Accountability must drive Malaysia’s governance reforms – ICDM

KUALA LUMPUR, Oct 10: Stronger governance, transparency and accountability are crucial to restoring public trust and strengthening Malaysia’s corporate sector, according to the Institute of Corporate Directors Malaysia (ICDM).

Its President and Chief Executive Officer, Jackie Mah, said the Government’s emphasis on governance in Budget 2027 sets an important benchmark for both public institutions and the business community.

“The quality of decision-making, oversight and accountability at the leadership level will determine whether Malaysia achieves its long-term aspirations,” she said in a statement released on Saturday.

According to her, measures to strengthen oversight of government-linked entities, improve transparency in public procurement and ensure accountability in managing public funds were essential to building public confidence.

Mah described the proposed Government-Linked Entities Bill as a significant step towards strengthening oversight, while welcoming the RM1.1 billion allocation for enforcement agencies to uphold the rule of law.

She said effective governance also depended on qualified leaders, competent boards and frameworks capable of addressing emerging risks, including artificial intelligence, cybersecurity, climate change and the energy transition.

Mah added that the quality of directors would be critical to ensuring national ambitions translated into tangible benefits for the people.

She also highlighted the importance of strengthening governance among Bumiputera enterprises seeking to expand, attract investment and achieve sustainable growth.

Building on its collaboration with the Sarawak Centre of Performance Excellence (SCOPE), ICDM will extend its efforts through a tripartite memorandum of understanding with SCOPE and TERAJU to strengthen leadership and governance capabilities within Bumiputera enterprises.

Therefore strong governance across the public and private sectors would help Malaysia enhance public trust and create lasting value for future generations.-TVS