EPF / KWSP

UAO Editorial September 6, 2026 35 min read

Registry · Top 100 · Rank 26 · Public pension / national provident fund · Malaysia · Last researched 6 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Executive brief

Employees Provident Fund (EPF), known in Malay as Kumpulan Wang Simpanan Pekerja (KWSP), is Malaysia's national provident fund—one of the world's oldest, established in 1951—and a statutory social-security organisation that invests members' retirement contributions under the Employees Provident Fund Act 1991.

Prefer official MYR / RM figures from kwsp.gov.my. The latest opened primary values total investment assets at RM1.54 trillion as of 30 June 2026 (1H 2026 investment-income release, 17 August 2026), with 39% invested globally. That supersedes the Q1 2026 figure of RM1.44 trillion (31 March 2026), the FY2025 year-end figure of RM1,409 billion (31 December 2025), and the RM1.37 trillion as of 30 September 2025 note that still appears in some secondary/INST working cards—treat the September figure as stale. Do not invent a USD headline AUM.

Leadership honesty is critical. Live Senior Management on the official organisation-structure page lists Ahmad Zulqarnain Onn as Chief Executive Officer and Mohamad Hafiz Kassim as Chief Investment Officer, with Lim Tze Seong as Deputy Chief Investment Officer and Ahmad Rizal Omar as Chief Financial Officer. Ahmad Zulqarnain's CEO appointment became effective 19 February 2024 (announced 26 January 2024); he continues to speak as CEO in Q1 and 1H 2026 income releases—so an INST leader status of "moved" is not current. Mohamad Hafiz's CIO appointment (with Ahmad Rizal as CFO) took effect 1 December 2025, succeeding Rohaya Mohammad Yusof. Do not stack desk/elsewhere names such as Ahmad Farouk Mohamed or Acting CIO Meor Khairi Meor Mohd Bazid as live CIOs—they are absent from the current Senior Management list.

Researchers use this profile because EPF is among the largest national provident funds globally, publishes frequent RM income and asset disclosures, runs parallel Conventional and Shariah savings schemes with a binding Shariah Advisory Committee, and maintains an English corporate surface for governance, stewardship/voting, and sustainability policies. Related UAO hubs: Registry, Central Provident Fund Board, NPS / NPSIM, GIC, Temasek, and Careers Intelligence.

Influence context: Rank 26 on UAO's Top 100 working list is an editorial placement for navigation—not an official KWSP ranking. SAFE remains skipped in the live elite sequence; this EPF / KWSP profile is intended as the 25th live elite institution SSR after NYC Retirement Systems / BAM.

Speakable summary

Malaysia's Employees Provident Fund, or KWSP, is the national provident fund established in 1951. As of June 30, 2026, official disclosures put total investment assets at about 1.54 trillion ringgit, with 39 percent invested globally. For 2025 the Board declared a 6.15 percent dividend for both Simpanan Konvensional and Simpanan Shariah. Ahmad Zulqarnain Onn is Chief Executive Officer. Mohamad Hafiz Kassim is Chief Investment Officer. Lim Tze Seong is Deputy Chief Investment Officer, not the CIO. Prefer ringgit figures from kwsp.gov.my; do not invent a U.S. dollar headline.

Mandate & ownership

Official About Us language describes the EPF as one of the world's oldest provident funds, established in 1951 to safeguard the retirement future of the Malaysian workforce, with a purpose of building a better retirement future for Malaysia and a mission of helping members achieve a comfortable retirement income. Values cited on the same page include Progressive, Empathy, Teamwork, and Integrity. Organisation-structure narrative frames EPF as a social-security organisation primarily providing retirement benefits for private-sector and non-pensionable employees in Malaysia.

Corporate-governance materials state that members of the Board and the Investment Panel, as well as the CEO, are appointed by the Minister of Finance through a rigorous selection process every two years, with integrity, competence, reliability, and diversity criteria. The Investment Panel determines and approves investment activities including guidelines, risk-control policies, and asset allocation. The Board oversees policy implementation, identifies key risk areas, and reviews adequacy and integrity of internal control systems.

Members hold individual savings accounts; EPF invests contributions and declares dividends into those accounts. Two parallel schemes operate: Simpanan Konvensional and Simpanan Shariah. Shariah advice from the Shariah Advisory Committee is binding on the Board and Investment Panel for Simpanan Shariah matters under the published Shariah governance framework.

What the mandate is not: EPF is not a sovereign wealth fund, not Malaysia's civil-service pension fund (KWAP), not Khazanah, and not a corporate general partner. Asset ownership sits with members' accounts under the statutory scheme; EPF is the institutional investor and social-security organisation administering and investing those savings. Do not collapse EPF, KWAP, PNB, and Khazanah into one legal person.

Scale & portfolio

As of 30 June 2026, the 1H 2026 release states total investment assets stood at RM1.54 trillion, with 39% invested globally. International investments generated RM19.29 billion in Q2 2026, accounting for 65% of that quarter's investment income. Q2 2026 asset mix: Equities 47.5%, Fixed Income 44.0%, Real Estate and Infrastructure 5.5%, Money Market 3.0%.

One quarter earlier, Q1 2026 reported RM1.44 trillion as of 31 March 2026 (36% global). FY2025 year-end (31 December 2025) reported RM1,409 billion, up 12.8% from RM1,250 billion at end-2024, driven by portfolio income and net contributions of RM66.5 billion. Domestic share at end-2025 was 61.7% (RM39.3B income / 49.6% of income); global 38.3% (RM39.9B / 50.4%).

FY2025 asset-class mix: Equities 46.1%, Fixed Income 44.7%, Real Estate and Infrastructure 6.0%, Money Market 3.2%. Equities generated RM50.7 billion (64% of investment income); Fixed Income RM26.3 billion (33%); RE/Infra RM1.6 billion; Money Market RM0.6 billion. Private equity was described as around 8% of equity investments, with ROI of 10.5% in that FY disclosure.

Membership scale in 1H 2026: total members close to 18.5 million (18,497,398), active members 10,949,730, active employers 645,207. FY2025 closed with 18.1 million members and 10.6 million active. Organisation-structure prose still carries older "more than 14 million members" / "inching closer to a trillion ringgit" language—label as historical page debt, not current AUM.

Official Investment page (last updated 05-06-2026) states two primary long-term objectives: preserve and enhance the value of capital from members' contributions; and maintain stable and consistent returns over the long term within tolerable risk limits. Strategic targets: declare at least 2.50% nominal dividend yearly, and at least 2.00% real dividend (inflation-adjusted) on a rolling three-year basis, guided by Strategic Asset Allocation (SAA).

Governance & leadership

Live Board listing on the organisation-structure page is chaired by Tan Sri Dato' Seri Mohd Zuki Ali, with Deputy Chairman Dato' Zamzuri Abdul Aziz (Ministry of Finance Representative). Government, employer, employee, and professional representatives fill remaining seats; one government seat is shown as Vacant. Ahmad Zulqarnain Onn sits as Chief Executive Officer (Ex-Officio Board Member).

The Investment Panel is chaired by Dato' Mohamad Nasir Ab Latif (appointed Chairman of the Investment Panel on 1 March 2025 per his official bio). Deputy Chairman (MoF representative) is listed as Dr. Mastura Abdul Karim. Professional representatives and Ahmad Zulqarnain Onn as ex-officio complete the panel. A separate Shariah Advisory Committee advises on Simpanan Shariah; SAC advice is binding on Board and Investment Panel for Shariah matters.

