UM should develop its assets more productively to increase income - Raja Nazrin

The University of Malaya (UM) should develop its assets more productively for investment or development purposes to increase and diversify its sources of income.

Its Chancellor, the Sultan of Perak Sultan Nazrin Shah said UM should be willing to have a mindset change, looking at new non-conventional sources of income as its main source of funding.

"Universities must think progressively and pioneer efforts aggressively to increase and diversify their sources of income. The effort to increase and boost the funds should be the main agenda by re-engineering the procedures for financial management and giving more importance to investment rather than just controlling spending," he said at the university’s 54th convocation ceremony here today.

Sultan Nazrin Shah said as the country's oldest university, UM must realise that it was no longer the sole institution of higher learning in Malaysia, and did not enjoy any more priority in the national budget or staffing needs, and was no longer in a special position.

He said the university's board and management must manage the university on a budget based on income rather than depend on government allocations.

Sultan Nazrin also congratulated UM for improving its ranking in the QS World University Rankings 2015 from 151st place last year to 146th this year.

He also urged UM together with its alumni to explore efforts to develop a charity and endowment fund to sponsor research programmes and reduce the costs for the students.

A total of 5,478 students would participate in a six-day convocation ceremony which began today.

Economist and National Economic Special Committee member, Tan Sri Andrew Sheng and former International Trade and Industry Minister Tan Sri Rafidah Aziz were accorded Honorary Doctorate Degrees in Economics.