EPF Chief Shahril Tipped to be Khazanah MD

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Five potential candidates.

Employees Provident Fund (EPF) chief executive Datuk Shahril Ridza Ridzuan is one of several candidates purportedly being evaluated to be Khazanah Nasional’s managing director, The Edge Financial Daily reported today citing unnamed sources.

Also citing unnamed sources, The Malaysian Insight reported that Shahril will be the new Khazanah boss after a sterling five-year run as the chief executive of EPF.

Others also under consideration are Menteri Besar Incorporated’s Raja Shahreen Raja Othman, Deutsche Bank (M) CEO Datuk Yusof Annuar Yaacob, MIDF Group managing director Datuk Charon Mokhzani, and Bank Pembangunan Malaysia chief Datuk Mohd Zafer Mohd Hashim.

Media reports did not provide any indication why Shahril may be favoured over any of the other supposed candidates.

EPF under Shahril has seen solid returns with contributors enjoying rising dividends since he led the fund. The 6.9% dividend rate declared last year was the highest since 1996 when EPF paid a dividend of 7.7%.

Mohd Izwan Mohd Nazam

He was previously deputy CEO (investment) of EPF from December 2009 until his appointment as CEO in April 2013.

Between 2009 and last year, the dividends declared by EPF have been trending upwards except for 2015 and 2016, the years when the local stock market fell.

Shahril, a lawyer by training, served as the group managing director of Malaysian Resources Corporation Berhad (MRCB) from September 1, 2003, until December 1, 2009, when he joined EPF.

He served in Pengurusan Danaharta Nasional Berhad from 1998 to 1999 and was an independent non-executive director of Felda Global Ventures Holdings Berhad from January 18, 2012 to December 26, 2013. He served as an executive director at SSR Associates Sdn Bhd from 1999 to August 2001.

The post of Khazanah’s MD is currently vacant after Tan Sri Azman Mokhtar and the entire board of directors resigned en masse following the government’s indication for them to go.

After the board’s departure, the Prime Minister’s Office announced that Tun Dr Mahathir Mohamad will assume the chairmanship of the board.

The PMO also named Economic Affairs Minister Datuk Seri Mohamed Azmin Ali, Council of Eminent Persons member Tan Sri Mohd Hassan Marican, Dr Sukhdave Singh and Goh Ching Yin as directors.

Earlier report: Jul 28, Three Potential Candidates for Khazanah MD