BUILDING STRONG INSTITUTIONS: Sharing of knowledge second nature to SC, says Raja Nazrin
MALAYSIAN capital market has raised an average RM65 billion annually between 2000 and 2010, indicating its significant role in capital formation and wealth creation.
The Regent of Perak Raja Nazrin Shah said the amount, as compared with RM39 billion in 1993-2000 period, is a clear reflection that the country's capital market has over the years earned the trust and confidence of investors, issuers and intermediaries.
"In my view, ensuring fair and orderly markets, protecting investors and addressing systemic risks while ensuring that the capital market serves as an efficient engine for economic growth, make securities regulators institutions that serve the public good, or what I would call public good institutions," Raja Nazrin said in his address at the Securities Commission (SC) 20th anniversary dinner, here, last night.
Building an institution that is strong, successful and enduring is no mean feat while building an institution that serves the public good is even more challenging.
"It is, of course, the responsibility of the institution to ensure that the pursuit of public good does not compromise basic individual rights, hinder legitimate private interests or impede genuine commercial transactions," he said.
In order to build strong and enduring institutions that serve the public good, Raja Nazrin said the quality of the people and the leadership within an institution are essential.
"Leaders of public good institutions must not only be visionary, inspirational and passionate, they must also be courageous and tenacious. A keen sense of public duty, a strong commitment to a higher calling, a potent mix of passion and perseverance, professionalism and pragmatism and a tamper-proof moral compass are prerequisites for both leaders and employees of public good institutions," he said.
Integrity is the next important factor, which includes being honest in relationship with others, able to admit weaknesses and strengths, and willing to admit when a mistake has been made.
"The presence or absence of integrity is probably the most important quality that has surfaced time and time again, especially in today's world where wealth and success are often pursued at any cost," Raja Nazrin stressed.
He also said that a culture of learning and a culture of embracing diversity is equally important to serve the public good.
"A constant thirst for knowledge and embracing and accepting diversity, not only of people but also of their views and beliefs, will ensure that institutions remain agile and are able to respond speedily to the changing environment.
"In this regard, I know for a fact that the search and sharing of knowledge and the openness to debates and dialogues is something that is second nature to the SC," Raja Nazrin said.
He said the diversity of the company's employees not only in terms of age and gender but also in terms of religion and ethnicity, as well as social, professional and academic background makes it stand out as a model public institution.