Anwar said past cases involving 1Malaysia Development Berhad (1MDB), Felda and Tabung Haji had highlighted serious weaknesses in the management of several government institutions, as documented in reports by Royal Commissions of Inquiry, special task forces and white papers.
“The proposed Bill is not only aimed at strengthening governance but also at establishing clear rules and laws for regulatory purposes,” he said during the Minister’s Question Time session in the Dewan Rakyat on Tuesday.
He stressed that individuals entrusted with authority in GLCs must be held accountable and must not treat the organisations as personal or family property.
Anwar was responding to a supplementary question from Syahredzan Johan (PH-Bangi) on measures to strengthen corporate governance in GLCs and statutory bodies to prevent a recurrence of financial misappropriation involving government institutions.
The Prime Minister identified oversight of subsidiary companies as one area requiring improvement, noting that subsidiaries do not always operate under the same controls as their parent organisations.
He said clearer legislation was needed to address these regulatory gaps and ensure consistent governance standards across government-owned entities.
Anwar also acknowledged resistance to governance reforms from vested interests, including political elites and businesspeople accustomed to previous practices.
He reiterated that political figures were strictly prohibited from interfering in decisions concerning projects and investment priorities undertaken by GLCs and government-linked investment companies (GLICs).
Instead, he said, investment decisions should be made by professional investment bodies comprising individuals with the relevant expertise and experience.
Anwar said these safeguards were essential to ensure that investments were assessed carefully and prudently, while preventing a recurrence of governance failures that had undermined public trust.
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