All GLCs to have Integrity and Governance Unit

KUALA LUMPUR: An Integrity and Governance Unit will be established at all government-linked companies (GLCs) as well as state and ministry-owned business entities in order to boost confidence in Malaysia, said Prime Minister Datuk Seri Najib Abdul Razak.
“The government has, in principle, agreed to the establishment of an Integrity and Governance Unit at all GLCs, and state and ministry-owned business entities, under the supervision of the Malaysian Anti-Corruption Commission (MACC), precisely to strengthen the confidence all can, should, and do have in Malaysia,” he said in his keynote address at Invest Malaysia Kuala Lumpur 2017 yesterday.
Najib said the markets, business community and companies like strength and stability, and seek certainty provided by a government that is business-friendly.
“The business community wants the certainty of knowing that the government is committed to the necessary reforms and is committed to fostering a culture of entrepreneurship and to transparency, accountability and good regulation,” he added.
He said the confidence and certainty that global businesses have in Malaysia will bring jobs, lift wages and help the workforce upskill.
“Under this government, we are cracking down on crony capitalism. No more sweetheart deals. No more national follies kept going to stroke the ego of one man. No more treating national companies as though they were personal property,” Najib said.
Conglomerates that have appeared in the news for being involved in integrity and governance issues include Sime Darby Bhd, whose former CEO Datuk Seri Ahmad Zubir Murshid was arrested by MACC for alleged criminal breach of trust and more recently, Felda Global Ventures Holdings Bhd whose CEO Datuk Zakaria Arshad is being investigated for alleged discrepancies.
MACC currently has a Corruption-Free Pledge and participation is voluntary. – by Eva Yeong