Senior management (live titles only): CEO Ahmad Zulqarnain Onn; CIO Mohamad Hafiz Kassim; Deputy CIO Lim Tze Seong; COO Sazaliza Zainuddin; CFO Ahmad Rizal Omar; Chief Digital Technology Officer Afhzal Abdul Rahman; Chief Human Resources Officer Iwan Azlan Mokhtar; Chief Strategy Officer shown as Vacant. Department heads span Risk, Internal Audit, Integrity & Corporate Governance, Contribution/Transaction/Product Management, Investment Strategy & Analytics (Vacant), Treasury, Capital Market, Equity, External Fund Managers, Private Equity & Infrastructure, Real Estate Investment, Malaysia Investment Partnership, Corporate Sustainability, Private Credit (Vacant), and multiple digital and people functions. Org page cites more than 5,700 employees.

Board committees disclosed on the governance page include Board Audit; Board Risk Management and Sustainability (BRMSC); Investment Panel Risk Committee; Finance and Development; EPF Strategy; Nomination and Remuneration; Board Disciplinary (+ Appeal); and Procurement Board. Management Investment Committee recommends investments to the Investment Panel (13 members; CEO or Deputy CEO (Investment) as Chairman in the CEO's absence—note the Deputy CEO (Investment) title appears in committee language historically; live Senior Management lists a Deputy CIO, not a Deputy CEO (Investment)).

CEO transition: Board announcement 26 January 2024 appointed Encik Ahmad Zulqarnain Onn effective 19 February 2024, succeeding Datuk Seri Amir Hamzah Azizan, who was appointed Minister of Finance II after leading the Fund since 1 March 2021. CIO/CFO transition: 1 December 2025 release names Mohamad Hafiz as CIO (succeeding Rohaya after five years leading Investment) and Ahmad Rizal as CFO (succeeding Hafiz).

Investment philosophy

EPF's published investment framing emphasises capital preservation and enhancement of members' contributions, stable long-term returns within risk limits, and Strategic Asset Allocation as the organising discipline. Dividend floors (2.50% nominal; 2.00% real on a rolling three-year basis) are explicit strategic targets on the Investment page.

In the FY2025 dividend release, Tan Sri Mohd Zuki Ali stressed a diversified portfolio across asset classes and markets guided by SAA, discipline through volatility that peaked after U.S. reciprocal import-tariff announcements, and a multi-year horizon recognising that returns vary year to year while members benefit from compounding. In Q1 and 1H 2026 income releases, Ahmad Zulqarnain Onn described front-loading realised gains amid elevated geopolitical and market risk, urging members not to extrapolate peak quarters and stating the portfolio is managed for sustainable long-term returns rather than short-term peaks.

Domestic Malaysian Government Securities and equivalents, loans and bonds are repeatedly described as the defensive fixed-income backbone. Equities—including a private-equity sleeve within the equity book—drive the majority of income in recent disclosures. Real estate and infrastructure plus money-market instruments complete the four-bucket mix used in quarterly tables. Geographical diversification is framed as enhancing returns and managing portfolio risk; international share has recently clustered around the high-30% to ~39% range of assets.

Nation-building language appears in interim releases (e.g., GEAR-uP focus on healthcare, aged care and infrastructure under Ekonomi MADANI in 1H 2025 materials). Treat programme branding as attributable official language where cited; do not invent allocation sizes for GEAR-uP beyond what opened primaries state.

Climate / ESG / Shariah

Sustainability aspiration on kwsp.gov.my: accelerating positive change for a sustainable future via a just transition. Published Sustainable Investment policies include: Sustainable Investment Policy (Board-approved integration of sustainability into processes and stewardship); Priority Sectors Policy covering Palm Oil, Oil & Gas, Mining, Utilities, Construction, and Banking; Climate Change Policy with an EPF Climate Alignment Framework (13 climate-related indicators across eight alignment criteria) informing engagement priorities; Workers' Wellbeing Policy; and Sustainable Investment Stewardship Policy for investor rights and external fund managers.

Governance page states EPF strives to champion sustainable investments by incorporating ESG principles, referencing Malaysian Code for Institutional Investors 2014, Corporate Governance Guide, Malaysian Code on Corporate Governance, integrity/anti-corruption plan and policies, whistleblowing, gift, sponsorship, and Supplier Code of Conduct.

Simpanan Shariah sits under a four-function Shariah compliance framework (Research and Advisory; Monitoring and Review; Risk Management; Audit). SAC ascertains Shariah principles, advises Board and Investment Panel, and verifies Shariah compliance reporting for the Annual Report. Do not equate Conventional and Shariah portfolios without labelling; FY2025 income split was RM66.2B Conventional / RM13.0B Shariah within RM79.2B total investment income.

Performance & reporting

FY2025 (year ended 31 December 2025): dividend 6.15% for both Simpanan Konvensional (payout RM67.1 billion) and Simpanan Shariah (payout RM12.5 billion); total distribution RM79.6 billion. Distributable income RM82.7 billion (+9.5% from RM75.5 billion in 2024). Total investment income RM79.2 billion, including unrealised mark-to-market gains/losses (mainly FX)—consistent with prior-year methodology; unrealised amounts are not distributable as dividends.

Q1 2026: investment income RM27.73 billion (+51% YoY from RM18.31 billion). 1H 2026: RM57.50 billion (+48% from RM38.92 billion); Q2 alone RM29.77 billion (+44% YoY). Equities contributed 70% of Q2 2026 income (RM20.94 billion). Fixed income RM6.91 billion (23%); RE/Infra RM1.30 billion; Money Market RM0.62 billion.

Transparency stack (official): quarterly investment-income reports with asset-class tables; annual dividend declaration; Investment Highlights dashboard; top-30 equity holdings disclosed quarterly; Corporate Governance Principles and Voting Guidelines (editions through 2025); Statement of Compliance with the Malaysian Code for Institutional Investors; Investment Stewardship Report 2025; historical voting decisions (AGM/EGM) from March 2022 to August 2025 on the stewardship page; Annual Reports via Publications & Research.

Historical dividend rates on the Investment Highlights page include (among others) 2022: 5.35% Conventional / 4.75% Shariah; 2021: 6.10% / 5.65%; 2020: 5.20% / 4.90%; 2019: 5.45% / 5.00%; 2018: 6.15% / 5.90%. A 2023 placeholder "XX%" string appears on the scraped Highlights page—do not invent a 2023 rate from that placeholder; use declared releases only.

Controversies & debates

Official attributable actions first. Recent official income releases themselves flag elevated geopolitical risk, trade-policy volatility, oil-price and inflation headwinds, and FX mark-to-market noise in total investment income—explicitly warning that unrealised gains/losses are not dividend-distributable and that front-loaded quarters should not be extrapolated.

Leadership transition communication (December 2025) publicly thanked Rohaya Mohammad Yusof for 17 years' service and five years leading Investment—an orderly succession narrative on the official newsroom, not a controversy claim.

Secondary press sometimes converts RM AUM into USD or ranks EPF among global pension lists with differing methodologies and as-of dates. Label those as secondary; this profile prefers dated RM figures from kwsp.gov.my and does not invent USD headlines or unofficial rankings as EPF facts.

Data-quality debates for researchers: (1) INST/desk may still show RM1.37T / ~US$305B as of 30 Sep 2025—stale versus RM1.54T at 30 Jun 2026; (2) CEO status "moved" in some desk rows contradicts live org chart and 2026 CEO quotes; (3) conflicting CIO labels (Ahmad Farouk Mohamed; Acting CIO Meor Khairi) are not on the live Senior Management list and must not be stacked as concurrent CIOs; (4) org-structure historical membership/AUM prose lags current releases.

Timeline

1951 — EPF established (official About / org narrative: one of the world's oldest provident funds).

1991 — Employees Provident Fund Act 1991 provides the modern statutory frame referenced in governance materials (including Investment Panel establishment).

