sources of income.
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Challenges with TransformationDigital transformation creates
significant opportunities for the SMEs but is a difficult
proposition to deliver on, with organisational commitment not
necessarily translating to successful application. The core idea is
not to utilise new technology to merely replicate an existing
product, service or solution in a digital form, but ideally, to
enhance these offerings to support superior customer engagements
and potentially new sources of income.
Respondents face these core challenges in implementing an
effective digital strategy.
Procuring or upskilling talentIt appears that digital
transformation is as much a cultural as a technological endeavor.
Among the top five hindrances are the lack of access to digital
experts (64.7%) and difficulties for existing staff to reskill and
transition toward a digital-first culture (62.5%).
One of the toughest challenges is securing qualified digital
talent like data scientists and social marketers. Individuals with
the relevant skillsets are scarce, particularly more so in the
emerging markets in Southeast Asia as digitalisation outpaces the
supply of human resources that can deliver on it. This issue
extends beyond just needing to invest to procure digital talent but
to appropriately align resources with digital strategies, and to
foster a corporate culture that embraces
Figure 12: Issues impacting digital successes
64.7%Lack of access to digital talent
64.9%Pressure to focus on immediate, instead of longer-term
benefits
IT limitations from legacy architectures
Need to balance innovation with digital security
Not knowing which new technology to implement
On a scale of 1 (not challenging) to 5 (very challenging),
percentage of respondents ranking the impact of these issues on
digital strategy as a 4 or 5.
Difficulty in measuring digital successes
Challenges in up- or reskilling existing staff
Stalled transformation after an initial period of progress
Regulatory restrictions or scrutiny
64.7%
64.4%
64.4%
62.5%
60.9%
60.9%
59.5%
56.8%
Limited benefits as these technologies are not adopted
industry-wide or across borders
55.2%
Uncertainty around how to align digital with the broader
strategy
58.2%
constant experimentation and learning.
Correspondingly, the need to reskill and transition existing
staff toward a digital-first mindset is important. This is a
pressing concern with research
suggesting that about 43% of IT executives across the ASEAN
markets do not have the necessary talent to build digital
solutions.16
This lack of new digital talent can be seen in markets such
as
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The Future of AsiaBy McKinsey Global Institute
Asian flows and networks are defining the next phase of
globalisation
A sia is the world’s largest regional economy, and its power is
expected to grow as its constituent economies integrate more deeply
with one another in trade, innovation, and culture and people
flows. Asia will fuel and shape the next phase of globalisation in
what can justifiably be called the Asian Century.
Asia is increasingly becoming the world’s center. Between 2000
and 2017, its share of global real GDP in purchasing-power-parity
terms rose from 32 to 42 percent; its share of global consumption
from 23 to 28 percent; and its share of the world’s middle classes
from 23 to 40 percent. By 2040, those three measures of scale are
expected to
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increase further to 52, 39, and 54 percent, respectively.
Although Asia faces challenges such as growing risks in financial
systems, inequality, and pressure on the environment, Asia’s
medium-to long-term growth outlook appears robust.
Global flows are shifting toward Asia on seven of eight
dimensions—trade, capital, people, knowledge, transport, culture,
resources, and the environment. The only flow that has declined is
waste (environment). From 2007 to 2017, Asia’s share of global
goods trade rose from 27 to 33 percent, of global capital flows
from 13 to 23 percent, of worldwide patents from 52 to 65 percent
(although its share of IP charges has remained constant at around
25 percent), and of global container-shipping traffic from 59 to 62
percent.
Asia is becoming more Asian as intraregional flows expand—moving
within the region are 60 percent of goods traded by Asian
economies, 59 percent of foreign direct investment, 74 percent of
Asian air travelers, and 71 percent of Asian investment in
startups.
Asia is diverse but complementary. Based on scale, economic
development, interaction within Asia, and connectedness with the
world, we distinguished four Asias among many: (1) Advanced Asia
provides significant capital and technology to its neighbors;
(2) China, large and distinct enough to stand on its own, acts
as a regional anchor and a connectivity and innovation platform;
(3) Emerging Asia provides labor and long-term market growth
potential, and is culturally diverse; and (4) Frontier Asia and
India accesses a broad base of trade partners and investors, and
provides growth opportunities. The complementary nature of these
groups can make Asia more prosperous and resilient.
