The resignation of all members of Khazanah Nasional to resign to facilitate a smooth and orderly transition under the new government, while regrettable, is a chance for Malaysia’s pre-eminent sovereign wealth fund to start afresh.
The Pakatan Harapan government should take immediate steps to ensure that Khazanah—and indeed, all GLCs and GLICs, both at the federal and state level—remain independent and professionally-run to the highest standards of accountability as well as transparency. This was our promise in Buku Harapan and we should strictly adhere to it.
This will ensure that the mass departure of board members and senior executives from the various GLICs/GLICs and other corporate entities in our country that we have witnessed in the past few months does not occur again.
A certain amount of stability in the leadership of these companies must be ensured given how important they are to Malaysia’s economy.
We must also acknowledge the positive changes instituted in many GLCs under the outgoing Khazanah leadership.
Our goal should be reform, not vengeance.
Malaysia’s GLCs and GLICs should emerge under the new administration as commercially viable, socially responsible entities whose business decisions and staffing are free from interference by vested interests.
It can and should be possible to achieve these objectives.
I hope that, moving forward, the government will take heed of the input from all stakeholders when deciding the fate of the various GLCs and GLICs.
What must prevail, each and every time, is the best interest of these companies as well as the national interest guided by a strong framework of corporate governance.
NIK NAZMI NIK AHMAD
PAKATAN HARAPAN YOUTH LEADER
PARTI KEADILAN RAKYAT YOUTH LEADER
SETIAWANGSA MEMBER OF PARLIAMENT