Datuk Ali's first term began on 1 March 1999 and will end on 28 February 2002. He will commence his second term on 1 March 2002.
"I am very honoured, and with the strong team in the Commission, will continue to work towards a more robust Malaysian capital market.
"I also look forward to the support of market participants in continually increasing their level of professionalism to make Malaysia a preferred capital market," said Datuk Ali.
The SC achieved several milestones under Datuk Ali's leadership. Key among these was the introduction of the Capital Market Masterplan (CMP) in February 2001.
The CMP is a 10-year strategic plan to ensure that the Malaysian capital market is well positioned to support national economic growth needs and aspirations. Forming the thrust of the CMP are measures to meet regional competition and increasing globalisation, as well as tap value-added opportunities in areas of comparative and competitive advantage.
"The CMP has provided the strategic clarity desired by the industry and I am glad to say that we have already implemented or begun to implement measures in several key areas. In fact, some priority measures were implemented ahead of the CMP launch," said Datuk Ali.
These have included steps to enhance the efficiency of the fund raising process further, and to expand the breadth of investment opportunities. Malaysian companies are also being encouraged to create long-term value for their investors. In particular, Datuk Ali has stressed the need for improved disclosure and transparency, as well as greater corporate accountability to the investing public. In this regard, his aim is to continue to push for better shareholder value recognition among companies and greater shareholder activism among investors, in line with the recommendations of the CMP.
"Furthermore, in the interest of enhancing competitiveness and cost effectiveness of the capital market, revenue structures of market intermediation services are being reviewed to make them more cost-efficient. Market structures are also being reviewed, with current efforts focusing on the consolidation of market institutions and market intermediaries," said Datuk Ali.
Going forward, Datuk Ali said the challenge facing Malaysia's capital market is for it to enhance its role in facilitating the growth of the Malaysian economy. For this to happen, it must be able to provide Malaysian companies with a viable platform for capital raising, and provide investors with a viable source for mobilising and investing their savings. This can be attained through the vision and objectives of the CMP.
In undertaking its work over the course of the next two years, Datuk Ali gave his assurance that the SC will continue to be resolute yet consultative in its regulatory approach. It will also continue to facilitate greater competition and innovation so that the capital market can successfully capitalise on Malaysia's key strengths.
In addition, he will continue to maintain the SC's active participation at the international level to ensure that Malaysia's views are fully considered by the international regulatory and financial community. Datuk Ali is currently the chair of International Organisation of Securities Commissions (IOSCO) Asia Pacific Regional Committee (APRC).
An accountant by training, Datuk Ali serves as a committee member of various local and foreign organisations. He is the Chairman of the Capital Market Advisory Council and is a member of the Foreign Investment Committee, Danaharta Oversight Committee, Financial Reporting Foundation and the National Economic Consultative Council II (MAPEN II) Working Groups on Islamic Banking & Financial Systems, Economics and Competitiveness. He also sits on the Finance Committee on Corporate Governance and is a member on the Labuan Offshore Financial Services Authority.
