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Government-linked investment companies to emphasise on governance, professionalism

15th May, 2018

KUALA LUMPUR: Malaysia’s sovereign wealth fund, Khazanah Nasional Bhd, Monday concurred that governance, professionalism and performance should remain the key priorities of government-linked investment companies (GLICs) under the new government.

Deputy Managing Director Tengku Datuk Seri Azmil Zahruddin Raja Abdul Aziz, in echoing the joint statement released late Sunday night by six GLICs/GLCs (government-linked companies), said these were the assurances that they should give.

“And, there will be a lot of details to be worked out over time,” he told a press conference after attending the Khazanah Nasional Entrepreneurship Outreach Programme here Monday.

On Sunday, six heads of GLICs/GLCs, including Khazanah Managing Director Tan Sri Azman Mokhtar, had a maiden meeting with Tun Daim Zainuddin, the head of the newly set-up Team of Eminent Persons under Prime Minister Tun Dr Mahathir Mohamad’s administration.

Other chiefs that participated in the meeting were Permodalan Nasional Bhd President/Group Chief Executive Datuk Abdul Rahman Ahmad, Retirement Fund Inc. Chief Executive Officer (CEO) Datuk Wan Kamaruzaman Wan Ahmad, Pilgrims Fund Board (Tabung Haji) Group Managing Director and Group CEO Datuk Seri Johan Abdullah, Armed Forces Fund Board Chief Executive Tan Sri Lodin Wok Kamaruddin, and Employees Provident Fund CEO Datuk Shahril Ridza Ridzuan.

In the joint statement released Sunday night, the six chieftains said Daim had informed them that in the first 100 days, the Team of Eminent Persons would be tapping into the GLICs and GLCs as appropriate, to assist them in terms of information, resources and inputs in dealing with various issues laid out by the government.

The statement added that for funds that had political representation on their respective Board of Directors, Daim reaffirmed that this would be reviewed and changed, as required, while emphasising the importance of good and professional performance of the funds.

“As GLICs and trust institutions, we receive this message and reaffirmation very well, as part of our ongoing practices of strengthening governance and performance focus and accountability of our respective institutions,” it added. –Bernama

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