Ex-PNB CEO: Political appointments taint investors' image of Malaysian firms

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The recent spate of political appointments to the boards of directors of various government-linked companies (GLCs) will have a “terrible” impact on the perception of investors on transparency and integrity in corporate Malaysia, said former Permodalan Nasional Berhad (PNB) CEO Abdul Jalil Rasheed. “I think appointing politicians to board is going to set the country back a long way in terms of perception. “This recent spate of appointments has probably pushed Malaysia down in corporate governance ratings. “It has probably made Malaysia less attractive from an investment point of view, especially from foreign investors,” Jalil said in an online podcast interview titled “Bicara Minggu Ini”. Jalil, who was the CEO of an investment management firm in Singapore before his stint as PNB CEO, said foreign investors would scrutinise transparency and corporate governance when investing in e…