KUALA LUMPUR: Investment decisions by government-linked investment companies (GLICs) and government-linked companies (GLCs) must not be influenced by political interference, says Datuk Seri Anwar Ibrahim.
The Prime Minister said the proposed Government-Owned Entities Bill would introduce stricter rules on company management, oversight of subsidiaries and the responsibilities of individuals entrusted with decision-making powers.
“We prohibit any political figure from interfering in the selection of projects and their priorities.
“Projects must be determined by an investment body comprising professionals with the relevant expertise,” he said during the Prime Minister’s Question Time in the Dewan Rakyat on Tuesday (Oct 27).
Anwar said most GLICs and GLCs, although wholly owned by the government, also had mandates to safeguard the interests of the bumiputra community or the Muslims, in the case of Lembaga Tabung Haji.
As such, he said the principles of integrity and good governance should be enforced more strictly.
He said stricter regulations were also important to ensure that those entrusted with managing the institutions did not treat them as their personal or family property.
“I believe that, in keeping with Malay and Islamic values, we should set an example.
“We should not allow the situation to arise where entities bearing the Bumiputera or Islamic name have worse governance than other companies,” he said.
