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Make GLCs, GLICs accountable to Parliament - IDEAS | Scoop
Parliament has a key role to monitor GLCs’ adherence to policy, review governance policies, and strengthen oversight. - Scoop file pic, November 14, 2024
Opinion/Analysis

Make GLCs, GLICs accountable to Parliament – IDEAS

MPs should scrutinise these entities through Select Committees rather than accept political appointments to board positions

Updated
2:00 PM MYT

 

IN RESPONSE  to rising concerns over Government-Linked Companies (GLC) and Government-Linked Investment Companies (GLIC) investment practices, IDEAS advocates for holistic governance reforms to ensure these entities are more accountable, transparent, and focused on serving the public interest.

We must ensure that GLCs are not only stewards of public funds but also trusted pillars of economic and social development. It is essential that they are governed by clear, well-defined rules and subject to independent scrutiny, with proper protections for whistleblowers.

IDEAS recommends a five-point reform framework:

  • Establish Ownership Rationale and Strategic Purpose: Clearly articulate each GLC’s purpose, including privatisation for non-essential entities. 
  • Implement Rigorous Monitoring and Central Oversight: Create performance charters with quantifiable objectives for social and economic impact, subject to annual public reporting akin to standards of listed companies. 
  • Enforce Qualified  Independent Appointments and Conflict of Interest Policies: Require transparent appointments, free from political bias, especially from active politicians. 
  • Enhance Whistleblower Protections: Support the establishment of an independent ombudsman, offering a safe channel for exposing misconduct. 
  • Parliamentary Role in Accountability: Parliament should serve as the primary oversight body, with MPs fulfilling their roles in Parliamentary Select Committees (PSSCs) rather than accepting board positions in GLICs. This strengthens the separation of governance and oversight, empowering MPs to keep GLICs accountable to the public. 

With IDEAS’ Pantau Kuasa initiative, we have seen firsthand how strong oversight and independent appointments are vital for responsible governance. 

A well-structured Performance Charter—with clear objectives, transparent reporting, and independent governance—would anchor GLCs in public accountability, not political agendas.

IDEAS does not support Cabinet or Parliament directly approving GLC investment or remuneration decisions, as this may worsen political interference.

Instead, the government should act as an active owner, setting guiding policies for board remuneration and well-defined performance charters. 

Parliament has a key role to scrutinise GLCs’ adherence to policy, review governance policies, and strengthen oversight. Embedding these standards in law will secure GLC transparency, safeguard public funds, and ensure that GLCs serve the rakyat’s interests sustainably. – November, 14, 2024

The Institute for Democracy and Economic Affairs (IDEAS) is an independent nonprofit research institute dedicated to promoting solutions to public policy challenges.

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