The integration and intraregional flows across different Asias
are creating powerful networks, with new urban hubs and spokes
emerging rapidly. We highlight three major networks. First, an
“industrialisation” network is developing with rising consumption,
maturing domestic value chains, and uncertainties
in global trade leading to the formation of Asia-for-Asia supply
chains. Second, Asian networks of capital, ideas, and technologies
are forming powerful “innovation” hubs, enabling the leapfrogging
of Asian countries through a multilocal innovation network. Third,
“culture and mobility” networks are developing as Asian scale and
people flows can create the next global entertainment blockbuster
and stimulate large value creation opportunities in adjacent areas
such as tourism. These Asian networks can turn “unknown” cities
into new hubs that companies can consider as destinations for
future investment.
Although Asia still faces risks and challenges, decision makers
need to be prepared to win in the Asian Century. They need to be
relevant to Asia by joining Asian flows and networks and offer what
Asia needs; protect from and prepare for risks by responding to
environmental challenges, filling skills gaps, and enhancing
institutional capabilities; rethink the Asian operating model to
unlock opportunities from complementary characteristics of the
multiple Asias; and forge a stronger framework for intraregional
collaboration, including, for instance, an effective mechanism for
resolving disputes and facilitating more flows beyond trade.
Asia will fuel and shape the next phase of globalisation in what
can justifiably be called the Asian Century.
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IndustrialisationAsia-for-Asia supply chains are emerging due to
rising consumption and maturing domestic value chains
InnovationAsian capital, ideas, and technologies are enabling
leapfrogging to multi-local innovation across the region
Culture and mobilityAsia is a growing hub for people flows and a
rising cultural force
Asian Flows and Networks: Redefining GlobalisationAsia is
becoming bigger and more integrated
Asia is diverse, but also complementary
Asia’s integration is producing three powerful regional
networks
Bigger Share of global flows
More integratedIntraregional share of total flows, %
Trade (goods)
60
27 33
Capital (FDI)
59
1226
People (travelers)
74
33 40
Knowledge (patents)
71
5265
Transport (cargo)
55
58 64
Concentration
Category
Innovation
Labor
Market
Capital
Culture diversity
Metric
Patents, 2017 Thousand
Growth in working-age population, 2017–40 Million
GDP growth, 2017–40 CAGR, %
Net FDI outflow, 2013–17$ million
Number of different official languages
Advance Asia
569
-20
1.1
378
7
China
1,395
-132
4.4
73
2
Frontier Asia and India
50
332
5.7
-218
14
Emerging Asia
33
80
4.7
-153
13Advanced AsiaChinaEmerging AsiaFrontier Asia and India
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Lynas Malaysia is the largest and most modern Rare Earths plant
in the world, designed on best practice sustainability principles,
supporting Malaysia’s Industry 4.0 vision and economic development
and is a centre for rare earths excellence.
As the world’s second largest producer of Rare Earths and the
only significant outside China supplier, Lynas is uniquely
positioned Rare Earth materials are essential for today’s
automotive, electronics & appliances, automation, wind turbines
and oil & gas industries as well as eco-friendly technologies
like electric vehicles.
In 2019 Lynas Corporation Ltd became a signatory to the United
Nations Global Compact (UNGC), released its first Sustainability
Report and was awarded a Gold medal CSR rating for Lynas Malaysia’s
performance across the environment, labour and human rights, ethics
and sustainable procurement. Ranking Lynas Malaysia among the top
5% of organisations evaluated.
As part of its Sustainability Report, key areas were identified
as ongoing areas of focus for the Lynas to continue to drive
sustainable value creation. These include health and safety,
communities and human rights, employment, environment and
emissions, waste and effluents.
• Health and safety: The health and safety of our workforce and
our communities is the first priority for Lynas. We focus on
eliminating fatalities, life-changing injuries and occupational
illnesses from our business, while reducing all workplace injuries
and health impacts. At the same time, our high standards of safety
and environmental management are focused on ensuring our operations
are safe for our communities and the environment.
• Communites and Human Rights: We recognize the importance of
supporting the communities in which we work and live and make it a
priority to take an active role in making these communities better.
We aim to make a positive contribution to local employment, skills,
education, health and the environment. We also support
disadvantaged groups including the elderly, disabled and women and
girls.
• Employment: The integrity, creativity, dedication, diversity
and drive of our employees allows us to excel. We empower our
people to achieve their personal best and we respect our people and
their individuality. Lynas is commited to promoting a workplace
culture that embraces diversity of thought as well as diversity of
ethnicity, culture, background, gender and age.
• Environment and Emissions, Wastes and Effluents: Lynas
proactively works to reduce our greenhouse gas emissions, conserve
resources and energy, prevent contamination of the air, water and
soil, and limit waste generation. We develop and produce
environmentally responsible products and
we encourage reuse and recycling and engage in activities and
develop technologies that help conserve the natural environment. In
these ways, Lynas strives to reduce our environmental burden at
every level of our business activities.
