A Legal Mind in the World of Markets: A Conversation with Chairman (Dato') Faiz Azmi

By DLSAA Student Reporter, 2nd year UG and 2023/24  Employability Course Finisher, Georgia Hollett.

I had the pleasure of interviewing (Dato') Faiz Azmi, Hatfield College alumnus, and now Executive Chairman of the Securities Commission Malaysia. From studying law at Durham to leading in finance and regulation, his journey is a testament to strategic reinvention, ethical leadership, and the enduring versatility of a legal education.

From Durham to a New Direction

Arriving in Durham in 1981, Faiz intended to study Economics at University, but a growing frustration with “ceteris paribus” prompted a switch to Law – a subject he found more concrete, analytical, and intellectually rigorous. It was a decisive turning point: “I never regretted that choice . . . law is an excellent first degree.”

What he gained at Durham went far beyond black-letter law. Tutorials taught him to think critically, challenge assumptions, and resist intellectual noise. “The loudest voices in the room,” he observed, “were not necessarily right.” It was in these formative spaces that he learned to test ideas rather than recite them – a mindset that would later shape his leadership in boardrooms and regulatory bodies. He remembered being particularly drawn to Lord Denning, whose judgments were refreshingly direct and accessible – an inspiration for clarity amidst complexity.

At Hatfield College, one of the last all-male cohorts, Faiz found a vibrant and tight-knit community. From snowy winters and student camaraderie to his treasured sheepskin coat – affectionately named "Fred" – his memories of Durham remain vivid. “It was just so amazing to be able to sit in a city and almost go back a few centuries,” he recalled. The college’s internal activities and the surrounding sense of tradition gave him a deep sense of independence and self-direction.

Shifting Paths: From the Bar to the Boardroom

After Durham, Faiz trained for the English Bar. However, his early experience at the Inns of Court revealed the uncomfortable truth that racial inequality severely restricted opportunities for minority practitioners. “I realised most of the people who looked like me ended up at the criminal bar,” he said. “Not because they wanted to, but because they couldn’t get pupillage elsewhere".

A chance interview at Touche Ross & Co. (now Deloitte) would ultimately set Faiz on a new professional course, though not without mishap. On the way to the meeting, Faiz reached out to stop the lift doors from closing. The lift jammed. “Not a good way to start an interview,” the partner remarked. The interview itself felt no smoother – she grilled him on leaving law, noting her daughter was a barrister. Faiz walked out convinced he’d failed. A week later, he got the job. Years on, he discovered why: “Oh, you’re the guy who damaged the lift . . . she found you amusing.” That leap into accountancy proved to be a pivotal shift. Faiz qualified as a chartered accountant and soon recognised that his legal training gave him a distinct advantage. “The ability to identify fact patterns . . . is a very sought-after skill," he reflected. It was this fusion of legal reasoning and financial acumen that became his signature strength, setting him apart in a competitive professional landscape.

While the transition may have seemed unconventional, it reflected a theme that was consistently visible throughout Faiz’s career: adaptability with integrity. His legal background continued to shape his work, providing the ethical framework and analytical clarity needed to thrive in complex institutional roles.

Leading in Crisis with Clarity

Faiz’s career flourished at PwC Malaysia, where he rose to become Executive Chairman in 2012, a post he held until he retired in 2023. He led national responses to crises, including the loss of the MH17 and MH370, as well as the restructuring of Malaysia Airlines, the COVID-19 vaccine rollout in Malaysia, chaired committees on Islamic finance, and spearheaded reforms to national accounting standards by adopting IFRS and now ISSB standards.

For Faiz, effective leadership starts with identifying the real problem. “You can’t fix a problem until you are sure it is the problem,” he explained. That precision is mirrored in his personal litmus test for decision-making: “If I can’t explain it to my mother, we’re not doing it.”

