12MP review: Shareholder transparency laws to be reviewed, says PM

Datuk Seri Anwar Ibrahim. - Facebook pic

KUALA LUMPUR: Laws will be reviewed to ensure greater transparency of shareholdings, particularly of bumiputra-owned companies, says Datuk Seri Anwar Ibrahim.

"The Companies Act 2016 and Limited Liability Partnership Act 2012 related to beneficial ownership declaration is being reviewed, aimed at strengthening transparency of share ownership in line with emphasis on good governance," the Prime Minister said when tabling the 12th Malaysia Plan (12MP) mid-term review in Parliament on Monday (Sept 11).

He said this was because there were still many instances where nominee shareholders were not named as the true owners.

Anwar, who is also Finance Minister, also said that previous bumiputra empowerment agendas had relied on bumiputra participation in the economy using equity ownership as a yardstick.

"After five decades, this ownership has yet to achieve the 30% target which had been fixed," he said.

He said that this approach would be reviewed under the Madani economy through the 12MP mid-term review.

"Among them is reviewing the approach of the level of participation and control of the bumiputra economy in a more meaningful manner," added.

Anwar said that a bumiputra economic congress would be held in January next year to determine the direction and new approaches for a bumiputra agenda which was just, fair and inclusive.

Anwar assured that bumiputra companies would continue to benefit from the government's overall funding support provided through 16 bumiputra agencies.

Among the agencies are Majlis Amanah Rakyat (Mara), Amanah Ikhtiar Malaysia (AIM), Tabung Ekonomi Kumpulan Usaha Niaga (Tekun) Nasional, Ekuiti Nasional Berhad (Ekuinas), Unit Peneraju Agenda Bumiputera (Teraju dan Permodalan Nasional Berhad (PNB).

He said funding support had surpassed RM30bil since the 3rd Malaysia Plan.

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