In addition to these areas of focus, Lynas engages with
stakeholders in many ways on an ongoing basis – ranging from an
annual customer satisfaction survey to regular dialogue with our
local communities through information and education programs, as
well as community partnerships.
As active and engaged members of our local communities, Lynas
and our employees actively participate in community activities, and
members of our local communities actively participate in Lynas
activities. Community investments across our operations included
funding for projects in the areas of economic diversificatin, local
employment and training, culture and heritage, education,
environmental stewardship, sports and recreation, community
wellness, health services, and supporting women and girls and
disabled members of our communities.
Lynas employs local people, source from local businesses, and
make an active contribution to our local communities. Our approach
includes information and consultation with local communities as
well as partnerships with government and non-governmental
organisations. In Malaysia, local employees represent 97% of Lynas
Malaysia’s 650 strong workforce. Indirect employee numbers,
including contractors and those employed at firms for whom Lynas
Malaysia is the sole or major customer, are estimated at more than
1200 people.
Lynas Malaysia was proud to receive a Malaysia Best Employer
Brand Award Certification from the World Federation of HR
Professionals in April 2019 and Asia Best Employer Brand Award
Certification in August 2019. The most recent is Best in Corporate
Social Responsibility by Lang International (November 2019). These
awards takes into consideration how a company is combining vision
with action in its people strategy, building internal competencies,
providing equal opportunities for women leaders and demonstrating
social responsibility. Mining and Chemicals have traditionally been
male-dominated industries and Lynas has been proactively promoting
equal opportunities for women. In line with this, Lynas has had a
key focus on increasing participation in operating areas, including
requirements that qualified female applicants are included in open
positions. Lynas continues to work diligently towards increasing
employment opportunities for women across our organisation and
promoting women into leadership roles.
The safety of our people, our communities and the environment
will always be our first priority and Lynas demonstrates this
through our ISO certifications, and by ensuring compliance with
licence conditions and international standards at our world-class
chemical processing plant.
ABOUT LYNAS MALAYSIA SDN. BHD.
-
KUANTAN: PT17212 Jalan Gebeng 3, Kawasan Perindustrian Gebeng,
26080 Kuantan, Pahang Darul Makmur, Malaysia. T: +609 582 5200/5800
| F: +609 582 5291/5292
www.lynascorp.com Advancing Hand In Hand With You
KUALA LUMPUR: Level 23, NU Tower 2, KL Sentral, Jalan Tun
Sambanthan, 50470 Kuala Lumpur, Malaysia.T: +603 2727 1862 | F:
+603 2727 1818
OUR PRODUCTS ARE ESSENTIAL FOR MANUFACTURERS
ALL OVER THE WORLD... NOW AND IN THE FUTURE
-
Limitless Mind: Learn, Lead and Live Without BarriersAuthor : Jo
BoalerRP: RM79.90Special Member Price: RM56.00
When we learn, we change what we believe and how we interact
with the world. This changes who we are as people and what we can
achieve.
Many people grow up being told they are 'not a maths person' or
perhaps 'not smart'. They come to believe their potential is
limited.
Now, however, the latest science has revealed that our
identities are constantly in flux; when we learn new things, we can
change our identities, increase our potential and broaden our
capacity to receive new information.
Drawing from the latest research, Professor Boaler followed
thousands of school students, studied their learning practices and
examined the most effective ways to transform pupils from low to
high achievers. Throughout her study, Boaler has collaborated with
Stanford University neuroscience experts, harnessing their
expertise to reinforce her advanced understanding of learning
and educational development.In Limitless Mind, Boaler presents
original ground-breaking research that proves that limiting beliefs
really do hold us back
from fulfilling our potential and that with a few careful life
hacks we can transform our potential for good.
2020 Must Reads
R M 5 6 . 0 0
T H I S I S S U E M I M L O V E S
7 Secrets to Investing Like Warren BuffetAuthor: Mary Buffet
& Sean SeahRP: RM69.90Special Member Price: RM49.00
A complete guide for beginning investors who want to understand
how to invest like Warren Buffett.
This is one of the first books to showcase both Warren Buffett's
Value Investing technique and his life skills and habits for
beginning investors.
Sustainable results often come from changes in lifestyle and
habits; hence, the first section of the book discusses habits that
one needs to adopt to be able to invest like Warren Buffett, and
prepares readers for a lifelong journey of wealth building.
The second section examines specific stock-picking techniques.
The authors look at timeless principles as well as latest ideas on
where to find great investment ideas, and share specific financial
indicators they look for in a good investment.
