Tengku Zafrul unveils PLC transformation programme

KUALA LUMPUR: Finance Minister Tengku Datuk Seri Zafrul Aziz announced on Thursday the public listed companies (PLC) Transformation Programme (PLCT) that aims to deliver a high performance, corporate Malaysia.

Speaking at Invest Malaysia 2021 on Thursday, he said this initiative, spearheaded by Bursa Malaysia, will focus on enhancing five pillars in the PLCs, namely:

a. Firstly, for the PLCs to be Performance Driven,

b. Secondly, grow as Sustainable, Socially Responsible and Ethical organisations;

c. Thirdly, feature Strengthened Corporate Governance;

d. Fourthly, be Digitally Enabled; and

e. Lastly, support the Nation-Building drive to advance the Malaysian economy and community.

“The PLCT involves the issuance of five digital guideline books, one for each of the pillars, the first of which will be issued by end-2021,” he said.

Zafrul said these books will provide best practices and guidance with benchmarks and case studies for PLCs to spearhead their transformation journey.

He pointed out the guidelines will be relevant to all PLCs, regardless of size, in becoming better and stronger corporates which, in turn, will enhance their attractiveness to global investors. The PLCT will run from 2021 to 2025.

“It will see our PLCs progress in numerous areas including building a stronger financial position and enhancing their Board composition, thereby better positioning them to contribute to the national agenda.

“The monitoring of PLCs’ efforts and progress will be shared via a digital dashboard, to promote transparency and effective achievement of the intended outcomes.

“Throughout the programme, support by industry champions and corporate leaders will be vital. Therefore, I urge all of our PLCs to support this programme to improve our corporate Malaysia, our capital markets and our economy,” he said.

Zafrul said collectively, these efforts – from Perkukuh Pelaburan Rakyat initiative, the National Investment Aspirations to the PLC Transformation Programme – will ensure that the fundamentals of the Malaysian economy become stronger, while positioning the nation on the path of prosperity, inclusivity and sustainability.