MDEC further strengthens board with two new board committees focused on governance and innovation

• Reinvention of MDEC continues at fast pace with new committees
• Has 5 committees on Governance, Innovation, Audit, Remuneration & MDEC tenders

The Malaysia Digital Economy Corporation (MDEC) announced its new board committee lineup with the creation of two new committees that reflect its strong focus on strengthening governance and championing innovation within the organisation.

This is the latest progressive step in MDEC’s high-speed reinvention journey to drive Malaysia’s digital leap into the Fourth Industrial Revolution (4IR). Just recently, the agency appointed four new members to its Board of Directors and embarked upon a major organisational restructuring to implement a new agile, collaborative leadership structure.

“I believe in these times of unprecedented change, firm commitment to reinvention must begin from the top for us to decisively lead Malaysia’s digital economy and ensure shared prosperity for all Malaysians. MDEC is confident that the incorporation of industry leaders into its Board will provide an expanded perspective on critical areas such as corporate governance, risk management, digital economy emerging technology trends. MDEC will thus be empowered to execute more for less at speed and improve its standard of governance – ultimately cultivating a high-performing and high-impact organisation,” says Dr Rais Hussin Mohamed Ariff, Chairman of MDEC.

“Our commitment to this reinvention places us in a better position than ever before to drive our nation to achieve Malaysia 5.0, realise the Shared Prosperity Vision 2030 and firmly establish Malaysia as the Heart of Digital ASEAN.”

The new Board committee line up is as follows:

The new Governance and Integrity Committee will oversee the overall governance structure and practices of the Board and organisation, as well as drive integrity and compliance initiatives to enforce a zero-tolerance environment for fraud and corruption. The Technology and Innovation Committee will review and make recommendations to the Board on major strategies and subjects such as technical and commercial innovation and acquisition processes, as well as measurement and tracking systems for successful innovation.

The new industry leaders on the Board will also hold membership in the three existing Board committees - Audit & Risk Committee (ARC), Remuneration & Nomination Committee (RNC) and MDEC Tender Committee (MTC) - based on their experience, Jaleeludeen Abu Baker will join the ARC, Aireen Omar will sit on the RNC and both Farouk Peter Lee and Dr Dhesi Baha will enter the MTC.

“Our commitment to drive the digital economy for the many and achieve our vision of Malaysia 5.0 takes precedence above all else. We have no time to waste.  We need fresh new ideas, perspectives and insights as well as the ability to make more agile, proactive and informed decisions to chart our course through a new, digital-first normal. The unparalleled industry expertise of our new board members adds further depth through these new committees and encourages greater cross-collaboration in our digital ecosystem,” said Surina Shukri, CEO of MDEC.

Malaysia as the Heart of Digital ASEAN

Malaysia’s growth in the global innovation and technology space continues to accelerate at impressive speeds. The country ranked 8th within the Asia-Pacific region in the Global Innovation Index 2020, which rates the innovation capacities of 131 global economies. It also placed 11^th in the Emerging Ecosystems category in the Global Startup Ecosystem Report 2020. This collective progress signifies that Malaysia is on its way to realise its ambitions to become the ‘Heart of Digital ASEAN’.

The rapid proliferation of new technologies and unprecedented speed of transformation demand agile yet data-driven decision-making at the highest levels to fully leverage new opportunities afforded by 4IR. With its expanded focus on robust governance and tracking innovation, MDEC’s new and improved Board of Directors will empower it to spearhead Malaysia’s leap into the digital era, driving shared prosperity for all Malaysians and establishing Malaysia as a leading example of Southeast Asia’s digital transformation.