ANNUAL REPORT 2010 1 PIDM Annual Report 2010

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ANNUAL REPORT 2010 1 PIDM Annual Report 2010 ANNUAL REPORT 2010 1 PIDM Annual Report 2010 The young bonsai craftsman, guided by the experience and skills of the master craftsman, OUR VISION A best practice insurer has practised his art most diligently and with complete dedication. The skills and expertise he has gained now enable him to nurture the growth of the bonsai tree, while sharing his knowledge with his peers. OUR MISSION We shall: Protect Islamic and conventional deposits Similarly, PIDM has grown from strength to strength since its establishment in 2005. Driven Protect takaful and insurance benefits by its vision to be a best practice insurer, PIDM constantly seeks knowledge, strives for Fulfil our mandate in an efficient and effective manner, having excellence and builds on its successes, ensuring at all times that depositors can remain regard to the interests of our key stakeholders and our confident in the safety of their deposits. employees By building on the experience and expertise gained over the years, PIDM strives to fulfil its Operational excellence newly expanded mandate and ensure that all takaful certificate and insurance policy owners OUR STRATEGIC Sound governance enjoy the assurance and confidence that they too are protected by PIDM. THRUSTS Public confidence in the financial system OUR CORPORATE Educated and informed stakeholders OBJECTIVES Effective partnerships Well-governed and well-managed organisation Robust risk assessment, monitoring and resolution capability Sound business and financial practices Competent and knowledgeable workforce Conducive corporate environment OUR CORPORATE Financial Stewardship VALUES Excellence and Professionalism Respect and Fairness Integrity and Trustworthiness Communications and Teamwork PIDM stresses the importance of responsible management in all aspects of its work. This is reflected in the environmentally friendly paper specially chosen for the production of the Annual Report. This paper is certified by the Forest Stewardship Council (FSC), a worldwide body that supports the highest standards for forest management. 2 3 PIDM Annual Report 2010 PIDM Annual Report 2010 TABLE OF CONTENTS Section 1: Introduction Section 5: Overview Of Membership 6 Corporate Profile 138 Overview of Membership - 2010 8 The Year 2010 at a Glance 11 Highlights of Our Accomplishments Since Establishment Section 6: Articles 12 Financial Summary 144 Transition Package to Exit Government Deposit Guarantee 15 Message from the Chairman, Tan Sri Dato’ Abdul Aziz Haji Taha 150 Ensuring Operational Readiness in Intervention and Failure Resolution 20 Board of Directors: Members and Profiles 22 Message from the Chief Executive Officer, Jean Pierre Sabourin Section 7: Public Awareness Initiatives And Corporate 28 Organisation Chart Social Responsibility 29 Executive Management Committee 158 Public Awareness Initiatives 32 Executive Management Committee: Members and Profiles 168 Corporate Social Responsibility 36 Management Committees Section 8: Calendar Of Events Section 2: Corporate Governance 172 Calendar of Events 2010 40 Managing Our Risks 46 Statement on Governance Appendix: 61 Statement on Internal Control 180 Charter of Governance Committee 182 Charter of Remuneration Committee Section 3: Management’s Discussion And Analysis 184 Charter of Audit Committee 68 Our Operating Environment 189 Corporate Scorecard 2011 - 2013 68 Review of 2010 Operations and Achievements 192 List of Member Institutions 84 2010 Financial Overview 193 Frequently Asked Questions 92 Summary of Our Corporate Plan 2011 - 2013 197 Glossary of Terms 200 Contact Details Section 4: Financial Statements 96 Directors’ Report 99 Statement by Directors 100 Statutory Declaration 101 Auditor General’s Certification 102 Statement of Financial Position 103 Statement of Comprehensive Income 104 Statement of Changes in Funds and Reserves 105 Statement of Cash Flows 106 Conventional Deposit Insurance Fund - Statement of Financial Position 107 Conventional Deposit Insurance Fund - Statement of Comprehensive Income 108 Conventional Deposit Insurance Fund - Statement of Cash Flows 109 Islamic Deposit Insurance Fund - Statement of Financial Position 110 Islamic Deposit Insurance Fund - Statement of Comprehensive Income 111 Islamic Deposit Insurance Fund - Statement of Cash Flows 112 Notes to the Financial Statements 4 5 PIDM Annual Report 2010 PIDM Annual Report 2010 Section 1: INTRODUCTION Strengthening an enduring commitment to best practices… 6 7 PIDM Annual Report 2010 PIDM Annual Report 2010 INTRODUCTION CORPORATE PROFILE ENHANCED FINANCIAL CONSUMER PROTECTION PIDM also complements the existing regulatory and Under the new MDIC Act, financial consumer protection supervisory framework by providing incentives