PwC Malaysia’s Corporate Directors Survey 2024 found that 96% of directors are confident in establishing corporate governance structures and controls, while 90% are confident in navigating policy and regulatory changes.

“Although there is consciousness on the importance of diversity, ESG and GenAI, the survey found that there are gaps between consciousness and effective implementation,” Berita Harian quoted PwC Malaysia executive chair Nurul A’in Abdul Latif as saying.

“The board of directors need to take a more proactive approach to adapt to disruptions and drastic changes in the business landscape.”

Nurul also said the survey found that only 25% of directors believe that board diversity translates to improved performance.

“In a tightly regulated market, the approach of following a ‘checklist’ by directors can lead to missed opportunities, exposure to significant risks and, in the worst-case scenarios, a huge drop in value,” she said.

As such, Nurul said the survey urged boards to adopt a proactive, outward-focused approach to adapt to business disruptions and stay relevant.

“This will help them be more future-ready and able to create long-term value for their companies and investors,” she said.