Central Bank of Malaysia Act 2009 · Updated to 1 Nov 2020 · Part IV · Governance of the Bank
16. Appointment of director
Feedback & supportThe directors referred to in paragraph 14(3)(c) shall be appointed by the Yang di-Pertuan Agong on the advice of the Minister on such terms and conditions as provided for in their respective letters of appointment.
Minister
“Minister” means the Minister charged with the responsibility for finance;
Before giving advice on an appointment of a person to the office of director under subsection (1), the Minister shall have regard to—
director
“director” means a director of the Bank appointed under subsection 16(1), and includes the Governor and the Deputy Governors;
that person’s probity and standing;
that person’s knowledge, skill and experience in banking, economics or finance; and
the likelihood of any conflict between the interests of the
Bank and any interest which that person has or represents.
A director shall, at all times, act honestly and in the best interest of the Bank and use reasonable diligence in the discharge of the duties of his office.
Bank
“Bank” means Bank Negara Malaysia or in English, the “Central Bank of Malaysia”;
A director shall not make improper use of any information acquired or exercise any improper influence by virtue of his position as a director to gain, directly or indirectly, an advantage for himself or for any other person.
A director shall not act as representative or delegate on the
Board from any commercial, financial, agricultural, industrial or other interests with which he may be connected:
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Provided that the prohibition shall not extend to any director holding or for the time being acting in the office of Secretary General to the
Treasury.
Except as provided in paragraph 17(2)(a), a director appointed under subsection (1) shall hold office for a term of three years and shall be eligible for reappointment.
The directors appointed under subsection (1) shall be paid by the Bank such remuneration and allowances as may be approved by the Minister.
A director may resign from office by notice in writing under his hand addressed to the Yang di-Pertuan Agong.