KUALA LUMPUR, April 17 — News of a shake-up in the leadership of Bursa Malaysia Berhad have surfaced, with former Permodalan Nasional Bhd (PNB) chairman Tan Sri Abdul Wahid Omar tipped to be appointed the next head of the Malaysian stock exchange. 

A report by The Edge yesterday had quoted sources on Abdul Wahid’s potential impending appointment, as Bursa Malaysia’s chief executive Datuk Muhamad Umar Swift declined to confirm nor dismiss the claim. 

Abdul Wahid left PNB back in June 2018 following the 14th general election and was later replaced by former Bank Negara governor Tan Sri Zeti Akhtar Aziz. 

He was then made chairman of Universiti Kebangsaan Malaysia (UKM) towards the end of 2018, with his tenure scheduled to last until October 2021. 

The Edge in its report also quoted the Securities Commission Malaysia (SC), who confirmed that non-executive chairman of Bursa Malaysia Datuk Shireen Ann Zaharah Muhiudeen has been asked to vacate her post, supposedly over issues related to governance. 

The SC in the report confirmed that Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz, after consulting the commission, had invoked his ministerial powers allowed under the Capital Markets and Services Act 2007 (CMSA) when he decided to revoke Shireen’s appointment. 

Shireen was appointed to her role back in March 2019, and was later also made Bursa Malaysia’s public interest director, replacing her predecessor Tan Sri Amirsham A. Aziz who helmed the post since 2015. 

"In exercising this power, the minister consults with the SC before arriving at his decision. 

"The consultation in this instance revolved around governance issues and the current Bursa chairman’s fit and properness to continue holding the position. 

Following our consultation, we believe the minister has decided to revoke Datuk Shireen Ann Zaharah Muhiuddin’s appointment,” said the SC as quoted by The Edge. 

Besides her position within Bursa Malaysia, Shireen also founded the Corston-Smith Asset Management Sdn Bhd, and had served as the chief executive of the AIG Investment Corporation (Asia) Ltd from 1992 to 2004.

Shireen, a former member of the International Advisory Panel for Labuan International Business and Financial Centre, also holds positions as an independent director at AMMB Holdings Bhd and at the Federal Land Development Authority.