Page 55 - PH Manifesto English

Promise 22: Make the governance of our GLCs world class at par

with international standards

Government-linked companies (GLC) play an important role in our

economy, both at the national and state level. Some GLCs are governed well,
especially those included in the "G20" group, i.e. the group of 20 high-

performing GLCs. But, there are still too many weaknesses. The 1MDB and

FELDA scandals alone could potentially destroy the good records of the G20
companies. Even more embarrassing is the fact that we don’t even know

how many GLCs exist in the country. Yet many of their cronies continue to

reap the allowances from holding posts in the GLCs.

The Pakatan Harapan Government subscribes to the tenets of a mixed

economy, taking the principles of social market economy as our guidance.
GLCs will operate in sectors that suffer from market failure, and not to

compete against private companies.

GLCs will be instructed to galvanize the efforts to increase Bumiputera

equity holding in the country. We want to see more Bumiputera corporate

leaders who are able to continue the cause of our GLCs through
management buy-out. The MBO will contribute directly to the increasing

Bumiputera equity ownership.

The corporate governance of GLCs at national or state levels will improved

so that they can make a bigger contribution to our economic growth.

The Pakatan Harapan Government will ensure the appointment of state and

national GLC Board members will be made based on merit and
professionalism, not based on politics.

To eliminate conflict of interest, the amount of allowances received by Board

members of national and state GLCs will be published annually in a format

that can easily be checked by the public.

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