‘GLICS GET CLEAR DIRECTION’
Separation of politics and business to be ensured, says Khazanah MD
GOVERNMENT-linked Investment Companies (GLICs) will continue to play their roles in managing assets and public interests with integrity and good management ethics.
Khazanah Nasional Bhd managing director Tan Sri Azman Mokhtar said GLICs were given a briefing on clear directions by former finance minister Tun Daim Zainuddin, who heads the Team of Eminent Persons, to ensure that there is separation of politics and business in managing assets and public interests.
“This was clearly told to us and, of course, we welcome it, for us to continue carrying out the professional process of managing funds and companies, which manage public interests.
“At the same time, we must balance this with market interests to ensure that all which we are doing for the rakyat is done in an organised manner and in line with the policies announced by the government,” he said after the meeting with Daim.
Present were Permodalan Nasional Bhd group president and chief executive officer Datuk Abdul Rahman Ahmad, Retirement Fund (Incorporated) chief executive officer Datuk Wan Kamaruzaman Wan Ahmad, Tabung Haji Group managing director and chief executive officer Datuk Seri Johan Abdullah, Armed Forces Superannuation Fund Board chief executive officer Tan Sri Lodin Wok Kamaruddin and Employees Provident Fund chief executive officer Datuk Shahril Ridza Ridzuan.
In managing the perception of investors during the transition of power in government, Azman said there would be some instability in the market in the short term, but this was expected to improve in the medium to long term.
“In many aspects, we believe that most of the governmentlinked companies and GLICs have done a lot.
“I believe, God willing, this will improve the market outlooks.
“Therefore, from the markets, in terms of the valuation of the ringgit, I believe it is clear that confidence will be a key factor.
“I think that with this new start, we will see success,” he said.
In a statement, the six GLIC leaders said Daim had told them that, as the head of the Team of Eminent Persons, in these first 100 days, the team would be tapping into the GLICs and GLCs as appropriate, to assist in terms of information, resources and inputs in dealing with various issues laid out by the government.
“These issues include, inter alia, the review of specific funds and companies, the review of projects and contracts, and the issue of tolled roads; areas where GLICs and GLCs will have specific and relevant expertise and resources.
“In all, we thank Daim and the team’s secretariat for the timely invitation to dialogue.
“We see this is a positive step of the process of a national reset from the standpoint of the economy and the markets.
“This will allow us to continue to improve in both the governance and performance aspects of the managing of our respective funds and institutions.
“In this regard, we will work with our respective boards, management teams and official government reporting lines, including the Finance Ministry, as provided for in our statutes, laws and governance systems, to implement these programmes in a proper and orderly manner.”