PETALING JAYA: The government has launched a three-year programme to reform and future-proof the government-linked investment companies (GLICs) to ensure the mammoth holding companies remain relevant over the longer term.

       Called “Perkukuh Pelaburan Rakyat” or “Perkukuh”, the programme targets six GLICs namely, Permodalan Nasional Bhd (PNB), Khazanah Nasional Bhd, the Employees Provident Fund (EPF), Armed Forces Fund Board (LTAT), Lembaga Tabung Haji (LTH) and Retirement Fund Inc (KWAP).

       Speaking during the virtual launch on Thursday, Prime Minister Tan Sri Muhyiddin Yassin said Perkukuh comprises 20 key initiatives to achieve five key outcomes, namely:

       > Sharpened clarity on the mandate of each GLIC

       > Enhanced focus on developmental and catalytical investments to spur new growth and enhanced socio-economic impact

       > Crowd-in the private sector while streamlining the role of the government and its agencies in business

       > Future-proof GLICs with best-in-class governance, capabilities and strategies

       > Strengthen social safeguards and fiscal resilience.

       “Given the intricacies of each initiative, Perkukuh will be implemented on a multi-wave basis – beginning with key initiatives like the ‘GLIC/GLC 2.0 governance standard’.

       “All in all, the 20 key initiatives will be implemented through 2024,” according to him.

       GLICs and their entities control approximately RM1.7 trillion of assets under management, make up more than a quarter of the market capitalisation of Bursa Malaysia, while directly and indirectly employ nearly half a million people.

       Meanwhile, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the Perkukuh programme is a medium-term reform agenda.

       “Overall, this will complement our medium to longer-term national agendas namely the National Fourth Industrial Revolution Policy, MyDIGITAL, the National Investment Aspirations framework, the Twelfth Malaysia Plan, and the Shared Prosperity Vision 2030.

       “Ultimately, the outcomes of this programme will boost Malaysia’s longer-term economic prospects and resilience, focusing on good governance that enables sustainable growth, strengthened socio-economic inclusivity, and environmental sustainability,” he said.