Malaysia’s capital markets strengthened by bitter lessons from the past, says FPLC chief

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Ybhg Tan Sri Dato Seri Megat Najmuddin Khas Malaysia and other Asian economies have weathered recent global crises more effectively than the West because they have learned from past experiences, says Ybhg Tan Sri Dato Seri Megat Najmuddin Khas, President of the Federation of Public Listed Companies (FPLC) in Malaysia


The credit crunch in the late 90s was a difficult time for economies all over the world but Malaysia emerged from the chaos leaner and better equipped to handle future problems, unlike countries such as the United States.
“The crisis hit us,” he said. “A lot of people were hurt but it was a good lesson for all of us. I went to America for a World Bank event in the aftermath of all this and I told them that we in Asia have discovered our weaknesses long before you did. We have reformed.
“But corporate America never learned their lessons. And look at the world’s stock markets now. Everything is down. When America suffers, everyone else is affected. That is the reality.”

Umbrella body

The FPLC was incorporated on 3rd April 1987 as a non-profit organisation whose members are companies listed on the Stock Exchange. The Federation’s goals are to develop listed companies in Malaysia into world-class entities through a holistic approach that includes conducting seminars, promotion and advisory services.
The concept of the FPLC was first proposed by former Malaysian Prime Minister Tun Dr Mahathir Mohamed during a trip to China, where he was accompanied by high-profile corporate leaders lamenting over a recent stock market crash.
According to the FPLC’s website, an in-depth study and rationale for setting up an umbrella body for public listed companies was undertaken and financed by a small group of CEOs headed by YAM Tunku Naquiyuddin ibni Tuanku Ja’afar of Antah Holdings Berhad. This led to the incorporation of FPLC with YAM Tunku Naquiyuddin as its first president. Tan Sri Megat is the third president and has been in charge since 1997.
Tan Sri Megat brings a wealth of experience to the FPLC, which he represents to the High Finance Committee of the federal Ministry of Finance. He was one of the first members of the Management Committee of the Malaysian Institute of Corporate Governance, having been elected president in 1998.

Wealth of experience

A lawyer by profession, he graduated from the University of Singapore in 1970 and was in private practice until 1986 when he decided to focus on business and political activities.
Tan Sri Megat was appointed as a member of the National Economic Advisory Council 2 by the Prime Minister and his knowledge and management skills has earned appointments to the Capital Market Strategic Committee and Corporate Debt Restructuring Committee.
He holds high office in several public listed companies as well. He is Chairman of Formis, Asian Pac Holding and Pernas International Holdings and is a director on the boards of Century Bond, Dialog Group, Salcon, SEG International and other private companies.
In the same year he was appointed FPLC President, the organisation played a key role in establishing the Malaysian Accounting Standards Board and the Financial Reporting Foundation under the Financial Reporting Act 1997.
Apart from organising conferences and seminars, the FPLC performs a number of important functions. It participates in the Securities Commission Annual Dialogue in which policy matters are discussed and FPLC puts forward its own presentations
The federation speaks on behalf of members in dialogues with the Kuala Lumpur Stock Exchange and is responsible for updating members on latest legislations and regulations affecting listed companies via its Capital Review publication and circulars.
In addition, FPLC performs research work on relevant issues in which members express concern. Since 1996, officials from the body have been included in various trade and investment missions sent to countries that are of interest to members.
FPLC also organises social functions such as the Annual Bursa Malaysia – FPLC Golf Tournament and Dinner/Luncheon.

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Reading Time: 3 minutes

Malaysia and other Asian economies have weathered recent global crises more effectively than the West because they have learned from past experiences, says Ybhg Tan Sri Dato Seri Megat Najmuddin Khas, President of the Federation of Public Listed Companies (FPLC) in Malaysia

Reading Time: 3 minutes

Ybhg Tan Sri Dato Seri Megat Najmuddin Khas Malaysia and other Asian economies have weathered recent global crises more effectively than the West because they have learned from past experiences, says Ybhg Tan Sri Dato Seri Megat Najmuddin Khas, President of the Federation of Public Listed Companies (FPLC) in Malaysia


The credit crunch in the late 90s was a difficult time for economies all over the world but Malaysia emerged from the chaos leaner and better equipped to handle future problems, unlike countries such as the United States.
“The crisis hit us,” he said. “A lot of people were hurt but it was a good lesson for all of us. I went to America for a World Bank event in the aftermath of all this and I told them that we in Asia have discovered our weaknesses long before you did. We have reformed.
“But corporate America never learned their lessons. And look at the world’s stock markets now. Everything is down. When America suffers, everyone else is affected. That is the reality.”

Umbrella body

The FPLC was incorporated on 3rd April 1987 as a non-profit organisation whose members are companies listed on the Stock Exchange. The Federation’s goals are to develop listed companies in Malaysia into world-class entities through a holistic approach that includes conducting seminars, promotion and advisory services.
The concept of the FPLC was first proposed by former Malaysian Prime Minister Tun Dr Mahathir Mohamed during a trip to China, where he was accompanied by high-profile corporate leaders lamenting over a recent stock market crash.
According to the FPLC’s website, an in-depth study and rationale for setting up an umbrella body for public listed companies was undertaken and financed by a small group of CEOs headed by YAM Tunku Naquiyuddin ibni Tuanku Ja’afar of Antah Holdings Berhad. This led to the incorporation of FPLC with YAM Tunku Naquiyuddin as its first president. Tan Sri Megat is the third president and has been in charge since 1997.
Tan Sri Megat brings a wealth of experience to the FPLC, which he represents to the High Finance Committee of the federal Ministry of Finance. He was one of the first members of the Management Committee of the Malaysian Institute of Corporate Governance, having been elected president in 1998.

Wealth of experience

A lawyer by profession, he graduated from the University of Singapore in 1970 and was in private practice until 1986 when he decided to focus on business and political activities.
Tan Sri Megat was appointed as a member of the National Economic Advisory Council 2 by the Prime Minister and his knowledge and management skills has earned appointments to the Capital Market Strategic Committee and Corporate Debt Restructuring Committee.
He holds high office in several public listed companies as well. He is Chairman of Formis, Asian Pac Holding and Pernas International Holdings and is a director on the boards of Century Bond, Dialog Group, Salcon, SEG International and other private companies.
In the same year he was appointed FPLC President, the organisation played a key role in establishing the Malaysian Accounting Standards Board and the Financial Reporting Foundation under the Financial Reporting Act 1997.
Apart from organising conferences and seminars, the FPLC performs a number of important functions. It participates in the Securities Commission Annual Dialogue in which policy matters are discussed and FPLC puts forward its own presentations
The federation speaks on behalf of members in dialogues with the Kuala Lumpur Stock Exchange and is responsible for updating members on latest legislations and regulations affecting listed companies via its Capital Review publication and circulars.
In addition, FPLC performs research work on relevant issues in which members express concern. Since 1996, officials from the body have been included in various trade and investment missions sent to countries that are of interest to members.
FPLC also organises social functions such as the Annual Bursa Malaysia – FPLC Golf Tournament and Dinner/Luncheon.

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