KUALA LUMPUR, Nov 7 — All government-linked companies (GLCs) and government-linked investment companies (GLICs) will now require ministerial approval for bonuses, incentives, and company trips.
Deputy Prime Minister Datuk Seri Fadillah Yusof made the announcement in the Dewan Rakyat yesterday, news portal Malaysiakini reported today.
He reportedly said this new policy was decided by the Cabinet to monitor their spending.
“Usually, the Cabinet only looks at ministries, departments, and agencies. But now, all GLCs and GLICs will need to furnish (a proposal) in the future, including for bonuses, incentives, trips, and so on, it has to go through this process,” Fadillah was quoted as saying.
He was responding to news reports of an alleged company retreat by Pelaburan Hartanah Berhad (PHB) to Bali.
PHB is a real estate investment company that is a wholly owned subsidiary of Yayasan Amanah Hartanah Bumiputera, which is itself under the Finance Ministry, that is tasked with creating wealth for the Bumiputera community through property investments.
Fadillah reportedly confirmed that the retreat did not take place and that there was no separate retreat to any other country.
PHB came under scrutiny earlier this week after its meeting minutes was purportedly leaked on social media site X and picked up by several local news outlets.
The GLC’s CEO was said to have been granted a bonus amounting to RM210,00 despite the company only achieving 42 per cent of its targets.
Masjid Tanah MP Datuk Mas Ermieyati Samsudin called for an investigation after claiming that PHB was planning to sponsor a Bali holiday for all 200 of its employees, which was supposedly cancelled after the expose, Malay daily Sinar Harian reported two days ago.
