As one of the largest institutional investors in Malaysia, PNB exercises its stewardship responsibilities to ensure its investee companies practise good corporate governance and deliver long-term shareholder value. In this regard, PNB has put in place the following policies and framework.


The PNB Stewardship Framework showcases PNB's stewardship philosophy and expectations for its investee companies, the investing public and the general market. The PNB Stewardship Framework complements the existing Strategic Investments Framework which guides PNB in playing its role as an active shareholder to create value and improve the performance of its investee companies.


The Escalation Matrix provides clarity on PNB's approach mechanisms with Investee Companies through various activism touchpoints.


Being a member of the Institutional Investor Council Malaysia (IIC), together with other institutional investors, PNB supports IIC’s agenda in promoting effective stewardship responsibilities and good governance practices and became the signatories of the Malaysian Code for Institutional Investors (MCII).

PNB applies the following corporate governance principles and voting guidelines in monitoring the conduct of its investee companies, which also serve as guidelines in exercising its voting rights at the general meetings.

Notice to PNB Investee Companies
Voting Guidelines of PNB
MCII Compliance statement of PNB


A Proxy of Change

General Meetings serve as a platform for shareholders to voice their views and exercise their voting rights. In doing so, PNB and the Unit Trust Funds under its management are guided by its Voting Guidelines and the Malaysian Code of Corporate Governance. As a firm advocate of transparency, PNB is committed in disclosing historical and oncoming voting decisions in its investee companies' General Meetings. To view our historical voting decisions from January 2019 to December 2022, please click here.