Latest news with #GLCMonitoringCommittee
The Star
23-05-2025
- Business
- The Star
Sabah forms GLC Monitoring Committee to enhance governance
KOTA KINABALU: In a significant move to improve the governance and performance of its Government-Linked Companies (GLCs) and Statutory Bodies, the Sabah Government has established a dedicated GLC Monitoring Committee as the centrepiece of a broader reform agenda. Assistant Finance Minister Datuk Julita Majungki stated that the committee, co-chaired by the Permanent Secretary of the Finance Ministry and the Financial Adviser to the Chief Minister, will play a central role in strengthening oversight and ensuring greater accountability across state-linked entities. "This committee will serve as a strategic body to identify governance gaps, recommend corrective actions, and track the performance of GLCs. It is a critical step forward in reforming how these entities operate and contribute to Sabah's economy," she said in a statement on Friday (May 23). The formation of the committee is part of a series of structural reforms aimed at enhancing transparency, operational efficiency, and the overall impact of Sabah's corporate ecosystem. She added that the State currently oversees 27 holding companies and 22 statutory bodies, supported by approximately 250 subsidiaries and associate firms in key sectors such as plantations, energy, and property development. Among the reforms introduced are stricter board appointment criteria, a reassessment of business models, and improved financial reporting standards. "These are designed to ensure that only qualified individuals lead these entities and that their operations are aligned with the state's economic objectives," she said. Majungki said the State Government has also enforced a policy requiring all joint venture agreements involving GLCs or statutory bodies to undergo mandatory vetting by the State Attorney-General's Office, the Ministry of Finance, and relevant agencies before being submitted for Cabinet approval. "This measure is crucial to protecting public interest and ensuring transparency in all joint ventures involving public assets," she explained. The committee is already reviewing several inactive and underperforming GLCs, some of which are now undergoing restructuring or being wound up to reduce fiscal burden and streamline the corporate ecosystem. Majungki was responding to remarks made by former Sabah Law Society president Datuk Roger Chin during a recent Sabah Action Body Advocating Rights (SABAR) town hall session. Chin had alleged that certain GLCs continued to operate despite heavy losses due to political affiliations. In response, she stressed that the state is undertaking a comprehensive review to retain only those GLCs that are productive, transparent, and financially sustainable. She also highlighted recent leadership changes in key state-owned companies, including Sabah Economic Development Corporation (SEDCO) and Qhazanah Sabah Berhad, as part of ongoing recovery efforts. "While there are areas that require improvement, it's important to acknowledge that several GLCs have made notable progress, returning dividends to the state, creating jobs, and attracting private investment," she said. With the GLC Monitoring Committee in place, Majungki said the state is confident that its corporate institutions will now be held to higher standards of governance and performance.
Daily Express
23-05-2025
- Business
- Daily Express
Sabah strengthens oversight of GLCs with reforms, new monitoring committee
Published on: Friday, May 23, 2025 Published on: Fri, May 23, 2025 Text Size: KOTA KINABALU: The Sabah Government has intensified efforts to improve corporate governance of its Government-Linked Companies (GLCs) and State Statutory Bodies by implementing structural reforms and establishing a dedicated GLC Monitoring Committee. The initiative aims to enhance transparency, accountability, and economic impact through stronger oversight. Currently, Sabah holds direct interests in 27 holding companies and 22 statutory bodies across key sectors such as plantations, energy, and property development. These are supported by around 250 subsidiaries and associate companies, creating a complex corporate network that requires rigorous management. Key reforms include appointing qualified board members, reassessing business models, and strengthening financial monitoring and reporting. Additionally, all joint venture agreements involving GLCs must now be vetted by the State Attorney-General's Office, Ministry of Finance, and relevant agencies before Cabinet approval to protect public interest. The newly formed GLC Monitoring Committee, co-chaired by senior finance officials, is tasked with identifying governance gaps and recommending corrective actions. Advertisement Some dormant or inactive GLCs are currently being restructured or wound up to reduce financial burdens and improve overall efficiency. Responding to criticism that some GLCs remain despite losses linked to political backing, Assistant Finance Minister Datuk Julita Majungki emphasized that many GLCs continue to deliver positive contributions, including dividends, job creation, and community development. New leadership appointments in major GLCs are part of efforts to boost accountability and drive recovery. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
