Datuk Seri Hajiji Mohd Noor – Bernama file photo
KOTA KINABALU (June 13): Sabah Chief Minister Datuk Seri Hajiji Mohd Noor has announced a revamp of the Corporate Policy and Governance Monitoring Committee to strengthen and enhance the supervision and corporate governance of all state statutory bodies (BBNs) and government-linked companies (GLCs).
The policy enhancement includes enforcement against non-compliance of government circulars.
Hajiji, who is also state Finance Minister, said the committee which is under the Finance Ministry’s purview will oversee, among others, all aspects of corporate governance against any possible abuse and mismanagement including any unwarranted approval of new positions or unjustified creation of subsidiary companies in the BBNs and GLCs, in addition to the monitoring and sanctioning of the salaries and allowances of key management personnel in all BBNs and GLCs.
Hajiji said the committee will also monitor all state BBNs and GLCs for prudent financial management particularly in the use of public sector resources, adding that he wants all appointed heads to do their job with integrity and competent compliance of the laws and governance.
He said the committee will scrutinise all proposals to the BBNs and GLCs for approval in order to strengthen corporate governance, operational efficiency, sustainable financial performance and the board of directors’ capabilities of these bodies.
“The state government wishes to set a high standard of transparency and accountability in the management and business operations of all BBNs and GLCs in Sabah and I see this initiative as imperative,” he said.
Besides that, he said the state government wants to ensure long term financial stability; commercial viability for return on investment and best corporate practices.
“This is to remind the state statutory bodies and GLCs that they are duty-bound to create and produce shareholder/stakeholder value as part of their business plans and corporate responsibilities, moving forward.”
Hajiji said these are among necessary measures to streamline and prioritise efforts and initiatives to achieve the government’s development agenda.
“It is imperative that BBNs and GLCs continue to remain commercially competitive amidst crises including economic impacts caused by challenges such as the ongoing and prolonged Covid-19 pandemic,” he reiterated.