The authors explain valuation principles and techniques that
help investors decide when to buy a stock. The techniques are
inspired by investor and economist,
Benjamin Graham, the 'father of value investing', and are vastly
different from the common Wall Street wisdom of trying to time the
market. The final section of the book explains how the reader can
build and track a portfolio of stocks.
R M 4 9 . 0 0
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Targeted: The Cambridge Analytica Whistle-blower’s Inside Story
of How Big Data, Trump, and Facebook Broke Democracy and How It Can
Happen AgainAuthor: Brittany KaiserRP: 79.90Special Member Price:
RM56.00
In this explosive memoir, a political consultant and technology
whistle-blower reveals the disturbing truth about the
multi-billion-dollar data industry, revealing to the public how
companies are getting richer using our personal information and
exposing how Cambridge Analytica exploited weaknesses in privacy
laws to help elect Donald Trump--and how this could easily happen
again in the 2020 presidential election.
When Brittany Kaiser joined Cambridge Analytica--the UK-based
political consulting firm funded by conservative billionaire and
Donald Trump patron
Robert Mercer--she was an idealistic young professional working
on her fourth degree in human rights law and international
relations. A veteran of Barack Obama's 2008 campaign, Kaiser's goal
was to utilize data for humanitarian purposes, most notably to
prevent genocide and human rights abuses. But her experience inside
Cambridge Analytica opened her eyes to the tremendous risks that
this unregulated industry poses to privacy and democracy.
For purchase of books, drop us an email at [email protected]
or call 03-7711 2888 to place your orders. Offer is only valid for
purchase through MIM and is not applicable to any bookstores.
R M 5 6 . 0 0
Ultralearning: Master Hard Skills, Outsmart the Competition, and
Accelerate Your CareerAuthor: Scott H. YoungRP: 79.90Special Member
Price: RM56.00
Now a Wall Street Journal Bestseller.Learn a new talent, stay
relevant, reinvent yourself, and adapt to whatever the
workplace throws your way. Ultralearning offers nine principles
to master hard skills quickly. This is the essential guide to
future-proof your career and maximize your competitive advantage
through self-education.
In these tumultuous times of economic and technological change,
staying ahead depends on continual self-education—a lifelong
mastery of fresh ideas, subjects, and skills. If you want to
accomplish more and stand apart from everyone else, you need to
become an ultra-learner.
The challenge of learning new skills is that you think you
already know how best to learn, as you did as a student, so you
rerun old routines and old ways of solving problems. To counter
that, Ultralearning offers powerful strategies to break you out of
those mental ruts and introduces new training methods to help you
push through to higher levels of retention.
R M 5 6 . 0 0
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C orporations all over the globe share a common dreadful feature
and in the absence of this feature, businesses figuratively are
said to be one that operates in the holy heaven. That feature is
known as risk! Risks created either by forces of external events or
those that we find hidden amongst strategic business units (SBU’s)
internally in our organisations will always exist and threaten the
line of sight set forth by the stewards of businesses as long as
they remain running businesses anywhere on this globe.
Shareholders, by virtue of their capital investment, exercise their
legal rights to assemble knowledgeable and skillful people to
manoeuvre their interest and in doing so, delegate authorities to
board of directors of the incorporated entity the shareholders had
built.
Many enterprises’ board of directors strive to fulfill the
strategic and oversight roles dictated by good corporate practices
indoctrinated in board charters. They meet regularly and make
decisions within the scope of their responsibilities. Within the
board, separate committees with appropriate skills are often seen
to arise to handle specialised operations. Nevertheless, the
existence of the committees does not relinquish the board of their
holistic accountability and responsibility mandated by
shareholders.
The board of directors determines a company’s policy decisions,
oversight and its management team and therefore exhibits overall
control on it. As much as the board exercises its control,
shareholders also act in concert in controlling the company. This
type of shareholders are referred to
a conflict of interest as a situation where an individual
working for an entity is confronted with choosing between the
duties and demands of their position and their own private
interests.
Below are five examples of how a conflict of interest may
arise.
Risks created either by forces of external events or those that
we find hidden amongst strategic business units (SBU’s) internally
in our organizations will always exist and threaten the line of
sight set forth by the stewards of businesses as long as they
remain running businesses anywhere on this globe.
Managing Conflict of Interest in a Business Enterprise
By Vijaya Devan Nair, A member of MIM, OM 125677
OPINIONS
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as “controlling shareholders” and their controlling power varies
on the size of their dispersed or concentrated ownership. In
addition, their parameter of controlling power also pretty much
depends on their voting rights attached to each class of
shares.