1 March 2021 — Datuk Seri Amir Hamzah Azizan begins tenure as CEO (cited in January 2024 succession release).

26 January 2024 / effective 19 February 2024 — Ahmad Zulqarnain Onn appointed CEO, succeeding Amir Hamzah (appointed Minister of Finance II).

1 March 2025 — Dato' Mohamad Nasir Ab Latif appointed Chairman of the Investment Panel (official bio).

30 June 2025 — Total investment assets RM1.31 trillion (1H 2025 release).

30 September 2025 — Total investment assets RM1.37 trillion (9M 2025 release)—later superseded.

1 December 2025 — Mohamad Hafiz Kassim appointed CIO; Ahmad Rizal Omar appointed CFO (effective same date).

31 December 2025 — Investment assets RM1,409 billion; FY2025 investment income RM79.2 billion.

28 February 2026 — Board declares 6.15% / 6.15% dividends; crediting completed 1 March 2026.

31 March 2026 — Investment assets RM1.44 trillion; Q1 income RM27.73 billion (released 19 May 2026).

30 June 2026 — Investment assets RM1.54 trillion; 1H income RM57.50 billion (released 17 August 2026).

6 September 2026 — UAO elite institution SSR research date (this profile).

Annex: AUM honesty

Currency discipline: headline AUM in this profile is always RM / MYR as published by EPF. Secondary USD conversions (including INST's parenthetical ~US$305B against the September 2025 RM1.37T print) are not treated as official AUM. If a researcher needs a USD bridge for comparison, they should apply their own FX as-of and label it clearly—UAO does not invent one here.

Ordered freshness (opened primaries): RM1.54T (30 Jun 2026) > RM1.44T (31 Mar 2026) > RM1,409B (31 Dec 2025) > RM1.37T (30 Sep 2025) > RM1.31T (30 Jun 2025) > RM1,250B (31 Dec 2024). About-page "exceeding RM1 trillion" and org-page "inching closer to a trillion" are qualitative/historical and must not override dated investment-asset tables.

Income versus assets: total investment income figures include unrealised MTM (mainly FX) and are explicitly described as not fully distributable. Dividend declarations use distributable-income constructs (e.g., RM82.7B distributable vs RM79.2B total investment income in FY2025). Keep those concepts distinct.

Annex: FY2025 dividend & mix

Declared 28 February 2026 for year ended 31 December 2025: 6.15% Conventional (RM67.1B payout) and 6.15% Shariah (RM12.5B); total distribution RM79.6B. Distributable income RM82.7B (+9.5% YoY). Investment assets RM1,409B (+12.8% from RM1,250B), with net contributions RM66.5B.

Table 1 (official): Equities 46.1% of assets / RM50.7B income (64% of income)—Conventional RM42.0B / Shariah RM8.7B; Fixed Income 44.7% / RM26.3B (33%)—RM22.6B / RM3.7B; RE & Infra 6.0% / RM1.6B (2%)—RM1.1B / RM0.5B; Money Market 3.2% / RM0.6B (1%)—RM0.5B / RM0.1B; Total 100% / RM79.2B.

Equities ROI moderated to 7.9% amid volatility; PE ~8% of equity investments with 10.5% ROI. Fixed Income ROI 4.3%. RE/Infra ROI 4.8% on constant-currency basis; Money Market ROI 1.6%—FX translation noted as Ringgit strengthened vs USD. Malaysia GDP +5.2% in 2025 per release; BNM policy rate cited at 2.75%.

Adequacy snapshot (active Malaysian formal-sector members, Table 3): overall 39.5% achieved Basic Savings (RM390,000 at age 60); 28.2% Adequate (RM650,000); 10.2% Enhanced (RM1,300,000)—age-band percentages published in the same appendix.

Annex: 1H 2026 income

Released 17 August 2026 for six months ended 30 June 2026: total investment income RM57.50B (+48% from RM38.92B). Q2 2026 alone RM29.77B (+44% from RM20.61B). Assets RM1.54T; 39% global; international income RM19.29B (65% of Q2 income). Simpanan Konvensional Q2 income RM24.16B; Shariah RM5.61B.

Q2 Table 1: Equities 47.5% assets / RM20.94B income (70%); Fixed Income 44.0% / RM6.91B (23%); RE & Infra 5.5% / RM1.30B (5%); Money Market 3.0% / RM0.62B (2%).

CEO quote themes: capitalised on strong global equities; continued front-loading in Q2 as market and geopolitical risks remain elevated; members should temper expectations as opportunities may not repeat in H2; focus on sustainable long-term returns and resilient portfolio. Membership: 18,497,398 total; 10,949,730 active; 441,846 new members in 1H (+52.9% YoY registrations); employers 645,207. Q2 contributions RM33.87B (+8.5% YoY); 1H voluntary RM14.15B; i-Saraan RM1.33B (+15.7%); i-Topup members ~204,450 (+13.9%).

Annex: Q1 2026 income

Released 19 May 2026 for quarter ended 31 March 2026: income RM27.73B (+51% from RM18.31B). Assets RM1.44T; 36% global; international income RM15.36B (55%). Conventional RM22.63B; Shariah RM5.10B.

Q1 Table 1: Equities 45.1% / RM20.34B (73%); Fixed Income 46.1% / RM6.76B (24%); RE & Infra 5.9% / RM0.19B (1%); Money Market 2.9% / RM0.44B (2%).

CEO framing: portfolio decision early in the year to realise gains ahead of anticipated turbulence; front-loaded income unlikely to repeat each subsequent quarter; priority capital preservation and disciplined deployment for ~18 million members. Membership: 18,322,497 total; 10,808,731 active; 220,925 new members; employers 642,609. Contributions RM38.01B (+13.3%); voluntary RM8.83B; i-Topup 232,305 (+19.8%).

Annex: Leadership verification

CEO: Ahmad Zulqarnain Onn — live Senior Management title "Chief Executive Officer"; Board ex-officio; quoted as EPF CEO in Q1 2026 (19 May 2026) and 1H 2026 (17 Aug 2026) releases; appointment announcement 26 Jan 2024 effective 19 Feb 2024; Harvard AB Economics; prior PNB President & Group CEO, Khazanah DMD, Danajamin CEO. Verdict: current CEO on kwsp.gov.my. INST status "moved" is outdated relative to live primaries.

CIO: Mohamad Hafiz Kassim — live Senior Management "Chief Investment Officer"; appointment release 1 Dec 2025; EPF since 2008 across PE, private markets, capital markets, real estate; MD Kwasa Land 2020–2021; previously CFO before CIO promotion; LSE Accounting & Finance; ACCA Fellow; CFA; Harvard AMP. Verdict: current CIO.

Deputy CIO: Lim Tze Seong — live Senior Management only; not CIO. CFO: Ahmad Rizal Omar — live Senior Management; appointed 1 Dec 2025 from Head of Finance; Cambridge Master of Finance; RMIT Business (Accountancy); prior PLUS CFO and roles at ISG Airport, Malaysia Airports, Khazanah, Axiata.

Board Chair: Tan Sri Dato' Seri Mohd Zuki Ali (dividend release short form Tan Sri Mohd Zuki Ali). Investment Panel Chair: Dato' Mohamad Nasir Ab Latif from 1 Mar 2025. Prior CIO: Rohaya Mohammad Yusof — five years Investment Division; thanked in Dec 2025 release; not on current Senior Management list as CIO.

Annex: Conflicting CIO names

UAO desk/INST leader scrapes have at times listed Ahmad Farouk Mohamed with a Chief Investment Officer title and Meor Khairi Meor Mohd Bazid as Acting Chief Investment Officer / Head of Domestic Equities. As of the 6 September 2026 research pass, neither name appears on the live Senior Management roster that lists Mohamad Hafiz Kassim as CIO and Lim Tze Seong as Deputy CIO.

