KUALA LUMPUR, Oct 27 2026, Prime Minister Datuk Seri Anwar Ibrahim has proposed a new bill to improve the management of government-owned entities in Malaysia.
The bill aims to strengthen governance and prevent the misuse of public funds. It would also introduce clearer rules and stronger oversight for government-linked companies (GLCs), statutory bodies and their subsidiaries.
Anwar said past cases involving 1Malaysia Development Berhad (1MDB), Felda and Tabung Haji showed weaknesses in the management of some institutions. Therefore, he said stronger controls are needed to prevent similar problems in the future.
He made the remarks during a question-and-answer session in the Dewan Rakyat on Tuesday. He was responding to a question from Syahredzan Johan, the MP for Bangi, about improving corporate governance.
New Bill to Strengthen Oversight
Anwar said the proposed bill would set clearer rules for government-owned entities. It would also help ensure that these organisations are managed responsibly.
He stressed that leaders must be accountable for their decisions. They must not treat government-owned organisations as their personal or family property.
In addition, Anwar highlighted concerns about subsidiary companies. Some subsidiaries may not face the same level of oversight as their parent companies. As a result, weaknesses in management could go unnoticed.
The proposed law aims to close these gaps and improve governance across government-owned entities.
Politicians Must Not Interfere in Investments
Anwar also stressed that politicians should not interfere in investment decisions made by GLCs and government-linked investment companies (GLICs).
Instead, investment decisions should be handled by qualified professionals. These experts should assess projects based on their knowledge and experience.
However, Anwar acknowledged that governance reforms may face resistance from people with vested interests. These may include politicians and businesspeople who benefit from existing practices.
He said stronger oversight is important to ensure that public funds are managed properly. It could also help prevent future financial and governance problems.
Source: PressKL | Rewritten By Minutesmy
Picture Credit: UM