In the wake of overlapping roles between board members and the
management team, valuable decisions are made and agreed by a few
who hold power without going through a
collective board participation. Conflicts of interest are very
much prevalent at the board level. This is because the boardroom is
a dynamic place where struggles of ego, power, rules and authority
continuously surface, and it is not always clear what constitutes a
conflict of interest as director duties tend to diverge from one
company to another and from country to country. This adds even more
complexity.
What Defines a Conflict of Interest? In a corporate environment
context, a conflict of interest is defined as circumstances that
are architectured through malicious decisions that paves the way to
enrich decision makers or parties related to them with promises of
financial or non-financial gains.
Transparency International which is a global movement setup with
a vision to create a world free of corruption defines
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chain management. The board chairman’s wife is the owner of the
new vendor company.
Here, a conflict of interest has already taken place when the
chairman sits in the board meeting and participates in the
selection of the new vendor. The decision made will bring personal
gains to his family members.
Example 3: A CEO of an organisation who is also the board
chairman of an enterprise used uses inside information to make
profitable investment to enrich himself without getting
authorisation from the board.
Example 4: An ex-board director with knowledge of property,
information and product of his previous company, opens another new
company with similar business operation.
Here, although the director has left the company he is still
bound to the ‘conflict of interest’ clause.
Example 5: When an employee of an organisation is promoted to a
supervisory position by her manager because of her close allegiance
with the manager, a conflict of interest occurs!
How Does a Conflict Arise? As explained in the examples,
conflict of interest can lead to biases that has a tendency to
smudge integrity and ethical virtues of a person's ability in
making the right decisions. Humans are most likely to exploit their
positions for personal gains instead of obligation to others. Human
brains are not wired hard enough to be able to distinguish
their personal interests from their professional duties. It is
understood from some scientific brain experiments in the past, the
human brain is divided into limbic and cognitive areas in the
prefrontal cortex.
Biases arise from the exploited psychological status of human
brain. As mentioned, the human brain is not wired strong enough to
hold and therefore is weakened by the intrusion of self-servicing
elements into our brain’s cognitive system. Conflict of interests
arise when the cognitive system is compromised. So how then do we
solve the threat of biases human minds and subsequently reduce the
risk of conflict of interest?
Example 1: An accountant who prepares a cheque and at the same
time authorises the cheque by unilaterally signing on it.
Here, a conflict of interest is said to have taken place when
the accountant cashes in the cheque for personal gain.
Example 2: A board chairman, chairs a board meeting in which
important decisions are made in the selection of new vendors as
part of the corporations supply
Conflict of interest can lead to biases that has a tendency to
smudge integrity and ethical virtues of a person's ability in
making the right decisions.
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Managing and Mitigating Risk of Conflict of InterestThere are 2
ways of managing and mitigating a conflict of interest. They
are:
1. Establishing best practicesa. Culture i. Form a policy to
create
a culture of ethical behaviour. This policy must be communicated
to all stakeholders. The methodology to channel the best practices
policy can be initiated through training or via newsletters.
ii. In addition, a reward procedure for behaviours which is in
line with the policy will have a meaningful outcome. Those found
breaching the policy should be reprimanded.
b. Resolution i. Employ qualified people to
develop processes to address and resolve conflicts of
interest.
c. Training i. Conduct training programmes
for risk owners on fraud and risks due to conflict of interest
as well as exposure to good ethical culture in the company. Best
practices applied in the industry can also be injected into the
training programme.
d. Review i. The policies, processes and
the training programme should be reviewed for
compliance by stakeholders and for assessment of the overall
programme’s effectiveness.
2. Monitoring and inspectiona. Reports (weekly basis) i. A
summary report on
“conflict of interest” disclosure and the resolution by risk
owners are distributed to each head of department. This step will
allow them to monitor compliance at their structural level.
b. Tracking of completion (monthly basis)
i. The reports from the heads of department are recorded and
compiled, showing number of disclosures that has been resolved,
pending
and its corresponding percentage of completion.
c. Tracking of acceptance (monthly basis)
i. After compiling the disclosure reports in 2(b), it is then
vital to compile statistics on resolved and unresolved issues. This
provides a clearer status of accepted resolution, unaccepted
resolution and its corresponding accepted percentage.
d. Others i. Occasionally meet vendors
and suppliers and question them on matters pertaining to
conflict of interests. These stakeholders must be obliged to notify
the risk compliance officer of any potential conflicts.
ii. Setting up of helpline/hotline calls for reporting of
conflict of interest.
A conflict of interest if perceived to arise, can generate
negative public opinion thus board of directors along with
executive managers should put the interest of the enterprise first
by curbing the appearance of the dreadful risks from misaligned
interests, a.k.a conflict of interest.
