ZETI Akhtar Aziz will be stepping down from her role as group chairman of Permodalan Nasional Bhd (PNB) after her three-year term expires on April 30.

The former governor of Bank Negara Malaysia said in a note to colleagues that she had informed Prime Minister Muhyiddin Yassin of her intention not to renew her term of office.

“Allow me to take the opportunity to inform you that I will be completing my three-year term as group chairman to Permodalan Nasional Bhd at the forthcoming PNB annual general meeting on April 30,” she said in the note.

“I have written to the prime minister and the chairman of Yayasan Pelaburan Bumiputera earlier this year, informing them of my intention not to renew my term upon its completion on April 30,” she added.

Zeti said she was honoured to have served, which she described as “transformative and tumultuous”.

She also lauded her colleagues for making “great strides forward” on three fronts: diversifying the investment portfolio, strengthening risk and liquidity management capabilities and embarking on a major organisation transformation with the aspirations to transition PNB into a distinctive international investment house.

“Congratulations to all of you for your tenacity in this transformation journey without compromising on the quality of your output.

“We are encouraged by the changes that have happened that now position the organisation to do even better in the future.

“Next year when you move to (PNB Merdeka) 118, the space management that has been planned will also take effect to provide you with an even more conducive work environment,” she said in the note sighted by The Malaysian Insight.

However, she said the transformation agenda remains unfinished, adding that the investment diversification process, and the stewardship and governance of PNB and its stable of companies has to continue to achieve long term value creation in the face of new realities and mega trends.

“While our investments need to ensure that returns are being generated, we also need to be assured that the returns are sustainable,” she said.

She also thanked the board for their guidance and comradeship.

Zeti replaced Abdul Wahid Omar on July 1, 2018, appointed to the post by then prime minister Dr Mahathir Mohamad following her retirement from Bank Negara.

She will also not be seeking re-election as the chairman of Sime Darby Property Bhd in the upcoming 48th annual general meeting.

Her husband Tawfiq Ayman and their son were recently interviewed by police for links to 1MDB funds in her husband’s Singapore bank account.

Zeti had previously denied allegations her family was involved in the 1MDB scandal. – April 28, 2021.