Prepared by Saharah Saad
KUALA LUMPUR, 14 July 2025: The Othman Yeop Abdullah Graduate School of Business (OYAGSB), Universiti Utara Malaysia, recently hosted its signature BizTalk 2025 event, captivating audiences with an enlightening keynote by YABhg. Tun Dato’ Seri Zaki Tun Azmi, Former Chief Justice of Malaysia. Speaking on the timely and thought-provoking topic “Ethical Decision-Making in Business.”
In his address, Tun Zaki made a compelling case that even the most sophisticated legal frameworks are powerless against corruption in the absence of personal integrity.
Drawing attention to Malaysia’s Companies Act 2016, Securities Commission regulations, Bursa Malaysia listing requirements, and the Malaysian Anti-Corruption Act, he argued that unethical conduct remains prevalent despite these mechanisms.
“The real barrier to corruption,” he noted, “lies not in statutes, but in the individual’s moral compass.”
Citing Qur’anic verse 2:42 and Hadiths that denounce dishonesty trade practices, he reminded the audience that principles of truthfulness and integrity have long been embedded in religious and cultural traditions. Yet, he lamented, unethical behaviour continues to plague commerce throughout history, fuelled by unchecked greed and the pursuit of profit at all costs.
One of the most striking points in his talk was the issue of silent complicity. Tun Zaki voiced concern over the inaction of independent directors and minority shareholders who, despite knowing of misconduct, remain silent for fear of jeopardizing profits.
Drawing from his own corporate experience, he revealed that he had resigned from several board positions when faced with unethical conduct – an act, he noted, that must become the rule, not the exception.
He further highlighted the continued relevance of the Sarbanes-Oxley Act (SOX)—enacted in the wake of the Enron and WorldCom scandals—as a global benchmark for promoting transparency and accountability in corporate governance.
While Malaysia is not subject to SOX, Tun Zaki emphasized that its foundational principles should inspire local firms, particularly those with international reach.
The 1MDB scandal, he pointed out, serves as a painful yet important lesson on the catastrophic fallout of compromised leadership and oversight.
Discussing Section 17A of the Malaysian Anti-Corruption Commission (MACC) Act 2009, which holds corporations liable for corrupt acts committed by associated persons, Tun Zaki acknowledged the law’s noble intentions. However, he cautioned that without clear evidence of intent, such provisions risk punishing the innocent, and he called for a more nuanced and equitable application of corporate liability.
Throughout the session, one message rang clear: lasting reform in business ethics will never be achieved by regulations alone – it demands courage, conviction, and the will to do what is right, even when it is not easy.
The event was graced by Prof. Dr Hassan Abu Bakar, Dean of OYAGSB; Prof. Ts. Dr Norazah Mohd Suki, Deputy Dean of Research, Innovation, and Corporate Relations; along with faculty members, students, and administrative staff.
Extending its reach beyond the campus, the event was streamed live via Webex and Facebook Live, engaging Universiti Utara Malaysia’s global community of students, alumni, and industry stakeholders.
