GLICs to continue role with greater transparency and good governance

Azman: I think with the new reset, this will come through.

KUALA LUMPUR: The role of government-linked investment companies (GLICs) in managing assets and public interest will continue with greater transparency and good governance.

Khazanah Nasional Bhd managing director Tan Sri Azman Mokhtar said the GLICs were given a clear direction by Tun Daim Zainuddin, who heads the newly-formed Team of Eminent Persons, to ensure appropriate separation of politics and business in managing assets and public interest.

“This was clearly stated to us, which we of course welcome, to further professionalise that process on managing money and managing the companies that manage public interest.

“We are, at the same time, balancing this with the interest of the market to make sure that everything we do for the rakyat will be done in an orderly fashion with various policies that have been announced (by the government),” he told Bernama after attending an-hour long meeting with Daim here yesterday.

Permodalan Nasional Bhd president/group chief executive Datuk Abdul Rahman Ahmad, Retirement Fund Inc chief executive officer (CEO) Datuk Wan Kamaruzaman Wan Ahmad, Tabung Haji group managing director and group CEO Datuk Seri Johan Abdullah, Armed Forces Fund Board chief executive Tan Sri Lodin Wok Kamaruddin, and Employees Provident Fund CEO Datuk Shahril Ridza Ridzuan were also present.

On managing investors’ perception during the transition of power, he said there could be the usual gyration in the market in the short-term, but the current environment provided a fantastic opportunity in the medium-to-long term.

“In many ways, we believe many of the GLCs (government-linked companies) and GLICs have already been doing many things, I think, insyaAllah this would boost the market further.

“So, from the market, ringgit standpoint, I think clearly the confidence is actually the biggest factor. I think with the new reset, this will come through,” he said.

Meanwhile, the chief executives of the six GLICs and trust institutions, in a statement, said Daim had informed them that in the first 100 days, the Team of Eminent Persons would be tapping into the GLICs and GLCs as appropriate, to assist them in terms of information, resources and inputs in dealing with various issues laid out by the government.

“These issues include, inter alia, the review of specific funds and companies, the review of projects, contracts and toll roads; areas where GLICs and GLCs will have specific and relevant expertise and resources,” it said.

The statement added that for funds that had political representation on their respective board of directors, Daim reaffirmed that this would be reviewed and changed, as required, while emphasising on the importance of good and professional performance of the funds. — Bernama

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