12MP review: Shareholder transparency laws to be reviewed, says PM

The Star

Laws will be reviewed to ensure greater transparency of shareholdings, particularly of bumiputra-owned companies, says Datuk Seri Anwar Ibrahim.  The Prime Minister said when tabling the 12th Malaysia Plan (12MP) mid-term review in Parliament on Monday (Sept 11) that this was because there were still many instances where nominee shareholders were not named as the true owners.  Anwar, who is also Finance Minister, also assured that bumiputra companies would continue to benefit from the government's overall funding support provided through 16 bumiputra agencies.  Read more at https://tinyurl.com/bddf574d  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

Transcript

00:00 All the plans in the previous Putera Land Accreditation Agenda

00:04 only focus on the size of the Putera Land participation in the economy

00:10 based on equity ownership.

00:13 After five years, this ownership has not yet reached the 30% target set.

00:20 The Madani economy through the RMK-12 KSP,

00:25 will be re-evaluated, to measure the level of Putera Land's participation and control.

00:34 The Putera Land Economy Congress will be held in January 2024

00:40 to establish the 7th phase and the new approach of the Putera Land Agenda

00:44 that is more fair, equal and inclusive.

00:47 The meaning of the agreement is to strengthen Putera Land

00:51 based on the commitment to the chosen companies

00:55 to the program of efforts involving more entrepreneurs

01:00 and more Putera Land companies on a small and simple scale.

01:05 This is to create a middle class of Putera Land that can switch

01:09 from relying solely on wages

01:12 to build a business that increases income and adds value to the economy.

01:19 Putera Land will have the opportunity to receive financing support

01:25 from the entire funds allocated by the government to 16 Putera Land agencies

01:31 including MARA, Amanah Istiar, TABUNG Ekonomi Kumpulan Usahawan Niaga,

01:35 Tekun, Nasional, Equity Nasional Berhad, Equinas,

01:38 Unit Peneraju Agenda Putera Land, Teraju and PNB.

01:43 This funding support has broken the 30 billion ringgit

01:47 since the three previous Malaysian programs.

01:49 At the same time, the holding of nominees

01:52 that does not reveal the actual ownership

01:55 continues to show a sharp increase pattern.

01:58 In connection with this, I would like to inform

02:00 that the 2016 Company Act and the 2012 Labor Leadership Sharing Act

02:05 regarding the distribution of benefits are being reviewed

02:11 with the aim of strengthening the transparency of the shareholding

02:15 in line with the good management standards

02:18 and so that the shares are not secretly transferred to certain supporters.

02:23 The impact of the implementation of the Putera Land agencies

02:27 such as MARA, Teraju, and Equinas

02:29 will be increased through the re-staging of the strategy

02:33 and the initiative of the establishment of the Putera Land Agenda.

02:37 The main performance indicators, KPI, are being implemented

02:41 to improve the impact of the distribution of assistance and support

02:45 to increase the involvement of the Putera Land in economic activities.

02:49 This effort will continue to be increased

02:52 in building the credibility of the Putera Land Agency

02:56 by strengthening integrity and management standards.

02:59 The competitiveness of the Putera Land companies, especially PMKS,

03:03 will be increased through the use of digital platforms

03:07 and financial technology, FinTech, to develop business.

03:11 Among them is the digitalization program by MARA

03:14 with a budget of 40 million ringgit

03:16 to enable the Putera Land companies to adopt the use of technology

03:20 and digitalization in business management.

03:23 Funds for foundations will be provided

03:25 by the agencies related to the foundation of the Madani Foundation

03:28 as a new approach in building the Islamic economy

03:32 to ensure the effectiveness of the management of the foundation land of the whole country.

03:36 The government will introduce a number of initiatives

03:38 and establish the National Foundation Foundation Authority

03:41 which is able to contribute to 20% of the development of the Islamic financial sector by 2030.

03:48 The government will recognize the abandoned land

03:51 and encourage the involvement of the people in developing it.

03:54 Thank you.

03:56 For more information, visit www.peteras.org/publications

04:00 [BLANK_AUDIO]

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