Interested to share your views? Send us your article via email
to [email protected]. *The views and thoughts expressed in the
article are the author’s own and do not reflect the opinions of the
Malaysian Institute of Management.
There are 2 ways of managing and mitigating a conflict of
interest. They are:
Establishing best practices
Monitoring & inspection
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The Late Honourable Chief Justice (Rtd.) Yong Pung How will
always be remembered as the formidable chief justice who always
looked out for those with less power and money, and made sure
lawyers were on their toes and thinking on their feet. He shook the
Singapore Bar out of its lethargy and left behind a legacy that of
a modernised judicial system.
He was not only an illustrious and outstanding public servant,
but an ardent champion of education and a generous benefactor to
the National University of Singapore. A humble man, Chief Justice
Yong once said in an interview that his ‘finest hour’ was the day
he married his wife, and that even after 5 decades, he still
considers her his best friend.
“To stay happily married with a good reputation and a close-knit
family must be one of anybody's happiest achievements in life,
whatever the work you do.”- Chief Justice (Rtd.) Yong Pung How,
2004.
Chief Justice Yong read law at Downing College in Cambridge
University. In 1949, after the war, he continued his studies and
graduated with a Bachelor of Arts degree from Cambridge University
and qualified as a
Barrister-At-Law of London’s Inner Temple.
He then practiced criminal law as a partner at the law firm
Shook Lin & Bok, of which his father was a founding partner. He
left in 1955 to serve as the Chairman of the Malayan Public
Services Arbitration Tribunal, and moved to the Malaysian
Industrial Court. In 1964, Chief Justice Yong established the
Singapore branch of Messrs Shook Lin & Bok. That year, he also
became the Chairman of Malayan Airways. He then assumed the role of
the Vice- Chairman of Malayan Banking Berhad.
Following riots in Malaysia in 1969, Chief Justice Yong migrated
to Singapore with his family. In 1971, he left the legal world to
join OCBC as a director and eventually became the Chairman and
Chief Executive Officer of the organisation.
After nearly two decades away from the law, Chief Justice Yong
returned to law and was appointed Supreme Court judge in 1989. Just
over a year later, he was appointed as the Chief Justice. His
innovating ideas and forward-thinking measures, transformed the
Singapore legal system into one of the best in the world.
Chief Justice Yong was also actively involved with the Malaysian
Institute of Management since its early years. The National
Institute of Management was officially formed on the 29th of
January 1966, in response to the growing need for more managers to
underwrite the nation’s development. In October of 1966, the
Institute organised a one-day seminar on the Companies Act at which
Chief Justice Yong was a speaker.
Dr. Tarcicius Chin, Former MIM Chairman (1989-1991) and Court of
Emeritus Fellows has fond memories of Chief Justice
Chief Justice Yong Pung How's transformation of the court system
is well documented. He single-handedly conceived and drove its
modernisation, taking the courts from the practices inherited from
a 19th century colonial system to the 21st century.Photo Credit:
The Star
The Late Honourable Chief Justice (Rtd.) Yong Pung How
R E M E M B E R I N G I C O N SMIM Court of Emeritus Fellows
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Tan Sri Abdul Aziz Abdul Rahman, in district officer’s uniform,
with his wife Puan Sri Wan Zakiah Ibrahim in 1960.Photo Credit: The
Star (file pix)
Mr Yong Pung How (left) with Mr Lee Kuan Yew and Madam Kwa Geok
Choo on the banks of the River Cam in Cambridge in the summer of
1949. Mr Yong and Mr Lee became friends at university. Photo
Credit: The Straits Times
Allahyarham Tan Sri Dato’ Dr. Abdul Aziz Abdul Rahman left
behind a legacy, one that will forever be etched in the history of
our national carrier. As CEO and the first managing director of
Malaysian Airlines, his approach was to serve, making him an
integral icon of the corporate world. Described as mild-mannered
and polite, he was well liked as he treated others around him with
the utmost respect and consideration.
He was an active member of civil society groups and amongst
others worked towards the sustainable town planning of Kuala Lumpur
as the chairman of the Save Kuala Lumpur Coalition. In an interview
in 2014, Tan Sri Aziz stated that the proudest achievement of his
life was helping turn MAS from something very small, into a global,
award-winning, international airline.
specialises in this. You may say that I know it like the palm of
my hand,” said Tan Sri Abdul Aziz about his love for MAS.
Tan Sri Abdul Aziz grew up during the Japanese occupation, and
attributes his success to the discipline and diligence emphasised
by the Japanese.
