Recently, the Council of Elders had their first official meeting. This Council of Elders (Or Council of Eminent Persons, as it is known officially) is basically a group made up of “eminent persons” who will help bring their expertise in regards to our Nation’s economy and finance.
With all that’s been going on recently, this council would definitely be of help to our 7th Prime Minister, Tun Dr Mahathir. So, just who are these people on the Council of Elders and why are they the chosen ones? They can one or not?
Well, let’s take a look…
1. Tun Daim Zainuddin (The head of the ‘Council of Elders’)
Source: The Star
The basics:
- Name: Abdul Daim bin Zainuddin
- Age: 80 years old
- From: Alor Setar, Kedah
- Super Power: Bravery and vision in the face of economic turmoil
What you really need to know:
- He ventured into business as a property developer and was involved in the development of Taman Maluri.
- He was appointed as Malaysia’s Minister of Finance twice! From 1984 to 1991 and from 1999 to 2001.
- Awarded the International Business Leader 2006 Award by the African Investor magazine. Notable previous recipients include the likes of Bill Gates (yeap, Microsoft Bill Gates) and Sir Richard Branson. #respect
- His management style helped Malaysia in turbulent times by helping the nation pay off about RM6.8 billion in foreign debts from 1987 to 1999, which was then a record payment for developing nations. That’s a lot of money!
- He reformed Malaysia through four broad strategic reforms when he was Finance Minister, specifically in the mobilisation of the private sector, the supportive role of the private sector, active external policies and rehabilitation of the public enterprises
- He is also responsible for creating opportunities for local Malay entrepreneurs to succeed.
What was he doing before being summoned into the Council?
Spending part of his time in Africa, and engaging African governments on economy and planning.
Bonus fact:
He’s actually a lover of art! He has a collection of more than 1,000 pieces of art and owns the famous Ilham Gallery with his wife. #relationshipgoals
2. Tan Sri Robert Kuok
Source: The Star
The basics:
- Name: Robert Kuok Hock Nien
- Age: 94 years old
- From: Johor Bahru, Johor
- Super Power: His diversity and knowledge in different businesses (which is backed up by Tun Daim)
What you really need to know:
- In terms of riches, he is the richest man in Malaysia and is sixth in South East Asia.
- He owns Kuok Group and his company is invested in a range of things such as sugarcane plantations (hence his nickname ‘The Sugar King), animal feed, property and even publishing!
- Kuok Group is an indicator of just how important his family is to him with most of his businesses being run by his family members.
- He founded the internationally renowned Shangri-La hotels and resorts in Singapore in 1971.
What was he doing before being summoned into the Council?
Running his business, as per usual, with the help of his family members.
3. Tan Sri Zeti Akhtar Aziz
Source: Malay Mail
The basics:
- Name: Ungku Zeti Akhtar binti Ungku Abdul Aziz
- Age: 70 years old
- From: Johor Bahru, Johor
- Super Power: Exercising the rights of financial institutions
What you really need to know:
- She was an economic analyst for the South-East Asia Central Bank Training & Research Centre
- She is Bank Negara Malaysia’s (BNM) first female Governor and was in the position for 16 years from 2000 to 2016! #girlpower #dontmess
- She played a big role in modernising Malaysia’s financial system to address the Asian financial crisis in the late ’90s.
- She has received multiple awards for her contributions such as the ‘World’s Best Central Bank Governor’ in 2005 (Awarded to her by Global Finance magazine), the Islamic Development Bank Prize in Islamic Banking and Finance in 2005 and the Lifetime Achievement Award in 2016 for her contribution in overcoming the ’97/’98 Asian Financial Crisis.
- She was involved in establishing the International Centre for Education Islamic Finance.
- She secured BNM’s independence from the government through the Central Bank of Malaysia Act 1999.
- It was under her leadership that BNM issued a compound against 1MDB fund for failing to comply with directions. The fine of an undisclosed amount was issued just 2 days before she was scheduled to retire!
What was she doing before being summoned into the Council?
Shortly before her retirement, it was mentioned that she would often be working on some serious writing on integration or central banking.
Bonus fact:
Her mother, Puan Azah Aziz, was a renowned and respected Malay culture icon and was often seen in her trademark baju kurung. It’s likely that Tan Sri Zeti picked up the trait of having her own trademark baju kurung from her mother.
4. Tan Sri Hassan Marican
Source: Sembcorp
The basics:
- Name: Mohd Hassan Marican
- Age: 65 years old
- From: Sungai Petani, Kedah
- Super Power: The ability to grow an oil company to international heights
What you really need to know:
- He is regarded as being the main person responsible for expanding Petronas from a small oil company into a Top Fortune 500 company. This is demonstrated by the profit growth of Petronas from RM78.2 billion in 2005 to RM142 bilion in 2009.
- Some notable positions that he has held within Petronas include Senior Vice President of Finance (1989 – 1995) and President and CEO (1995 – 2010).
- It was under his leadership that Petronas introduced Enviro 2000, an environmental-friendly vehicle which uses natural gas. This was the production of Malaysia’s first commercial engine.
- It was during his tenure that Petronas constructed the world’s first ‘Triple Well’ in Sarawak under their Carigali division.
- Some of the awards and recognition that he has achieved include the Commandeur de la Legion D’Honneur in 2000 (by the French government), The Friendship Award in 2001 (Vietnamese Government) and the Oil & Gas (O&G) Council’s Lifetime Achievement Award in 2015.
What was he doing before being summoned into the Council?
After retiring, he went on to serve as chairman for companies in Singapore such as Sembcorp Industries, Sembcorp Marine Ltd and Singapore Power.
5. Professor Jomo Kwame Sundaram
Source: Social Science Research Council
The basics:
- Name: Jomo Kwame Sundaram
- Age: 65 years old
- From: Penang
- Super Power: His immense scholarly knowledge and expertise
What you really need to know:
- He is a prominent Malaysian scholar and economist in South East Asia.
- He has written more than a hundred books, academic papers and articles, which cover a diverse range of topics from development economics (his area of expertise) to Malaysian history.
- He has held many distinguished positions over the period of his career. He was previously a member of the National Economic Consultative Council (1989 – 1991), United Nations Assistant Secretary-General for Economic Development in the United Nations Department of Economic and Social Affairs (DESA) from 2005 to 2012 and more recently, Assistant Director-General and Coordinator for Economic and Social Development at the Food and Agriculture Organization of the UN (2012 – 2015).
- As a member of the National Economic Consultative Council, he worked on post-New Economic Policy and post-1990 policy reform proposals.
- He was an early advocate of the new capital account management measures before the Asian financial crisis in 1997 and 1998.
- In 2007, he received the Wassily Leontief Prize for Advancing the Frontiers of Economic Thought.
What was he doing before being summoned into the Council?
He holds the Tun Hussein Onn Chair in International Studies at the Institute of Strategic and International Studies in Malaysia
Hopefully, this has given you a bit more insight into our ‘Council of Eminent Persons’! What do you think of these highly distinguished individuals? Yay or nay? Let us know in the comments section!
Also read: PM Dr. Mahathir Announces 3 Core Cabinet Ministers and Council of Elder/Eminent Members
