PUTRAJAYA: The Cabinet is reviewing various issues concerning Government-Linked Companies (GLCs) and Government-Linked Investment Companies (GLICs) to ensure improvements in governance and management practices.
Unity government spokesperson Fahmi Fadzil said that on top of the issue of governance, attention is also being given to issues related to perks and benefits such as compensation and bonuses.
"After the amendment to the Audit Act 1957 which now allows the Auditor General (AG) to audit any entity receiving public funds, we believe that the management and governance of GLCs and GLICs will improve," he said during his weekly press conference after the cabinet meeting today.
Fahmi said this in response to questions on the ongoing issues surrounding GLCs and GLICs, including involving Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) over investment losses with FashionValet.
Recently, it was reported that Pelaburan Hartanah Bhd (PHB) chief executive officer received a RM210,000 bonus, equal to three months' salary, despite the company only achieving 42 per cent of its key performance indicators (KPIs).
Previously, members of parliment are calling for a more rigorous and systematic rationalisation of statutory bodies, GLCs and GLICs.
They called for robust governance and the requirement to present public-interest financial or investment reports in parliament.
Several MPs raised concerns over the governance and management of statutory bodies, GLCs and GLICs, which they argued must be addressed immediately.