Editorial rule for this elite SSR: do not invent or stack conflicting CIOs. Cite only the live org-chart CIO (Mohamad Hafiz) and Deputy CIO (Lim Tze Seong), plus the dated Dec 2025 appointment primary. If a prior acting or alternate title existed historically, it is not verified here as current and is omitted from leadership tables.

Similarly, INST scrapes that attach unrelated corporate CEOs (e.g., names associated with other Malaysian groups) to the EPF card are rejected when absent from kwsp.gov.my organisation structure.

Annex: Board & Investment Panel

Board (live list titles): Chairman Tan Sri Dato' Seri Mohd Zuki Ali; Deputy Chairman Dato' Zamzuri Abdul Aziz (MoF Representative); Government representatives Datuk Amar Haji Mohamad Abu Bakar Marzuki, Vacant, Tan Sri Wan Ahmad Dahlan Haji Abdul Aziz; Employer representatives Datuk Dr. Ting Ding Ing (Philip), Datuk Dr. Syed Hussain Syed Husman; Employee representatives YBhg. Dato' Abdul Halim bin Mansor, Dato' Dr. Haji Adnan Mat; Professional representatives Zainal Abidin Mohd Kassim, Prof. Tan Sri Dr. Jemilah Mahmood, Encik Chow Sang Hoe; CEO Ahmad Zulqarnain Bin Onn (ex-officio).

Investment Panel (live list titles): Chairman Dato' Mohamad Nasir Ab Latif; Deputy Chairman Dr. Mastura Abdul Karim (MoF); professional members including Dato' Wan Kamaruzaman Wan Ahmad, Tan Sri Dato' (Dr.) Wee Hoe Soon @ Gooi Hoe Soon (and others as listed on page); CEO Ahmad Zulqarnain Bin Onn ex-officio. Nasir bio notes prior EPF Deputy Chief Executive Officer (Investment) before retiring 31 December 2019, plus chair/director roles at United Plantations, PLUS, RHB Islamic, MRCB, RHB Bank, Yinson, and LADA Investment Panel.

SAC live list (organisation-structure page): Chairman Datuk Prof. Dr. Mohamad Akram Laldin; Deputy Chairman Dato' Prof. Dr. Ashraf Md Hashim; members Prof. Dato' Dr. Aznan Hasan, Dr. Zaharuddin Abdul Rahman, Prof. Dr. Engku Rabiah Adawiah Engku Ali, Assoc. Prof. Dr. Kamaruzaman Noordin, and Prof. Dr. Amir Shaharudin. Do not invert Chairman/Deputy titles.

Annex: Senior management map

C-suite (live): CEO Ahmad Zulqarnain Onn; CIO Mohamad Hafiz Kassim; Deputy CIO Lim Tze Seong; COO Sazaliza Zainuddin; CFO Ahmad Rizal Omar; CDTO Afhzal Abdul Rahman; CHRO Iwan Azlan Mokhtar; CSO Vacant.

Selected department heads (live titles only; no private contacts): Rozlina Abdul Samad (Risk Management); Mohammad Nasir Ismail (Internal Audit); Nora Badaruddin (Integrity & Corporate Governance); Chong Yee Leng (Contribution Management); Nik Nur Hasreni Nik Hassan (Transaction Management); Mohd Rodzi Abu Bakar (Product Management & Marketing); Khanafi Md Ngaridi (Operations Compliance); Suhaizam Ismail (Physical Channel); Dr. Steven Gan Sau Phin (Digital Channel); Mohd Amirul Lajim (Treasury); Azhar Ahmad (Capital Market); Sharifah Sheila Syed Muhamad (Equity); Haslina Ujang (External Fund Managers); Annie Rosle (Private Equity & Infrastructure); Fariza Ali @ Taib (Real Estate Investment); Effizal Faiz Zulkifly (Malaysia Investment Partnership); Shahida Jaffar (Corporate Sustainability); Balqais Yusoff (Policy & Strategy); Nursyahida Abdullah (Corporate Affairs); Zaidatul Mazwin Idrus (Legal); Ahmad Ridzuan Wan Idrus (Investment Services); Wan A'dlina Wan Jamil (Finance).

Vacant heads noted on page: Investment Strategy & Analytics; Private Credit; plus CSO. Digital cluster includes Digital Infrastructure, Digital Security, Digital Enterprise Solutions, Digital Core Solutions, Digital Service Management, Digital Delivery, Digital Architecture & Innovation. People Matters / EPF Learning Campus directors also listed. Public UAO pages omit phones and private emails.

Annex: Membership & contributions

1H 2026 registrations table: total members 18,497,398 (+12.6% YoY); active 10,949,730 (+21.9%); new members 441,846 (+52.9%); employers 645,207 (+4.1%); new employers 37,265 (−0.4%). Active = contributed at least once in last 12 months. DOS M labour note: unemployment 3.0% in May 2026.

FY2025: members 18,088,387 (+11.5%); active 10,588,648 (+20.6%); new members 2,783,508 (large YoY jump as reported); active employers 640,391 (+4.2%); new employers 89,649 (+25.4%). Overall contributions RM121.5B (+12.3%); voluntary RM19.2B; i-Saraan incentive recipients 720,056 (+35.9%) with contributions RM4.0B (+50.8%); i-Topup members 229,901 (+26.0%).

Coverage expansion: FY2025 dividend release notes policy on non-Malaysian employees widening coverage. Belanjawan 2026 member-benefits article on kwsp.gov.my summarises budget-linked EPF measures for members—use as member-policy context, not AUM.

Annex: Stewardship & voting

Investment Stewardship page: EPF believes sound CG plus leadership/management practices enhance integrity, accountability, and transparency; as Malaysia's largest retirement fund with investment assets exceeding RM1 trillion, it champions sustainable investments incorporating ESG.

Published artefacts linked from the page include EPF Corporate Governance Principles and Voting Guidelines editions (2025 back through 2010 in the index), Statements of Compliance with the Malaysian Code for Institutional Investors (2024–2016 index), Investment Stewardship Report 2025, and a searchable historical voting-decisions table for AGMs/EGMs from March 2022 through August 2025 (examples in scrape include Cypark, Yinson, Pavilion REIT, CapitaLand Malaysia Trust, Bursa Malaysia, Sentral REIT, Sunway REIT, among many others).

Governance stakeholder-communication section: quarterly reports disclose allocation, revenue by asset class, fund size, outlook; top 30 equity investments quarterly; i-Akaun member/employer digital access; dialogues; AGM/EGM attendance and voting; nominee directors on listed and unlisted investees.

Annex: Sustainability policy stack

Sustainable Investment Policy: overall SI approach and integration into investment processes and stewardship; part of overarching investment strategy reviewed/approved by the Board.

Priority Sectors Policy: Palm Oil; Oil & Gas; Mining; Utilities; Construction; Banking—chosen based on EPF exposure and sector sustainability risks; to be read with Priority Issue Policies beyond Climate Change and Workers' Wellbeing.

Climate Change Policy: supports orderly and just transition to a low-carbon economy and net-zero investor momentum; updated for climate standards/regulatory expectations; Climate Alignment Framework with 13 indicators across eight alignment criteria; alignment classification informs engagement priorities and stewardship strategy.

Workers' Wellbeing Policy: responds to labour-rights controversies and stakeholder scrutiny; sets requirements for investee companies. Sustainable Investment Stewardship Policy: processes/guidelines for exercising investor rights with investees and external fund managers.

Annex: Simpanan Shariah governance

Board establishes SAC as authority on Shariah matters advising Board and Investment Panel; SAC advice binding; Board establishes Shariah compliance framework. Investment Panel must refer Shariah investment matters to SAC. Management implements framework functions.

Four functions: Shariah Research and Advisory; Shariah Monitoring and Review; Shariah Risk Management; Shariah Audit. FY performance is reported separately for Conventional and Shariah income/dividends (equal 6.15% rates for FY2025; different payout and income magnitudes).

