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Thus, Malaysian GLICs experienced a growth rate of 11% annually during the transformation period.
Malaysian Directors Academy (MINDA) specifically equipped directors for GLICs with relevant knowledge and management skills.
Subsequently, the Putrajaya Committee on GLC High Performance (PCG), chaired by the Prime Minister and joined as members by heads of GLICs, was formed in 2005 to implement and oversee the initiatives executed in the program.
It is important to note that G20 refers to GLCs which are controlled by the five main GLICs, they are Khazanah Nasional Berhad (KNB), Permodalan Nasional Berhad (PNB), Lembaga Tabung Angkatan Tentera (LTAT), Lembaga Tabung Haji (LTH) and Kumpulan Wang Simpanan Pekerja (KWSP).
'GLICs cannot continue to provide capital for companies owned by Umno/BN that have poor financial performance as this will give a negative impact to their contributors and shareholders,' he said, adding that it was time for the BN-owned media outlets to rethink their role amid the PH government's commitment to freedom of speech.
This is further reiterated in the Eleventh Malaysia Plan which calls for GLCs and GLICs to divest non-core assets and activities to bumiputra entrepreneurs to strengthen bumiputra corporate ownership in the economy.
The report further highlighted the potential role that GLCs and GLICs can play to catalyse private investment.
(1.) There are currently seven GLICs in Malaysia: The Employee Provident Fund (EPF), Khazanah Nasional Berhad, Kumpulan Wang Amanah Pencen (KWAP), Lembaga Tabung Angkatan Tentera (LTAT), Lembaga Tabung Haji (LTH), Menteri Kewangan Diperbadankan (MKD), and Permodalan Nasional Berhad (PNB).
Since GLCs play an important role in generating profits for the GLICs as well as in meeting the social agenda of the country, it is difficult to have a level playing field for foreign suppliers in the country.
Of these five companies, three of them (Axiata, TM and TIME) belong to the stable of companies under Khazanah Nasional, a government-linked investment company (GLIC), while CELCOM belongs to TM.