Posted Date: May 5, 2021

Malaysian Rating Corporation Berhad (MARC) announced today the appointment of a new chairman and three board members to its Board of Directors. MARC also announced the retirement of its previous chairman, Datuk Azizan Haji Abd Rahman, who served from December 2012 to April 2021. Two directors, Dato' Muthanna Abdullah and Madam Lillian Leong Bee Lian retired. Following the changes, the composition of MARC's board is maintained at six directors.

Datuk Seri Dr Nik Norzrul Thani N.Hassan Thani was appointed as Independent Non-Executive Chairman of MARC. Datuk Seri Dr Nik is a Director of Cagamas Holdings Berhad and Amanah Saham Nasional Berhad. He is also Chairman and Senior Partner at Zaid Ibrahim & Co., the largest law firm in Malaysia.

Ms Wendy Cheong was appointed as Non-Independent Non-Executive Director of MARC. She is presently the Managing Director-Regional Head of Asia Pacific for Moody's Investors Service, based in Hong Kong. She acts as an Executive Director for the majority of Moody's Asia entities and on the boards of Korea Investors Service and ICRA Limited.

Mr Ng Kok Kheng was appointed as Independent Non-Executive Director of MARC. He currently serves as the CEO of Great Eastern General Insurance (Malaysia) Berhad. He has been a Director of Persatuan Insurans Am Malaysia since 2017.

Mr Tan Nyat Chuan was appointed as Independent Non-Executive Director of MARC. He has 34 years of banking and payments experience in the financial industry, of which 32 years was with Bank Negara Malaysia. Upon his retirement, he joined SWIFT as Senior Director of Payments Markets for ASEAN. SWIFT provides network and financial messaging services to financial institutions,

The appointments of Datuk Seri Dr Nik, Ms Cheong, Mr Ng and Mr Tan will bring new perspective and skills, knowledge as well as considerable experience that will ensure MARC adheres to the highest standards of corporate governance and executes strategic initiatives that are in line with its corporate vision.

On behalf of the company, MARC Group Chief Executive Officer Datuk Jamaludin Nasir welcomed the new Directors and extended his gratitude to the retiring board members. "MARC looks forward to the leadership skills and different perspectives Datuk Seri Dr Nik, Ms Cheong, Mr Ng and Mr Tan will bring to the company. MARC would also like to extend its sincere gratitude and appreciation to Datuk Azizan, Dato' Muthanna and Madam Lillian for their service and dedication."

Lalitha Sivanesan, +603-2717 2953/ lalitha@marc.com.my;
Nurfarain Mohd Dom, +603-2717 2925/ farah@marc.com.my.