KUALA LUMPUR (March 4): CGS International Securities Malaysia Sdn Bhd (CGS MY) has appointed Tan Sri Shahril Ridza Ridzuan and former health minister Khairy Jamaluddin Abu Bakar as independent non-executive directors.

“Whilst not mandatory to appoint independent directors to the board, CGS MY has chosen to adopt the recommended corporate governance best practices in the Malaysian Code on Corporate Governance to signify our commitment to the highest standards of corporate governance,” said chief executive officer Azizah Mohd Yatim in a statement on Monday.

“With our recent change in ownership to become wholly owned by CGS International Holdings Ltd, we have new growth opportunities and can benefit from the credentials, expertise and network of these well-respected individuals to strengthen the competencies of our board,” she said.

CGS MY is a unit of China Galaxy Securities, a leading securities house in China, and CGS International Securities Pte. Ltd.

In December last year, CIMB Group completed the disposal of its remaining 25.01% stake in CGS-CIMB Securities International Pte Ltd and 25% shareholdings in CGS-CIMB Holdings Sdn Bhd to CGS International, formerly known as China Galaxy International Financial Holdings Ltd.

Shahril and Khairy will join six other board members in CGS MY, namely Carol Fong, Yuen Kwok Wai, Chan Yuen May, Azizah, Alan Inn Wei Loon, and Khairi Shahrin Arief Baki.

“We are confident that the combined depth and diversity of our board, which includes both private and public representatives in areas of business, finance, investment, and policy, will create a robust, well-connected leadership that will bring the company towards its vision of being a world class and leading investment bank in Asia,” said Azizah.

Shahril, who is also chairman of Axiata Group Bhd and Ekuinas Nasional Bhd, was formerly managing director for Khazanah Nasional Bhd and CEO for the Employees Provident Fund.

Khairy has held several ministerial posts in the government, with the experience of heading the Ministry of Health and Ministry of Science, Technology, and Innovation during the Covid-19 pandemic, and the Ministry of Youth and Sports during the Najib administration.

Khairy also co-founded and chaired a think tank called The Centre, and was a director of investment banking at ECM Libra Avenue Securities.