Qualified with a Barrister-at-Law from Lincoln’s Inn, London, he
joined the civil service as an administrative officer and later
became a magistrate and sessions court president. The racial riots
in 1969, saw Tan Sri Abdul Aziz appointed as the Legal Counsel and
Legal Officer of the National Operations Council, where he played a
vital role in drafting laws to protect the nation against
incidences such as May 13th. He left the service after 15 years and
moved to a role to help in creating Malaysia’s own airlines as
Malaysia and Singapore split.
Yong and said, “During the early days of MIM, many members of
MIM contributed directly to the functioning of the Institute, and
Yong Pung How contributed by giving talks at tea meetings.” “He and
his fellow representative from the private sector contributed much
time and professional expertise to support the fledging national
management organisation,” he added.
In 1968, Chief Justice Yong became the Vice President of MIM
alongside YABhg Mulia Raja Tun
Mohar Raja Badiozaman. He continued for another term with Y.M.
Raja Tan Sri Ir. Zainal bin Raja Sulaiman and was elected into the
Court of Emeritus Fellows on the 28th of March 1975.
Former Chief Justice Yong Pung How passed away on the 9th of
January 2020. He was 93. His passion and contributions towards the
Institute will never be forgotten and will continue to be part of
our history.
“Civil aviation is close to my heart till this day. I reckon it
is a God-given talent. I don’t think there is anyone alive today
who
Allahyarham Tan Sri Dato’ Dr. Abdul Aziz Abdul Rahman
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Tan Sri Abdul Aziz became the company secretary for Malaysia
Airlines in 1971, having been appointed by the then Prime Minister,
Tun Abdul Razak Hussein himself. His hard work and dedication, made
him the legal affairs director and eventually the Chief Executive
Officer and Managing Director of the airlines.
He took the national airlines to great heights, helping it soar
not only in profits, but international accolades for its
achievements in its inflight service. During his tenure, the
company saw the immense growth of passenger traffic, aircraft
number and routes. It wasn’t as easy feat, as the airline had
suffered a RM39 million deficit and was in dire need of a RM70
million rolling fund. Tan Sri retired in 1991, leaving Malaysia
Airlines with a surplus of RM5 billion in cash.
A lawyer by qualification, Tan Sri Abdul Aziz donned on his
robes and continued his passion in law after retirement.
A highly respected corporate figure, Tan Sri Abdul Aziz became
the Court of Emeritus Fellow of the Malaysian Institute of
Management on the 10th of July 1987. Former MIM Chairman
(1989-1991) and Court of
Emeritus Fellow, Dr. Tarcisius Chin, recalls how Tan Sri Abdul
Aziz took his role as Fellow seriously and despite his busy
schedule, constantly made the effort to attend the quarterly Court
of Fellows meetings held at the Management House in Jalan Ampang,
Kuala Lumpur.
In the 1990s, MIM became the apex centre for the training and
development of managers and executives, offering international
academic degrees in collaboration with the University of Bath,
England; Maastricht University, Netherlands and
RMIT University in Australia. According to Dr. Tarcisius Chin,
Tan Sri Abdul Aziz took keen interest in the progress of these
programmes and assisted in the continuing development of the
Institute.
Tan Sri Dr. Abdul Aziz Abdul Rahman passed away on the 22nd of
January 2020 from cancer complications. The Malaysian Institute of
Management mourns the loss of a distinguished figure. His
contributions towards the institution will always be
remembered.
Aziz with his 40-year-old replica of a Boeing 707. He holds his
role in helping MAS grow from a small domestic carrier into the
international award-winning airline it was in the 1990s as one of
his proudest achievements. Photo Credit: SAM THAM/The Star
The legacy of heroes is the memory of a great name and the
inheritance of a great example. -Benjamin Disraeli
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YABhg Tun Daim Zainuddin Returns to the TAR Lecture SeriesGrand
Ballroom, Shangri-La Hotel, Kuala Lumpur. 18 December 2019
Six industry stalwarts inducted into MIM’s Court of Emeritus
Fellows.
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F ormer finance minister and chairman of the Council of Eminent
Persons YABhg Tun Daim Zainuddin once again graced the TAR Lecture
Series stage to present his keynote address.
In 1996, YABhg Tun Daim Zainuddin had spoke about “Managing
Technology for Growth and Development” at the 17th Tunku Abdul
Rahman Lecture Series.
Then being the economic advisor to the Malaysian government, his
foresightedness was prevalent as he emphasised the need for our
workforce to be technologically fluent to compete in the next
century.
This time, at the 29th TAR Lecture Series held on December 18th,
2019, YABhg Tun Daim Zainuddin openly shared his wisdom and
insights on what the future holds for Malaysians and the
nation.
He has earned the distinction of being a hard-driving technocrat
and reputed as one of Malaysia’s ablest economic architects. So, it
was only apt that his address was titled “The Future of Malaysia:
Building a Sustainable Ecosystem for All”.