Integrity has remained his guiding principle throughout. “Right is right, wrong is wrong," he said plainly. Faiz described moments where he had to refuse friends, challenge clients, and push back against power, despite the cost. “What you are doing is wrong. I cannot support it," he has said more than once.

Mentorship has played a crucial role in shaping this ethical foundation. He credits figures like Sir David Tweedie for demonstrating courage and moral clarity, even in the face of corporate pressure. Now, Faiz actively mentors young professionals. “Mentors help you see yourself from the outside", he explained. “It’s not about telling people what to do – it’s about helping them see".

In 2024, Faiz was appointed Executive Chairman of the Securities Commission Malaysia, positioning him at the helm of the country’s capital markets. His mission is bold: to double the market size over the next 20 years, while ensuring that transparency and accountability remain paramount. “I don’t guarantee returns,” he said. “But I will ensure investors are not cheated.”

The demands of the role are considerable: “all this is keeping me up at night and is forcing me to learn new things very quickly.” But for Faiz, this is a welcome and inspiring challenge.

The Lasting Value of Legal Training

For Faiz, a legal education offers far more than a route into legal practice. It cultivates a way of thinking. Studying law, he explains, teaches students to find structure in complexity, argue with precision, and communicate with clarity. These are not just professional tools but life skills that help graduates navigate uncertainty with logic and confidence. He found, in his career, that this mindset often put him ahead of colleagues with purely financial or economic training. While they may have excelled in numerical analysis, it was his ability to recognise patterns, question assumptions, and approach problems from first principles that consistently gave him an edge. He believes these skills carry value far beyond law or accountancy. They provide a durable intellectual foundation that can support meaningful work across any profession.

With this in mind, Faiz’s advice to students is clear: don’t just study law - experience it. “Until you do, it’s all theoretical,” he says. Practical exposure, even brief, provides students with a first hand sense of the discipline’s real-world demands, bridging the gap between classroom learning and professional judgment. And for those who eventually pursue careers outside the legal sector, that grounding endures.“ Even if you leave law,” he noted, “you take the mindset with you.”

Beneath this emphasis on intellectual discipline lies a deeper thread that runs through Faiz’s career – a quiet but unwavering commitment to doing what is right. “Doing what is right may not always be popular, but it will let you sleep at night,” he reflected, a principle he has upheld throughout his professional life, even when it meant taking difficult or unpopular stands. What struck me most was the clarity and consistency of his moral compass – not performative, but lived. It is a standard he now encourages those entering the profession to adopt early, reminding them that integrity is not negotiable. For Faiz, it is the foundation upon which all meaningful leadership must be built.

Reflections on Responsibility

With the benefit of hindsight, Faiz reflects on how his perspective on corporate responsibility has evolved. Earlier in his career, he believed that companies inherently helped the societies they operated in. Now, he admits, “I no longer believe that.” Instead, he argues that genuine corporate value must be grounded in ethical sustainability – what he calls a model of “People, Planet and Profit.” Without a planet, he says bluntly, “we cannot make profit.”

 This philosophical shift reflects his broader reassessment of the role of markets. While market logic is powerful, it cannot stand alone; it requires additional support. For Faiz, long-term success depends on more than shareholder value – it depends on trust, responsibility, and purpose. He warns that without these, even the most impressive careers or companies risk becoming hollow.

When asked what advice he would give his younger self on leaving Durham, Faiz doesn’t offer a conventional answer. “Learn to sing,” he said. “It would have made my life a lot easier in the Asian business world.” While seemingly offered in jest, the advice gestures toward something more: a reminder to embrace cultural fluency and to make space for lightness and joy amid professional ambition.

Durham Law School and its Alumni Association thanks Chairman (Dato') Faiz Azmi for sharing his story, insights, and generosity of spirit. His journey exemplifies the versatility of legal training and the enduring value of ethical leadership. From his studies at Durham, to his role at the helm of Malaysia’s capital markets, his career stands as a powerful example of where a law degree and the courage to pivot can lead.