PM urges GLICs, GLCs to prepare for trasition

KUALA LUMPUR, Nov 20 — Prime Minister Datuk Seri Najib Razak has called on Government-Linked Investment Companies (GLICs) and Government-Linked Companies (GLCs) to prepare for the transition or “graduation” of the 10-year GLC Transformation Programme by strengthening initiatives to support the nation’s sustainable growth on an equitable basis.

He said at the 25th meeting of the Putrajaya Committee on GLC High Performance (PCG 25) today that this will ensure inclusivity and social justice in the community, with the programme underpinned by the concept of being market-friendly and merit-based.

In his opening address, the prime minister expressed his full support for the programme and reiterated the Bumiputera Agenda (BA) as a core component of the National Agenda.

Najib (picture) said the BA is in line with the programme’s underlying principles of growth with equity which entails, inter alia, the development of the Bumiputera community that would lead to social harmony in the country.

The programme, now in its ninth year of a 10-year journey, continues to record steady progress with the G20 total shareholder returns (TSR) growing at 13.6 per cent per annum and G20 market capitalisation expanding 2.9 times to RM403 billion since the start of the programme from May 14, 2004 until October 25, 2013.

“GLCs continue to be on a robust growth trajectory with some making significant inroads into regional markets which has a positive strategic impact on the national economy by supporting the New Economic Model (NEM) and improving overall efficiencies.

“The programme’s success, thus far, has also positively impacted all levels of stakeholders with customers, employees, suppliers and the most important stakeholders — the people,” PCG said.

With the ongoing success of the programme, GLCs have also significantly increased their Corporate Social Responsibility activities and touched more lives, it said. — Bernama

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