KUALA LUMPUR: Political figures must not interfere in investment decisions by government-linked investment companies (GLICs) and government-linked companies (GLCs), says Prime Minister Datuk Seri Anwar Ibrahim.
Anwar said the proposed Government-Owned Entities Bill would introduce stricter rules on company management, oversight of subsidiaries and the responsibilities of those entrusted with decision-making powers.
The Bill is expected to be tabled this year.
“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,” Anwar said during the Prime Minister’s Question Time in the Dewan Rakyat yesterday.
Anwar said most GLICs and GLCs, although wholly owned by the government, also had mandates to safeguard the interests of the bumiputra community or, in the case of Lembaga Tabung Haji, Muslims.
As such, he said, stricter governance standards were needed to ensure these institutions upheld the principles of integrity and accountability.
He added that tighter regulations were also important to prevent those entrusted with managing the institutions from treating them as their personal or family property.
“We should not allow a situation where entities bearing the bumiputra or Islamic name have worse governance than other companies,” he said.
