Corporate directors and boards urged to be more than corporate figureheads ahead of a formalised director certification framework to advance the professionalisation of boards
The Institute of Corporate Directors Malaysia (“ICDM” or “the Institute”) recently convened its 8th Annual General Meeting with key advancements signalling a decisive move forward in its mission to elevate corporate governance. In a bold continuation of its 2024 call for boards and directors to ‘step up or step out’ amidst a time of tremendous change and uncertainty, ICDM is embracing an ethos of ‘Being More’ by championing significant new initiatives. Among the pivotal developments highlighted at the AGM, ICDM is putting a strong emphasis on the upcoming launch of a national Professional Directors Certification Framework (“PDCF”) and the execution of the leadership transition.
These key steps forward underscore the Institute’s unwavering commitment to tangible and measurable stewardship, especially in applying the principles of good governance across their organisations. In their 2024 reflection, ICDM encouraged corporate directors to unlearn outdated mindsets, relearn what the future demands, and embrace innovation with courage and a relentless commitment to board excellence and their continuous development. To this end, ICDM’s efforts to professionalise directors and boards will be formalised via a framework that outlines clear standards and qualifications for directors and boards in the later part of 2025.
Michele Kythe Lim, President & Chief Executive Officer (CEO) said, “The very future of an organisation depends on the precise and integral leadership of boards and directors. Therefore, they must champion governance, accountability, and performance standards with the same rigour they demand from the companies they oversee. As the national IoD, we are committed to these standards, a commitment proven by an independent Board and Director Effectiveness Evaluation (BDEE) of our own board, which reaffirmed our strengths. Our early structured succession plan further underscores our dedication to organisational growth and mission fulfilment and the Institute has put in place initiatives and achieved many milestones that have brought us to this point. I couldn’t be prouder of the team and am confident that in ICDM, soon to be under Jackie’s capable leadership and with the unwavering support of the board, we will continue to set the bar high.
These milestones and initiatives, highlighting ICDM’s robust growth, include:
- Community Expansion: Grew to over 1,500 individual members and 127 corporate members, 64% of which represent public-listed companies (PLCs) with the remaining 36% from the private and public sectors.
- Programme Delivery & Training: Delivered over 500 programmes and trained more than 30,000 directors, with increasing participation in development programmes like Aspiring Directors Immersion Programme (ADIP) and Leading for Impact (LIP).
- Revenue Growth (2024 vs. 2023):
- Overall Revenue: Increased by 53%.
- Leading for Impact (LIP) Programme Revenue: Increased by 172%.
- Membership and Director Sourcing Revenue: Increased by 52%.
- Board Remuneration Reviews Revenue: Increased by 56%.
- Bespoke Programmes Revenue: Increased by 24%.
- Aspiring Directors Immersion Programme (ADIP) Revenue: Increased by 211%.
- Directors Registry: Features 1,264 pre-screened, board-ready candidates.
- Female Representation in Registry: Rose to 38% in 2024, a significant increase from 33% in 2023.
ICDM will launch the PDCF later this year – a structured, competency-based pathway for directors and for the industry and companies, globally aligned and with a benchmarked baseline qualification. This is in line with the roadmap set out by the Securities Commission Malaysia towards achieving a resilient and high-performing capital market. This national set of standards aims to significantly accelerate the growth of a diverse and qualified talent pool of directors across both public and private sectors and government-linked boards to help companies achieve optimal board composition from the start.
Jackie Mah, the current Executive Vice President and succeeding President and CEO of ICDM, said, “Now more than ever, companies, boards and directors are pressing for qualified leaders and peers who uphold uncompromising standards of professionalism and ethical conduct. Just as we hold employees of organisations to certain standards and evaluate them with clear key performance indicators, Boards and Directors should also have mechanisms in place to evaluate their performance and development. The PDCF is not just a certification-it is a commitment to ensuring exemplary standards and quality of leadership among directors across the public and private sectors to meet rigorous, clearly defined benchmarks. More importantly, it will strengthen board effectiveness at scale and safeguard the future success of businesses and organisations.”
Since its inception in 2018, ICDM has championed diversity, inclusion, and sustainability in boardrooms. They have expanded their services to include independent board and director effectiveness evaluations (BDEE), board skills matrix, and director sourcing, achieving a 69% success rate in director placements, including women and first-time directors. To further impact governance, ICDM has led regional initiatives like the ASEAN Board Trends Report and ASEAN Directors Registry, and formed strategic partnerships with IOD UK and other regional IoDs, the 30% Club Malaysia, and Climate Governance Malaysia, aiming to elevate board leadership across borders. Additionally, ICDM provides the Mandatory Accreditation Programme (MAP) and Leading for Impact (LIP) for professional development, empowering boards with essential competencies. They also offer comprehensive board advisory and consultancy services, including coaching and mentoring. ICDM engages in advocacy through its network and external stakeholders, expanding its training and advisory services to include sustainability and ESG.
About the Institute of Corporate Directors Malaysia (ICDM):
The Institute of Corporate Directors Malaysia (ICDM) is a membership-based organisation whose mandate is to professionalise directorship in Malaysia. As the national institute of directors (IoD), ICDM is committed to providing continuous professional development – empowering boards and directors with forward-thinking mindsets, practical knowledge and essential competencies. Established by the Securities Commission Malaysia (SC) and supported by Bank Negara Malaysia, Bursa Malaysia and the Capital Market Development Fund (CMDF), ICDM’s goal is to be the leading influence of excellence in governance and to build a robust corporate governance culture in Malaysia. For more information on ICDM, please visit our website at www.icdm.com.my
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