General Electric (GE), Malaysian Directors Academy (MINDA) and Talent Corporation Malaysia (TalentCorp), co-organize a breakfast forum titled '21ST Century Corporation Driving Sustainable Leadership & Innovation'.
KUALA LUMPUR, MALAYSIA -- May 6, 2011- GE, MINDA and TalentCorp today jointly hosted a breakfast forum with the theme, '21st Century Driving Sustainable Leadership & Innovation' at Le Meridien Hotel, Kuala Lumpur. The panel of speakers at the session included John G. Rice, Vice Chairman of GE, President and CEO of GE Global Growth and Operations, Johan Mahmood Merican, Chief Executive of Talent Corporation Malaysia Berhad and Vincent Chin, Partner and Managing Director of Boston Consulting Group in South East Asia.
The forum was moderated by Dato' Abdul Aziz bin Bakar, the Executive Director and CEO of MINDA, and was attended by movers and shakers from Corporate Malaysia. Among the more prominent business personalities present were Datuk Dr Syed Muhamad bin Syed Abdul Kadir, Chairman of CIMB Islamic Bank Berhad, Tan Sri Datuk Dr Hadenan A Jalil, director of Maybank, Tan Sri Ghazzali Sheikh Abdul Khalid, director of Axista Group Berhad and Azran Osman Rani, Chief Executive Officer of AirAsia X. Stuart Dean, CEO of GE ASEAN also attended. The forum was also attended by Malaysian education thought leaders such as Universiti Sains Malaysia.
The CEO Breakfast forum took place amidst a period of economic recovery in Malaysia following the global economic crisis in 2008. Its primary objective as to promote a deeper appreciation of the global challenges in light of a fast-evolving business landscape following the downturn in the global economy. The forum was a platform to top leaders from various industries to engage in the exploration of new growth opportunities. At the centre of this discussion was the premise of how companies need to remain relevant and competitive in today's global marketplace, by remodelling their business strategies to place a stronger emphasis on the platforms of sustainable leadership and innovation.
John Rice, Vice Chairman of GE, President and CEO of GE Global Growth and Operations said, "The global financial crisis provided an opportunity for corporations to rethink and rework our business strategies to suite the evolving business climate. GE's growth strategy focuses on our innovative ecomagination and healthymagination platforms which address the biggest external themes if the day -- clean energy, affordable healthcare and the development of emerging markets".
On the topics sustainable development, John Rice added, "There was a need to reorient our leadership development programs to produce talents that are equipped with a wider global perspective. This is important in a world that is becoming increasingly interconnected through the rise of social media. Ultimately, passion is the key. Leaders who are passionate about their work will have the ability to inspire others."
Chief Executive Officer of Talent Corporation Malaysia Berhad, Johan Mahmood Merican expressed that leadership development requires the right mix of experiential development, caching and training. On selection of leaders, he said "There are many avenues to select leaders. While the common practice is succession planning, organizations may also choose to practice open sourcing or use assessments to pick out 'hidden gems' amongst the talent pool. In today's fast-paced and ever-changing business environment, the challenge before organizations is to be able to contextualize and apply these practices within their own organizations."
He also emphasized that TalentCorp is committed in nurturing talent in Malaysia and that partnerships between the private sector and the government agencies are necessary to ensure initiatives are both industry-led and demand-driven. On this, he comments, "TalentCorp will set up industry-led Sectoral Working Groups -- a network of industry members from both the private and public sector -- across key economic areas. The objective of the Working Groups is to collaborate towards the creation of industry --relevant talent pool. Sectoral Working Groups will ensure ach sector's talent requirements are well understood and acted upon."
The forum further emphasized the need for organizations to embrace a new and more dynamic approach to business before leadership development can take flight. While breaking away from traditional strategy may not be easy feat, the move will ensure corporations achieve sustainable results that will be crucial in today's turbulent business climate. This will require an organization that is fluid, one that embraces and responds to uncertainty with confidence.
Vincent Chin, Partner and Managing Director of Boston Consulting Group in South East Asia, provided his insights on "Adaptive Advantage", a BCG approach to dynamic strategy during the forum.
"Necessity is the mother of invention and turbulence is the mother of innovation. In today's increasingly turbulent markets, we need to infuse a new culture in our organizations where we take on an adaptive and dynamic approach and context to business strategies. An adaptive organization, in turn, has characteristics which will include responsiveness, resilience, readiness and recursion. The adaptive advantage is underpinned by 5 main bases, that is simulation advantage, signal advantage, people advantage, system advantage and social advantage", said Vincent.
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About GE
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. From aircraft engines and power generations to financial services, health care solutions and television programming, GE operated in more than 100 countries and employs about 300, 000 people worldwide. For more information, visit the company's website at www.ge.com.
About Malaysian Directors Academy (MINDA)
The Malaysian Directors Academy (MINDA) was established in December 2006 following the launch of the Government-Linked Companies Transformation Programme Initiatives o 29 July 2005. MINDA is formed as a non-profit organization with initial funding from the Government.
MINDA's objective is to address the Board performance be equipping Directors of Government-Linked Companies (GLCs) with the world-class knowledge, skills and mind set required to perform to a consistently high standard. MINDA's strategy to achieve this is by assisting Boards on focusing on their fundamental roles and responsibilities such as strategy setting, corporate performance management, development f future leaders and human capital, risk management, innovation and creativity.
About Talent Corporation (TalentCorp)
Talent Corporation Malaysia ('TalentCorp') Berhad has been established under Prime Minister's Department to initiate and facilitate initiatives that will help the country meet its talent needs. TalendCorp's focus is to support the Economic Transformation Programme to create a vibrant economy that is attractive to expertise and will drive the country towards becoming a high-income nation. It will accomplish this by working closely and building partnerships with leading companies and Government agencies.
Several initiatives have been announced so far, including the introduction of the Residence Pass, the revision of incentives for the Returning Programme and the Electrical & Electronics Sectoral Working Group (Northern Chapter). Other initiatives are being planned and will be announced in due course.
About Boston Consulting Group (BCG)
The Boston Consulting Group is a global management consulting firm and the world's leading advisor on business strategy. BCG partners with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
BCG's customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results. BCG is a private company with 7- offices in 41 countries.
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