PETALING JAYA: The G25 group of prominent retired civil servants said it is surprised to hear that Perikatan Nasional (PN) chairman Muhyiddin Yassin plans to appoint politicians to the boards of government-linked companies (GLCs) if the coalition wins power in the upcoming six state elections.
The group said global best practices as recommended by the Organisation for Economic Cooperation and Development (OECD) state that all boards are required to take full responsibility over board appointments without being influenced by political or other interests.
“Where politically linked candidates are proposed for board or management positions, the board must analyse whether they are politically active and whether they are professionally qualified,” it said in a statement.
G25 said having politicians on GLC boards could raise “unhealthy suspicions about their business decisions” as they are private companies that have to compete in foreign and local markets.
As all countries are now adopting globally recognised best practices in their system of corporate governance, it said, Malaysia will lose out to other countries if it continues with the “bad practices of the past”.
In an interview with FMT last week, former prime minister Muhyiddin promised to appoint members of his coalition as the heads of state GLCs should PN win the elections in Selangor, Negeri Sembilan, Penang, Kelantan, Terengganu and Kedah.
“If there are political leaders with the calibre who are not holding any other position and are qualified for that (GLC) position, what is wrong with it? It doesn’t mean that the post should only be for corporate figures,” Muhyiddin said.
Bersih chairman Thomas Fann criticised Muhyiddin over his statement, saying it was an “affront to good governance” and an “abuse of power”. - FMT
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