PETALING JAYA: Reforms are on the way for government companies and institutions which might include closures, mergers as well as pay reviews of top company executives.
“A review should also be implemented on the renumeration of chief executives and top management of the companies and statutory bodies to be more reasonable,” Prime Minister Anwar Ibrahim said in tabling the 2023 budget today.
He said there could be mergers of bodies with almost similar functions, such as Yayasan Pelaburan Bumiputera, Yayasan Amanah Hartanah Bumiputera and Yayasan Ekuiti Nasional, Bernama reported.
Government agencies should return to their original establishment functions, he said. A study would be conducted on the possibility of closing loss-making subsidiaries of companies and those whose functions were not in line with the bases of their establishment.
Such companies included tour agencies and those in security services and information technology.
“The government will study the possibility of prohibiting federal statutory bodies and companies from continuing the practice,” he said.
He said federal statutory bodies might be made independent to reduce their dependence on the government.
The government will study the need to restructure all agencies regulating and coordinating the ecosystem of startup and innovation companies.
Anwar also said the Unity Government would be firm in carrying out institutional reforms and practices of good governance.
“All government agencies including the Inland Revenue Board, Malaysian Anti-Corruption Commission and Royal Malaysia Police are investigating corruption including names of those linked to the Pandora Papers. The agencies would continue to probe extraordinary wealth to combat corruption from continuing to fester,” he said.- FMT
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