Employees Provident Fund (EPF)'s chief investment officer Johari Abdul Muid has been appointed as one of the two Executive Committee or Exco of RHB Bhd assuming the role of CEO pending appointment of CEO.
This is the second public listed company in Malaysia that EPF has such influence. The first company is Malaysia Building Society Bhd(MBSB).
EPF management however, has make a wrong decision by venturing into bridging loan rather then focus on End Financing ( Mortgage Loan ) in MBSB. Resulting MBSB making loss after Asia Financing Crisis.
Public Bank Berhad, one of the best run bank in Malaysia. Focus in End Financing ( Mortgage Loan ), has remain profitable during Asia Financial Crisis. If you work for a property development company before. You would know how difficult to get a bridging loan from Public Bank Berhad.
It is surprising that Bank Negara approved such appointment with such bad track record in the part of EPF in managing a financing institution.
EPF however, has a reputation of best customer service among all the government institution after it implementing a Balance Score Card management system.
Balance Score Card System is a new management system that measure management performance in a more balance manner. Not so concerntreate on financial performance. It measure other performance of a company like customer satisfaction, Internal Efficiency, Innovation.
Thus, management performance not just measure on financial performance like profitability. It measure the number of customer complaint received, customer waiting time, new product launch etc.
Public Bank Bhd is one of the Malaysia's bank that has has low customer waiting time and good customer service. I hope EPF management would at least improve it customer service in RHB Bank if not profitability.
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