Who would have thought a 158-year old venerable institution could collapse overnight. Who would even think that a sturdy institution - as sturdy as its icon would have been pulled down by the horns, so to speak. Well, these were what happened to Lehman Brothers and Merrill Lynch, two of the top five US investment banks that have effectively departed within six months after Bearn Stearns, another investment bank was acquired by JP Morgan. And, the latest to join the downfall is the American International Group.

Taking cue from these episodes, it serves as a wake- up call for all of us, especially so in our profession. Yes, we have come a long way since 1959 and will be celebrating our golden jubilee next year. While we bask in our glory and achievements, lest we forget that no one and certainly no institution is invulnerable, what more invincible to the power of uncertainties. To remain relevant and appealing to the younger generation i.e. Gen Y, we need to reinvent and re-brand our ICSA programme and explore unchartered territories i.e. the Blue Ocean. Our strategy should be to look beyond our competitors and stand out from the homogenous crowd.

It was reported that Lehman collapsed under the weight of toxic assets, mainly related to real estate. I have heard of toxic people and toxic relationship. I did not know that assets could be toxic too. Now, we have to scrutinise not only our liabilities, but our assets as well to see whether we have any toxic assets. Due to the subprime mortgage crisis, real estate in the US and elsewhere which were affected, are now worth only a fraction of their original prices.

Rationalising on their size, Lehman's management also assumed that the government would bail them out to prevent the financial crisis from spreading further into the US banking system. The assumption was indeed incorrect. One must never assume that one is “too big to fall”.

Here in Malaysia or elsewhere, one must not make any assumption. Although the Institute is considered stable at the moment, we must never assume that it will remain so for the next 50 years. Hence, I would like to remind all of us including myself that we need to stay focus on our core business and what, or rather whom, we represent. I would like to encourage our young members to be more active and be prepared to take over the leadership of the Institute when the time arises. Even in politics, every one prefers a smooth transition of power through a democratic and constitutional process.

Notwithstanding the pessimistic economic outlook, the Institute continues to organise events for its members and students. Of special interest is the Annual Lecture on 4 November by a distinguished media personality - Abdul Rahman Ahmad, the Group MD/CEO of Media Prima Berhad. His topic, “The Media as A Partner in Corporate Governance” is timely in the light of recent developments involving the media. I hope you have booked yourself a seat at this event as it has been substantially subsidised by the Institute. I would also like to appeal to members to come forward this year for your Institute's annual blood donation drive on 8 November. We need your support towards this charitable cause being part of our corporate responsibility initiatives.

As president of the Institute, I would like to welcome our International Council members who will be convening in Kuala Lumpur on 13 and 14 November. The Institute will host a special dinner for them on 12 November and hope to showcase our Malaysian hospitality.

I also hope that members in the Northern Region would attend our Northern Region Dinner on 28 November at the Traders Hotel, Penang. TYT Governor of Penang and his spouse have again graciously accepted our invitation as the Guests of Honour and I urge you to show your support for the event.

Since we are approaching the end of the year, I wish our Christian members, graduates, affiliates and students a "Merry Christmas" and to all, a "Happy New Year". May the New Year bring better economic prospects, continued good health, happiness, prosperity and success. Let's gear up for our Golden Jubilee celebrations next year!

Akbar Moidunny FCIS
President