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Appointment of Tan Sri Azlan Zainol as FRF Chairman (11 June 2015)

Kuala Lumpur, 11 June 2015 - The Second Finance Minister, YB Dato’ Seri Ahmad Husni Mohamad Hanadzlah has appointed Tan Sri Azlan Zainol as Chairman of the Financial Reporting Foundation (FRF), effective 1 July 2015.

Tan Sri Azlan takes over from Datuk Ali Tan Sri Abdul Kadir, whose term will be expiring on 30 June 2015. 

On assuming the role, Tan Sri Azlan said, “It is indeed an honour and privilege to have been appointed as the Chairman of the FRF. I have been following the development of the FRF and the Malaysian Accounting Standards Board (MASB) and I am looking forward to working together to help achieve the next level of growth. I will do my utmost to steer the FRF to continue to be relevant in oversight function and play a greater role in providing advisory support to the MASB. I believe the FRF and the MASB have excellent combination of outstanding attributes and a great team committed to ensure continuous success.”

Commenting on the appointment of the new Chairman, Datuk Ali said, “Tan Sri Azlan’s credentials are invaluable and I am confident that his acumen and experience will add tremendous values to both the FRF and the MASB. I also believe that Tan Sri Azlan will continue to build FRF and MASB to a greater height.”

Tan Sri Azlan Zainol was previously the Chief Executive Officer of the Employees Provident Fund Board until his retirement in April 2013. He is currently the Chairman of RHB Bank Berhad and Malaysian Resources Corporation Berhad (MRCB). Tan Sri Azlan Zainol also sits in the board of Kuala Lumpur Kepong Berhad, Jardine Cycle & Carriage Limited (Singapore) and RHB Holdings Hong Kong Limited (formerly known as OSK Holdings Hong Kong Limited). He has more than 29 years of experience in the financial sector, having been appointed as the Managing Director of AmBank Berhad and Managing Director of AmFinance Berhad. Prior to that, he was a Partner with Messrs BDO Binder. Tan Sri Azlan is a Fellow of the Institute of Chartered Accountants in England & Wales, a Member of the Malaysian Institute of Accountants and a Member of the Malaysian Institute of Certified Public Accountants.

About the Financial Reporting Foundation and the Malaysian Accounting Standards Board

The Financial Reporting Act 1997 established the Financial Reporting Foundation (FRF) and the Malaysian Accounting Standards Board (MASB). With this financial reporting framework, the role of standard setting is entrusted to a statutory body independent of the accounting profession, the MASB.

The FRF oversees the operations and performance of the MASB including the financial performance. The FRF also acts as a sounding board for the MASB, that is, the FRF would be the first to review MASB’s technical pronouncements before it goes out to the public. The MASB, on the other hand, has the sole responsibility to issue approved accounting standards for application in Malaysia.

The FRF comprises twelve members, including ex-officio members representing the Ministry of Finance, Bank Negara Malaysia, Securities Commission, Audit Oversight Board, Registrar of Companies, Bursa Malaysia, Malaysian Institute of Accountants and Malaysian Accounting Standards Board. All members are appointed by the Minister of Finance.