for in Malaysia has been enhanced. Effective 31 December member institutions to implement sound risk management 2010, the limit for deposit insurance was increased practices. We are also empowered to intervene early to to RM250,000 from RM60,000 while the scope of reduce or avert losses to the financial system, and we are coverage was extended to foreign currency deposits. The armed with a wide range of legislative tools to deal with implementation of the Provision of Information on Deposit distressed member institutions. As part of its mandate, Insurance Regulations in April 2011 will further strengthen PIDM undertakes risk assessment and monitoring of all the deposit insurance system. These Regulations are member institutions and works closely with the supervisory to ensure member institutions provide depositors with authority to ensure that our concerns about the business accurate, relevant and timely information on deposit and affairs of member institutions are addressed promptly. protection and coverage for deposit products they offer. However, we necessarily rely on the supervisory authority to take prompt corrective action to mitigate the possibility of a The new MDIC Act has entrusted PIDM with the added member institution failure. Our intervention and resolution responsibility of administering TIPS to provide protection to powers enable us, among others, to acquire assets from owners of takaful certificates and insurance policies. member institutions or to provide financial assistance, where appropriate. Once a member institution is deemed In the event of a failure of any member institution, PIDM by the supervisor to be no longer viable, we can intervene will act promptly to reimburse depositors and protect and if necessary assume control over the institution or take owners of takaful certificates or insurance policies and such other actions to implement a least cost resolution as take appropriate measures to promote and maintain public appropriate. confidence in the stability of the Malaysian financial system. Timely and clear communications to engender public confidence in the deposit insurance system and TIPS FINANCIAL SYSTEM STABILITY are key to our success in promoting and contributing to the stability of the financial system. As such, we carry In carrying out our functions, we work closely with Bank out a multi-year public awareness programme and Negara Malaysia (BNM), which is the primary regulator and education initiatives to enhance the level of awareness and supervisor. Our working relationship is mandated in the understanding about the benefits of our financial consumer Perbadanan Insurans Deposit Malaysia (PIDM) is a The Malaysian deposit insurance system covers Islamic MDIC Act and detailed in a Strategic Alliance Agreement. protection. statutory body established in 2005 under the Malaysia and conventional deposits separately. It is funded by Our partnership with BNM is critical, and ensures Deposit Insurance Corporation Act (MDIC Act). As an annual premiums collected from the member institutions timely exchange of information on financial institutions integral part of the national financial safety net system, we in respect of Islamic and conventional deposits, with and collaboration in all significant aspects of our risk administer the Deposit Insurance System and the Takaful the funds separately administered. The Islamic Deposit assessment and monitoring activities. and Insurance Benefits Protection System (TIPS). PIDM Insurance Fund is administered in accordance with Shariah insures depositors against the loss of part or all deposits principles. and protects takaful certificate and insurance policy owners against the loss of part or all of their benefits in the event TIPS is similarly funded by annual premiums collected from of a member institution failure. We are also mandated member institutions in respect of takaful and insurance to provide incentives for sound risk management in the benefits that are protected. With PIDM’s expanded financial system, as well as to promote or contribute to the mandate, we now administer six separate and distinct stability of the financial system. funds: 1. Islamic Deposit Insurance Fund; Our member institutions comprise all commercial banks 2. Conventional Deposit Insurance Fund; (including locally incorporated subsidiaries of foreign 3. Family Solidarity Takaful Protection Fund; banks operating in Malaysia) licensed under the Banking 4. Life Insurance Protection Fund; and Financial Institutions Act 1989 and all Islamic banks 5. General Takaful Protection Fund; and licensed under the Islamic Banking Act 1983, as well 6. General Insurance Protection Fund. as all insurance companies licensed under the Insurance Act 1996 and all takaful operators licensed under the PIDM reports to Parliament
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