The TAR Lecture Series is a prestigious event inaugurated by the
Malaysian Institute of Management (MIM) in 1970 to commemorate the
premiership of Malaysia’s 1st Prime Minister, the late Tunku Abdul
Rahman Putra Al-Haj.
It is used as a platform to foster thought-leadership, encourage
interaction and incubate strategies for future leadership skills.
It aims to showcase some of the most sought-after and
forward-thinking leaders from around the globe, sharing insights on
challenges and issues of a dynamic and globalised economy and
society.
Since its inception, the series has showcased leaders and
dignitaries, including Malaysian constitutional monarchs and Prime
Ministers, as well as esteemed, local and international
high-profile individuals.
In his welcoming speech, MIM Chairman, YBhg Tan Sri Megat
Najmuddin Megat Khas had this to say about YABhg Tun Daim
Zainuddin.
“More recently, it was a case of who do you turn to when the
going gets tough, which came with the change in government and the
daunting task of dealing with an entrenched administration of 61
years.
“Bending it to a new will, required a Council of Eminent Persons
to deliberate and make recommendations in a time frame of 100 days
as the first order of business.
“And, of course, our Prime Minister turns to YABhg Tun Daim
Zainuddin.”
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Tun Daim’s Life Before PoliticsHe was one of 13 children born to
a clerk in the Kedah state service and a homemaker mother. He had
his early education in a Malay school, before going to the Sultan
Hamid College, where Prime Minister Tun Dr Mahathir Mohamad himself
had attended.
Since YABhg Tun Daim Zainuddin did not know about his selection
into Brinsford Teacher College in England, he sought to become a
lawyer.
He went to Lincoln’s Inn, London before being called to the
British Bar in 1959 at the age of 21.
He kicked off his career with Pillai and Co and then Shearn and
Delamore in Kuala Lumpur before moving to a legal firm in Kota
Bharu.
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He added: “Automation and robotics mean that less labour is
required, and fewer people forced into triple-D jobs–dirty,
dangerous and demeaning.
“Farming then becomes a high quality occupation, one that
generates a good steady income and one that does not require hours
of hard labour in the fields.”
His plan of focusing on smallholders and farmers would allow
Malaysia to work towards poverty alleviation and eradication.
“We must identify ways to improve their incomes whether through
commercialisation of waste products, downstream activities, reduced
production costs or diversification of crops.
“Besides the farmers themselves, the modernised agriculture
sector will create jobs along the supply chain,” he said, citing
researchers, analysts, drone manufacturers and food technicians as
examples.
He said more is needed to be done such as the removal of
roadblocks for farmers who lack access to land and financing.
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“It’s very difficult to get land because it’s a state matter.
Acres of idle land are just being wasted.
“I’ve written to the state governments asking to give land. Some
were very encouraging and replied ‘yes’ while some didn’t even
reply.”
In his proposal was also the creation of a government agency to
address these issues.
“I’m confident if the government does this, enough people will
want to go into this sector and we’ll be able to reduce our food
costs and there will be excess to export.
“We will be able to reduce our food bill by 30% in three
years.”
Court of Emeritus Fellows On the same afternoon at Shangri-La
Hotel Kuala Lumpur, guests witnessed the conferment ceremony of
MIM’s newest Court of Emeritus Fellows.
This is the highest category of MIM membership, awarded to
outstanding individuals who have contributed significantly to the
field of management and leadership.
“Leadership has become increasingly difficult, complex and
multi-faceted in today’s globalised world. We wish to recognise the
strong and effective leadership these individuals have showcased
not only in their organisations, but across their industry,” said
MIM Chairman, YBhg Tan Sri Megat Najmuddin Megat Khas.
The recipients were:1. Nestle Malaysia Chairman, YAM Tan Sri
Syed
Zainol Anwar Syed Putera Jamalullail,2. Penang Police Chief
(Rtd), YBhg Dato’ Seri A.
Thaiveegan Arumugam, 3. YTL Corporation Berhad Executive
Director,
YBhg Dato’ Yeoh Soo Min,4. Bintulu Port Holdings Berhad Group
Chief
Executive Officer, YBhg Dato Mohammad Medan Abdullah,
5. Key Accounts Management, Asia Pacific for AECOM, YBhg Datuk
Zainal Amanshah and
6. Melaka Manipal Medical College’s Chairman of the Board of
Governors, YBrs Dr Arun Kumar.The conferments were presented by
MIM
President YABhg Tun Mohammed Hanif Omar and witnessed by YABhg
Tun Daim Zainuddin.
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