Researchers should not assume identical asset mixes inside each scheme without scheme-level disclosures; opened primaries give scheme income splits more often than full scheme-level SAA tables.

Annex: Transparency stack

Outbound checklist for analysts: (1) organisation structure / Senior Management; (2) corporate governance + committee TORs; (3) investment objectives & SAA targets page; (4) Investment Highlights; (5) Investment Stewardship + voting archive; (6) Sustainability policy PDFs; (7) quarterly income releases; (8) annual dividend release; (9) Publications & Research / Annual Reports; (10) newsroom leadership appointments; (11) top-30 equity holdings (quarterly); (12) MCII compliance statements.

What is thinner on the English HTML surface: full machine-readable holdings files beyond top-30 mentions; granular GEAR-uP ticket sizes; some Publications tiles that appear JS-rendered (thin when fetched without browser). Prefer dated newsroom HTML and org/governance/investment pages for SSR sourcing.

Annex: Research notes

Schema: Organization + GovernmentOrganization is appropriate—statutory national provident fund with MoF appointment of Board, Investment Panel, and CEO. VideoObject omitted: no suitable official embed confirmed on opened primaries for this ship. Single www canonical via Ghost post.canonical_url only. Tag hash-registry-institution. Path /registry/institution/epf-kwsp/. Theme 1.3.120; sitemap-registry-institution-2026-09-06x.xml with 25 locs. Daily-refresh disabled. Desk registry-people-desk-41.json untouched.

Person SSR links used when live 200: ahmad-zulqarnain-onn, mohamad-hafiz-kassim, lim-tze-seong, ahmad-rizal-omar. Other leaders named in plain text without forcing 404 person routes.

Comparable peers on UAO: CPF Board (Singapore provident), NPS/NPSIM (Korea), GIC/Temasek (Singapore institutional neighbours), CalPERS/CalSTRS/NYC BAM (large public pensions), ABP/APG and CPP Investments (global pension peers). EPF remains distinct as a defined-contribution-style national provident with statutory dividend declaration into member accounts.

Annex: 9M 2025 income (stale AUM context)

Released 17 November 2025 for nine months ended 30 September 2025: total investment income RM63.99 billion (+11% from RM57.57 billion in 9M 2024). Q3 2025 alone RM25.07 billion (+27% from RM19.67 billion). As of 30 September 2025, total investment assets stood at RM1.37 trillion (+12% YoY), with international investments about 39% of assets; international income in the quarter RM13.33 billion (53% of Q3 income). Honesty: this RM1.37T print is the figure that still appears on some INST cards with a ~US$305B parenthetical—keep it labeled as a 30 Sep 2025 snapshot superseded by RM1.44T (31 Mar 2026) and RM1.54T (30 Jun 2026).

Q3 2025 Table 1 (as reported): Equities 46% of assets / RM16.95B income (68%); Fixed Income Instruments 45% / RM6.75B (27%); Real Estate and Infrastructure 7% / RM1.14B (4%); Money Market Instruments 2% / RM0.23B (1%); Total RM25.07B.

Use 9M 2025 for trajectory and for documenting why the September INST note went stale—not as the current headline AUM for this elite SSR.

Annex: 1H 2025 baseline

1H 2025 release: total investment income RM38.92 billion for six months ended 30 June 2025. As of 30 June 2025, total investment assets stood at RM1.31 trillion (+8% YoY). International investments accounted for 39%; during Q2 2025 international investments generated RM12.92 billion or 63% of total investment income.

Nation-building language in that release: EPF maintained a strong domestic investment focus toward sectors critical to Malaysia's long-term growth under the Ekonomi MADANI agenda; through the GEAR-uP initiative, EPF focused on healthcare, aged care and infrastructure. Keep GEAR-uP as attributable programme language; do not invent ticket-level AUM for GEAR-uP without a primary table.

Q2 2025 performance table (as reported in that release): Equities 45% / RM13.77B (67%); Fixed Income 46% / RM6.73B (33%); RE & Infra 7% / RM0.29B (1%); Money Market 2% / (RM0.18B) (−1%); Total RM20.61B for the quarter context cited alongside the half-year narrative.

Annex: Dividend history notes

Investment Highlights page publishes a historical dividend-rate list. Opened scrape includes: 2022 — 5.35% Conventional / 4.75% Shariah; 2021 — 6.10% / 5.65%; 2020 — 5.20% / 4.90%; 2019 — 5.45% / 5.00%; 2018 — 6.15% / 5.90%; and further earlier years on the same dashboard. FY2025's matching 6.15% / 6.15% rates (declared February 2026) equal the 2018 Conventional print and exceed several intervening Conventional rates.

Strategic floors remain 2.50% nominal and 2.00% real on a rolling three-year basis—floors, not forecasts. Actual declared rates in the last decade have typically sat well above the nominal floor in the opened Highlights series, but researchers should still treat each year's Board declaration as discrete.

Highlights also expose multi-year quarterly total investment income chips (examples in scrape include 2024 Q1 RM19.24B, Q2 RM14.77B, Q3 RM13.97B; 2023 Q1 RM15.85B, Q2 RM11.14B, Q3 RM12.32B; and older quarterly prints). Prefer full newsroom releases when reconciling a specific quarter.

Annex: CEO biography (official)

Organisation-structure modal text: Ahmad Zulqarnain Onn was appointed CEO in February 2024. He brings over 25 years of experience in investment management, corporate finance, and strategic planning, having held key leadership roles in prominent government-linked investment institutions—President & Group Chief Executive Officer of Permodalan Nasional Berhad, Deputy Managing Director of Khazanah Nasional Berhad, and Chief Executive Officer of Danajamin Nasional Berhad. Earlier career roles spanned financial and corporate sectors. He holds an AB in Economics from Harvard University.

January 2024 appointment release quotes then-Chairman Tan Sri Ahmad Badri Mohd Zahir thanking Datuk Seri Amir Hamzah and welcoming Ahmad Zulqarnain, citing the Fund's then ~15.9 million members. Membership has since grown past 18 million in 2025–2026 releases—another reminder to prefer dated membership tables over older appointment prose.

Continuity evidence into 2026: Q1 2026 and 1H 2026 income releases both attribute market commentary to "EPF Chief Executive Officer Ahmad Zulqarnain Onn," and the live Senior Management list still shows him as CEO. That is the verification chain used to override stale "moved" desk flags.

Annex: CIO & CFO biographies (official)

1 December 2025 release: Mohamad Hafiz Kassim appointed CIO effective that date, succeeding Rohaya Mohammad Yusof after five years leading Investment. Hafiz served EPF since 2008 across Private Equity, Private Market, Capital Market, and Real Estate; Managing Director of Kwasa Land Sdn Bhd 2020–2021; over 25 years in accounting, private markets and fixed income; Bachelor's (Economics) in Accounting and Finance from LSE; ACCA Fellow; CFA charterholder; Harvard Business School Advanced Management Programme. CEO welcome quote emphasises long-term investment philosophy and dual investment/finance background.

Ahmad Rizal Omar appointed CFO the same day, formerly Head of Finance Department, succeeding Hafiz as CFO. Chartered accountant with over two decades' experience; Master of Finance (Cambridge); Bachelor of Business (Accountancy) (RMIT); prior CFO at PLUS Malaysia Bhd; senior roles at Istanbul Sabiha Gökçen International Airport, Malaysia Airports Holdings Bhd, Khazanah Nasional Bhd, and Axiata Group Bhd. CEO quote emphasises financial management and governance strengthening.

Appreciation language for Rohaya covers 17 years' service and leadership through challenging and transformative periods—official succession narrative only.

