By Lian Cheng
KUCHING, Nov 29: The Sarawak government is collaborating with the World Bank to undertake an initiative to review existing statutory bodies and government-linked companies’ (GLC) regulatory and monitoring frameworks.
This transformation programme is to be implemented in three phases from 2022 to 2025 where Phase 1 involves undertaking a study to formulate a State statutory body and GLC governance framework.
“Phase 1 of the study assessed the adequacy of the current governance framework of statutory bodies and government-linked companies, collectively known as State-owned enterprises (SOEs), in performing effectively towards delivering their objectives and mandates.
“Phase 1 of the study, which commenced in June 2022, has been completed. We are currently implementing the recommendations of the study towards strengthening SOE governance mechanisms,” said Second Finance Minister Datuk Amar Douglas Uggah Embas when delivering his ministerial winding-up at the Sarawak Legislative Assembly (DUN) sitting today.
Uggah who is also Bukit Saban assemblyman (GPS-PBB) said Phase 2 of the study, covering the period of 2023 to 2024, will begin in December 2023.
Under this phase, the Finance Ministry will strengthen the regulatory framework and ownership policy by reviewing existing laws and regulations, as well as digitalising monitoring methods to be more systematic, effective and able to deliver real-time information to stakeholders.
“The World Bank will also provide capacity-building training for our officers to elevate the relevant analytical skills required to implement this new initiative,” said Uggah.
Phase 3 of the study, he said, is scheduled to be implemented in 2025 and encompasses reviewing performance and making recommendations on enhancement to the overall transformation programme.
Apart from that, as part of continuous efforts to strengthen the corporate governance of SOEs, the Finance Ministry will formulate investment policy for Statutory Bodies and State Local Authorities.
It will also devise annual report guidelines to ensure uniform reporting across SOEs, and develop an online monitoring system for SOEs, namely, e-SOE, to improve the overall monitoring process, and analyse SOE performance effectively, efficiently, and in a timely manner.
“The collaborative efforts of the Sarawak Government and the World Bank in transforming the operational dynamics of SOEs mark another milestone in corporate governance and strategic oversight.
“The initiatives undertaken are not just about enhancing current practices but are also geared towards building future-ready, transparent, and accountable SOEs that can effectively meet their obligations and contribute to the broader socio-economic goals of Sarawak,” said Uggah. — DayakDaily