Fahmi: Putrajaya to focus on improving GLC, GLIC governance after Audit Act amendment

PUTRAJAYA, Nov 8 — The government will closely monitor the governance of Government-Linked Companies (GLCs) and Government-Linked Investment Companies (GLICs), Communications Minister Fahmi Fadzil said today.

This comes after the recent amendment to the Audit Act 1957, which now allows any entity receiving public funds to be audited.

He said the government hopes this will improve the administration of GLCs and GLICs.

“Generally, the Cabinet has examined the administration of GLCs and GLICs, with particular focus on the issue of bonuses,” Fahmi said.

“However, the main priority remains improving governance.”

Fahmi was responding to a question regarding whether the government had made decisions about bonuses or perks for employees of GLCs and GLICs.

Earlier this week, Masjid Tanah MP Datuk Mas Ermieyati Samsudin called for an investigation after it was claimed that Pelaburan Hartanah Berhad, a GLC, was planning to sponsor a Bali holiday for all 200 of its employees.

The trip was reportedly cancelled following the exposure, according to a report in Malay daily Sinar Harian.

Two days ago, Deputy Prime Minister Datuk Seri Fadillah Yusof announced that all GLCs and GLICs would now require ministerial approval for bonuses, incentives, and company trips.