Annex: Asset-class playbook (from releases)

Equities: Primary income engine in FY2025 (64% of income) and in 2026 interim quarters (73% of Q1 income; 70% of Q2 income). Commentary cites global equity market opportunities, AI investment supercycle confidence (Q2 2026), and domestic/global volatility episodes. Private equity described as ~8% of equity investments in FY2025 with 10.5% ROI.

Fixed Income: Anchored by Malaysian Government Securities and equivalents, loans and bonds; described as defensive and resilient. FY2025: 33% of income, 4.3% ROI; managers realised capital gains as yields trended lower while positioning portfolio yield. Q2 2026: 23% of income (RM6.91B).

Real Estate & Infrastructure: Mid-single-digit asset share (5.5–7% across recent tables). FY2025 income RM1.6B / 4.8% ROI constant currency; FX translation effects noted when Ringgit strengthened. Q2 2026 income RM1.30B.

Money Market: Small sleeve (around 2–3.2%). FY2025 RM0.6B / 1.6% ROI; Q2 2026 RM0.62B. Occasional negative quarterly contribution appears in older tables (e.g., Q2 2025 MM).

Geography: Domestic majority (~61.7% end-2025) with global share ~36–39% in 2025–2026 prints. Global sleeve has contributed roughly half or more of income in several recent periods (50.4% of FY2025 income; 55% of Q1 2026; 65% of Q2 2026).

Annex: Committee depth (2024 meeting counts)

Governance page discloses 2024 meeting cadence: Board Audit Committee — 12 meetings; held one meeting with external auditor without Management present. Board Risk Management and Sustainability Committee — 11 meetings; oversees operational risk (ex-investment), strategic initiative risk assessments, Enterprise Sustainability Plan, Corruption Risk Management / Integrity and Anti-Corruption Plan monitoring. Investment Panel Risk Committee — five meetings; investment risk levels, measurement policies, limits, methodologies. Finance and Development Committee — four meetings; additional budget requests ≤5% of Board-approved annual budget; write-offs (ex-investment); Section 50(3) EPF Act 1991 invocation matters. EPF Strategy Committee — seven meetings; scheme policy amendments and strategic performance monitoring. Nomination and Remuneration Committee — 11 meetings; appointments, staffing, organisational structure, remuneration, succession for CEO and heads of divisions/departments. Board Disciplinary Committee — two meetings; Disciplinary Appeal — one; Procurement Board — seven.

Management Investment Committee: recommends investment activities to the Investment Panel aligned with guidelines, risk-control policies, and asset allocation; 13 members; CEO (or Deputy CEO (Investment) if CEO absent) as Chairman—committee charter language that should be read alongside the live Deputy CIO title on Senior Management.

Annex: Integrity & control environment

Governance references: EPF Integrity and Anti-Corruption Plan; Anti-Corruption Statement; Anti-Corruption and Fraud Policy; Sponsorship and Donation Policy; Gift Policy; Whistleblowing Policy; Supplier Code of Conduct; Malaysian Code for Institutional Investors 2014; Corporate Governance Guide; Malaysian Code on Corporate Governance.

Internal control narrative: Board and management committed to robust internal control systems, procedures and policies to protect stakeholders' interests and EPF assets. Control environment elements include terms of reference, organisational structure, HR policies/procedures, and a culture of integrity. Risk assessment described as dynamic identification/assessment of risks that may hinder objectives, including Corporate Risk Scorecard (CRS).

Public UAO pages do not reproduce private whistleblowing contact channels beyond pointing researchers to official KWSP corporate pages.

Annex: Belanjawan 2026 member context

Official article "Belanjawan 2026: 4 Benefits EPF Member Should Know" on kwsp.gov.my summarises budget-linked member measures. Use it for member-policy literacy (voluntary savings programmes, coverage initiatives) rather than for investment-asset sizing. Related coverage themes in income releases include i-Saraan, i-Saraan Plus, i-Topup, i-Suri, and digital contribution rails supporting voluntary flows.

Q1/1H 2026 releases explicitly celebrate rising voluntary contributions and active-member ratios (59:41) as labour-market and digital-access outcomes—retirement-adequacy context adjacent to, but distinct from, portfolio AUM.

Annex: Peer framing (editorial, labeled)

Editorial navigation only—not an official KWSP ranking: EPF sits among the world's large national provident / public pension pools. On UAO's Top 100 working list it is Rank 26. Live elite sequence places this SSR as the 25th shipped elite after NYC BAM (SAFE skipped).

Functional peers for researchers: Singapore CPF Board (national provident); Korea NPS/NPSIM (national pension investment); large DC aggregates such as the U.S. Thrift Savings Plan; large DB public plans such as CalPERS, CalSTRS, and NYC Systems/BAM; regional institutional neighbours GIC and Temasek (different mandates—do not equate). EPF's dual Conventional/Shariah member choice and statutory dividend declaration into accounts are distinctive versus many DB peers.

Annex: Research methodology

Primary-only discipline: facts in this profile are folded from opened kwsp.gov.my English HTML pages fetched 6 September 2026 (UTC research window; user zone America/Toronto). Cloudflare-protected surfaces were retrieved with ordinary browser UA curl; JS-heavy Publications tiles returned thin HTML and were not padded.

Verification hierarchy for conflicts: (1) live organisation-structure Senior Management titles; (2) dated official newsroom appointments and income releases quoting officers by title; (3) governance/investment policy pages; (4) desk/INST fields—used only to detect staleness, never to invent current seats.

Corrections: info@universalassetowners.com. Influence Index if shown on Registry cards remains an editorial composite.

Annex: Outbound report checklist

When citing EPF in another UAO brief: state RM AUM with as-of date; name CEO Ahmad Zulqarnain Onn and CIO Mohamad Hafiz Kassim with verification date; mention Deputy CIO Lim Tze Seong if discussing investment leadership depth; note Conventional vs Shariah when discussing dividends; flag unrealised MTM in income; avoid USD headlines; avoid stacking Farouk/Meor as CIO; link to /registry/institution/epf-kwsp/ once live.

Suggested quote hygiene: prefer Chairman language for dividend declarations and CEO language for interim income/risk commentary, as those attributions appear in the respective releases.

Annex: Risk & SAA language

Opened primaries emphasise SAA as the mechanism to optimise return within risk-tolerance limits and to meet strategic dividend targets. Investment Panel Risk Committee supervises investment risk measurement policies, limits, and methodologies. BRMSC covers operational (non-investment) risk and sustainability plan oversight. Exact numeric risk-budget tables were not fully extracted from HTML in this pass—omit invented limits; point analysts to Investment Panel materials and Annual Reports for quantitative budgets.

Mark-to-market / FX: recurring disclosure that total investment income includes unrealised MTM gains/losses mainly from FX, not distributable as dividends—central to interpreting "income" vs member dividend capacity.

Annex: Sample Board & Panel bios (official)

Datuk Dr. Syed Hussain Syed Husman (Employer Representative): appointed Board Member 11 November 2020. President of the Malaysian Employers Federation (MEF) and of the Confederation of Asia Pacific Employers (CAPE); Executive Director and CEO of SVTT Resources Sdn. Bhd. since 2011; Chairman of KIP Real Estate Investment Trust; Board Member of Can-One Berhad and the Malaysian Qualifications Agency (MQA). Sits on the ILO Governing Board in Geneva and on multiple Malaysian labour/OSH/wages/TVET councils. Career path includes ICI Malaysia (from 1987), Procter & Gamble Malaysia and Singapore, Rothmans of Pall Mall (Malaysia), British American Tobacco Berhad, and Petrofield (M) Berhad. Credentials: PhD Labour Relations (UK); DBA Asia e University; MBA and Bachelor in Business Studies (Western Illinois); Harvard Senior Management Development Programme.

