The resignation of Kim Teck Cheong Consolidated Bhd’s (KTC) independent director Wee Hock Kee has sparked a debate over the role and responsibilities of independent directors on the boards of listed entities. It is rare for a listed company’s independent director, who is also the chairman of the Audit and Risk Management Committee (ARMC), to resign and make his reasons public. On Sept 4, Wee submitted his resignation due to what he termed as a “breakdown of trust and confidence” in a filing to Bursa Malaysia. Wee is a past president of the Institute of Internal Auditors Malaysia and a past chairman of the Malaysian Institute of Auditors Internal Audit Working Group. Aside from KTC, he holds two other board positions, at MIMOS Bhd and Malvern Internal PLC listed in the United Kingdom – he remains the chair of these two companies’ audit committee and/or risk committee.

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Focus Malaysia