Dato' Mohamad Nasir Ab Latif (Investment Panel Chairman): appointed Panel Chairman 1 March 2025. Joined EPF in 1982; culminated as Deputy Chief Executive Officer (Investment) before retiring 31 December 2019—over three decades inside the Fund. External chairs/directorships cited: United Plantations Berhad, PLUS Malaysia Berhad, RHB Islamic Bank Berhad, Malaysian Resources Corporation Berhad; Director of RHB Bank Berhad and Yinson Holdings Berhad; LADA Investment Panel member. Education: MSc Investment Analysis (Stirling); Certified Diploma in Accounting and Finance (ACCA); Bachelor of Social Science in Economics (USM).

These bios are included because they are on the official organisation-structure page. Other Board/Panel members are named in the live list annex even where full modal bios were not fully extracted in this HTML pass.

Annex: Voting archive texture

The Investment Stewardship page hosts a large historical voting-decisions table spanning AGM and EGM meetings from March 2022 through August 2025. A text extraction of that page contains hundreds of AGM/EGM markers, illustrating the density of disclosed voting activity rather than a hand-counted official total.

Early 2022 examples visible in the scrape include Cypark Resources Berhad AGM (28/03/2022), Yinson Holdings Berhad EGM (29/03/2022), Pavilion REIT AGM (30/03/2022), CapitaLand Malaysia Trust AGM (30/03/2022), Bursa Malaysia Berhad AGM (30/03/2022), Sentral REIT AGM (06/04/2022), and Sunway REIT AGM, among many subsequent issuers. Each row links to a voting-decision detail view on kwsp.gov.my—use those pages for resolution-level research; this SSR does not invent vote tallies.

Companion documents indexed on the same page—CG Principles & Voting Guidelines (2025 edition and prior years) and MCII compliance statements—frame how EPF expects to vote and engage. The 2025 Investment Stewardship Report is listed as a downloadable artefact.

Annex: Member schemes & Belanjawan 2026

Official Belanjawan 2026 member article (14 November 2025) summarises budget-linked enhancements announced by Prime Minister Datuk Seri Anwar Ibrahim to strengthen social protection and retirement savings, especially for informal-sector workers such as gig workers, delivery riders, and the self-employed.

i-Saraan Plus: new voluntary scheme for gig workers, e-hailing drivers, parcel/food couriers (p-hailing), freelancers, and self-employed Malaysians; government matching contributions up to RM600 per year with a lifetime matching cap of RM6,000, building on prior i-Saraan matching of up to RM500/year (lifetime RM5,000).

i-Suri: eligibility for housewives registered under e-Kasih extended up to age 60, aligned with minimum retirement age. Akaun Sejahtera: expected pathway for members to use savings to subscribe to basic health/medical coverage via insurance or takaful while preserving retirement purpose. Hajj withdrawal: limit increased from RM3,000 to RM10,000 from Akaun Sejahtera. Article notes further implementation details to be announced; points members to MoF Budget Portal.

Navigation chrome on kwsp.gov.my also surfaces member products including Akaun Fleksibel, education/Hajj/age-based withdrawals, Members Protection Plan, critical illness/fertility/incapacitation withdrawals, housing withdrawals, i-Invest, i-Sayang, i-Topup, and the KWSP i-Akaun app—useful map of the member franchise adjacent to the investment portfolio.

Annex: Income trajectory 2025–2026

Ordered official investment-income prints opened for this profile: Q1 2025 RM18.31B (prior-year base in later releases); 1H 2025 RM38.92B; 9M 2025 RM63.99B (Q3 RM25.07B); FY2025 total investment income RM79.2B; Q1 2026 RM27.73B; 1H 2026 RM57.50B (Q2 RM29.77B).

Asset path over the same window: RM1.26T (Mar 2025, cited in Q1 2025 materials) → RM1.31T (30 Jun 2025) → RM1.37T (30 Sep 2025) → RM1,409B (31 Dec 2025) → RM1.44T (31 Mar 2026) → RM1.54T (30 Jun 2026). Net contributions and portfolio income jointly drive asset growth; FY2025 explicitly cites RM66.5B net contributions alongside portfolio income.

Interpretation caution from CEO letters: 2026 H1 strength partly reflects deliberate front-loading of realisations amid elevated risk—members should not linear-extrapolate peak quarters into a full-year run-rate.

Annex: Domestic vs global sleeve

End-2025: 61.7% domestic assets generating RM39.3B (49.6% of income); 38.3% global generating RM39.9B (50.4% of income)—global sleeve roughly matched domestic income despite smaller asset share.

Q1 2026: 36% global assets; international income RM15.36B (55% of quarterly income). Q2 / 1H 2026: 39% global assets; international income RM19.29B in Q2 (65% of quarterly income). Narrative consistently frames geographical diversification as return enhancement and risk management—not as an abandonment of domestic capital-market support.

Fixed-income defensiveness remains heavily domestic-MGS flavoured in commentary, while equities income often leans on global market beta in strong quarters. Researchers modelling EPF should avoid assuming a static 60/40 income split; opened 2026 quarters show global income share well above global asset share.

Annex: Operating divisions

Organisation-structure page lists divisions under the employee backbone narrative: CEO's Office; Investment; Operations; Strategy; Finance & Services; Digital Technology; Human Resources. More than 5,700 employees are cited as the operational backbone, with trust-building behaviours (leading by example; personal integrity) described as culture expectations for a trustee of members' savings.

Investment organisation depth is visible in department heads for Treasury, Capital Market, Equity, External Fund Managers, Private Equity & Infrastructure, Real Estate Investment, Malaysia Investment Partnership, Corporate Sustainability, Private Credit (Vacant), and Investment Strategy & Analytics (Vacant)—a map of internal vs external management interfaces without inventing AUM by desk.

Annex: Glossary of EPF terms used here

EPF / KWSP: Employees Provident Fund / Kumpulan Wang Simpanan Pekerja. Simpanan Konvensional: conventional savings scheme. Simpanan Shariah: Shariah-compliant savings scheme. SAC: Shariah Advisory Committee. SAA: Strategic Asset Allocation. i-Saraan / i-Saraan Plus: voluntary contribution programmes with government matching for eligible informal/self-employed members. i-Topup: above-statutory contributions by formal-sector members. i-Suri: programme supporting eligible housewives' savings. Akaun Sejahtera / Akaun Fleksibel: member account structures referenced in product and Belanjawan communications. GEAR-uP: domestic investment initiative language tied to healthcare, aged care, and infrastructure under Ekonomi MADANI in 2025 interim materials. MTM: mark-to-market (often FX) component inside total investment income, not dividend-distributable.

Annex: What this profile does not claim

No invented USD headline AUM; no claim that Ahmad Zulqarnain has left the CEO seat; no concurrent CIO status for Ahmad Farouk Mohamed or Meor Khairi; no private emails or phone numbers; no fabricated Board seats beyond the live list; no GEAR-uP ticket sizes; no 2023 dividend rate inferred from Highlights placeholder text; no VideoObject without an official embed; no assertion that EPF is a sovereign wealth fund; no conflation with KWAP/Khazanah/PNB.

Where official pages conflict (stale trillion-era org prose vs 2026 income releases; desk "moved" vs live CEO quotes), this profile states the conflict and prefers the dated investment-income / organisation-structure primaries.

Annex: FY2025 macro context (official)

Dividend release macro narrative: despite trade and geopolitical tensions, the global economy remained resilient in 2025; moderating inflation allowed major central banks to begin easing, supporting long-term investors. Malaysia's economy expanded by 5.2% in 2025 on steady domestic demand and resilient exports; fiscal and structural reforms plus strategic national initiatives strengthened investment activity and business confidence; Bank Negara Malaysia's policy rate adjustment to 2.75% supported growth momentum.

Chairman commentary linked SAA-guided diversification to navigating volatility that peaked in the second quarter after U.S. reciprocal import-tariff announcements. Outlook language for 2026: global economy expected to remain resilient as moderating inflation and gradual monetary easing support financial conditions; growth across major economies may remain uneven; technology investment flows expected to provide underlying stability; Malaysia outlook supported by resilient domestic demand, healthy labour market, accelerated private investment, higher tourism, and technology-driven exports. EPF pledges prudence, diversification, strong governance, and a multi-year horizon.

Annex: Q1 vs Q2 2026 detail

Equities income path: Q1 2026 RM20.34B (+88% YoY from RM10.80B) on early-quarter broad gains that eased in March as geopolitical tensions rose; Q2 2026 RM20.94B (+52% from RM13.77B) as global equities recovered, energy-price concerns eased, and AI supercycle confidence remained strong.

Fixed income: Q1 RM6.76B (24% of income); Q2 RM6.91B (23%)—stable defensive contribution from MGS/equivalents, loans and bonds. RE/Infra: Q1 RM0.19B vs Q2 RM1.30B—large quarter-to-quarter swing within the same official methodology. Money market: Q1 RM0.44B; Q2 RM0.62B.

Scheme split: Q1 Conventional RM22.63B / Shariah RM5.10B; Q2 Conventional RM24.16B / Shariah RM5.61B. Contributions: Q1 RM38.01B (+13.3%); Q2 RM33.87B (+8.5%). Voluntary: Q1 RM8.83B; 1H cumulative voluntary RM14.15B. Active/inactive ratio held at 59:41 across both quarterly membership tables.

Annex: How to read this profile

Start with Executive brief and Speakable summary for the RM1.54T / CEO / CIO locks. Use Scale & portfolio plus AUM honesty annex before quoting size. Use Leadership verification and Conflicting CIO annexes before writing people cards. Use FY2025 and 1H 2026 annexes for performance tables. Use Stewardship/Sustainability annexes for ESG. Use FAQ for common false friends (USD headlines; Farouk/Meor as CIO; SWF confusion).

Ship metadata for operators: slug epf-kwsp; theme uao 1.3.120; sitemap 2026-09-06x (25 locs); GovernmentOrganization schema; 12 FAQs; no VideoObject; desk-41 sha prefix a13480ec21c4dc98 untouched; daily-refresh disabled; 25th live elite after NYC BAM; INST rank 26; parent batches CoS ping—do not message CoS from this ship agent.

Brief path: /workspace/uao-research/epf/2026-09-06-EPF-primary-source-brief.md. Work dir: /workspace/uao-epf-2026-09-06/.

Internal links for researchers: Central Provident Fund Board; National Pension Service / NPSIM; GIC; Temasek Holdings; CalPERS; CalSTRS; NYC Retirement Systems / BAM; TSP / FRITB; ABP / APG; CPP Investments.

Person SSR: Ahmad Zulqarnain Onn; Mohamad Hafiz Kassim; Lim Tze Seong; Ahmad Rizal Omar.

Annex: Official About boilerplate

Recurring "About the Employees Provident Fund" boilerplate on news releases describes EPF as Malaysia's premier retirement savings fund with the purpose of building a better retirement future for Malaysia; mission to help members achieve a comfortable retirement income; evolution from a transaction-centric organisation to a professional fund-management institution focused on retirement security; guided by a robust and professional governance framework in making investment decisions; catalytic role in national economic growth; cultivates savings and investment culture to improve financial literacy.

A variant boilerplate on the December 2025 leadership release emphasises establishment in 1951, social-security organisation status, protection of members' savings, exceptional services, and expansion toward a comprehensive social wellbeing ecosystem for sustainable, holistic, and equitable wellbeing for all Malaysians. Both variants are official; neither replaces dated AUM or leadership tables.

Quality Policy line on About Us: EPF commits to quality service delivery and progressive improvement in building a better retirement future for Malaysia. Values again: Progressive, Empathy, Teamwork, Integrity.

FAQ

What is EPF / KWSP?

The Employees Provident Fund (EPF), or Kumpulan Wang Simpanan Pekerja (KWSP), is Malaysia's national provident fund established in 1951. It is a statutory social-security organisation that administers and invests retirement savings for private-sector and non-pensionable employees under the Employees Provident Fund Act 1991.

What AUM does EPF publish?

Prefer official RM figures from kwsp.gov.my. As of 30 June 2026, total investment assets stood at RM1.54 trillion (1H 2026 release), with 39% invested globally. Earlier prints include RM1.44 trillion (31 March 2026) and RM1,409 billion (31 December 2025). The RM1.37 trillion as of 30 September 2025 figure is stale versus mid-2026. Do not invent a USD headline.

Who is the current CEO of EPF?

Ahmad Zulqarnain Onn is Chief Executive Officer on the live organisation-structure page and is quoted as CEO in Q1 and 1H 2026 investment-income releases. His appointment became effective 19 February 2024. An INST "moved" status flag is not consistent with those live primaries.

Who is the current CIO of EPF?

Mohamad Hafiz Kassim is Chief Investment Officer on the live Senior Management list. His appointment was announced effective 1 December 2025, succeeding Rohaya Mohammad Yusof. Lim Tze Seong is Deputy Chief Investment Officer—not CIO.

Should Ahmad Farouk Mohamed or Meor Khairi be listed as CIO?

No for this profile. Those names appear in some desk/elsewhere scrapes with CIO or Acting CIO labels, but they are not on the live Senior Management roster that lists Mohamad Hafiz Kassim as CIO. Do not stack conflicting CIOs.

What dividend did EPF declare for 2025?

On 28 February 2026 the Board declared 6.15% for Simpanan Konvensional (RM67.1 billion payout) and 6.15% for Simpanan Shariah (RM12.5 billion), with total distribution RM79.6 billion. Crediting completed 1 March 2026.

What are EPF's strategic investment targets?

The Investment page states targets to declare at least 2.50% nominal dividend yearly and at least 2.00% real (inflation-adjusted) dividend on a rolling three-year basis, guided by Strategic Asset Allocation within risk tolerance limits.

How is EPF governed?

Board and Investment Panel members and the CEO are appointed by the Minister of Finance. The Board oversees policy and controls; the Investment Panel approves investment guidelines, risk-control policies, and asset allocation. A Shariah Advisory Committee's advice is binding for Simpanan Shariah matters.

Is EPF a sovereign wealth fund?

No. EPF is a national provident / social-security fund investing members' mandatory and voluntary contributions. It is not KWAP, Khazanah, or PNB. Members own account balances; EPF is the statutory investor and administrator.

What is Simpanan Shariah?

Simpanan Shariah is EPF's Shariah-compliant savings scheme operated alongside Simpanan Konvensional. A Shariah Advisory Committee advises the Board and Investment Panel; advice is binding. FY2025 paid the same 6.15% dividend rate as Conventional, with different income and payout magnitudes.

How does EPF approach sustainability?

Official policies include Sustainable Investment, Priority Sectors (six sectors), Climate Change (Climate Alignment Framework with 13 indicators across eight criteria), Workers' Wellbeing, and Sustainable Investment Stewardship. Aspiration language emphasises a just transition.

Is the UAO Influence Index an official EPF rating?

No. Any Influence Index on Universal Asset Owners Registry cards is an editorial composite for navigation—not a credit rating, performance score, or official KWSP metric.

Sources & further reading

Completeness note

This elite SSR targets ~10,000 sourced words from opened kwsp.gov.my primaries. Non-blocking expansions if later primaries open: full Annual Report PDF tables; scheme-level SAA detail; GEAR-uP ticket schedules; complete Board/IP bios beyond sampled cards; machine-readable holdings beyond top-30; official video embed if published. No padding with invented people, titles, AUM, or seats.

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