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KUALA LUMPUR: Prime Minister Datuk Seri Najib Tun Razak said costs incurred by Khazanah Nasional Bhd for services rendered by external consultants between 2001 and 2003 represented 0.08 per cent of its total investments of RM8.3 billion and divestments of RM2 billion.
"Meanwhile, between May 2004 and December last year, the cost represented 0.6 per cent of investments (RM45.5 billion) and divestments of RM31.7 billion," he said.
Najib, who is also Finance Minister, said the higher cost was in tandem with increased investments, operational capabilities and several national initiatives in line with Khazanah's new mandate.
"However, this rate is lower compared with the market rate for external consultancy services that is usually paid by other investment institutions, namely between 1.0 per cent and 1.5 per cent," he said in a written reply to Wee Choo Keong (Independent-Wangsa Maju) who had asked about consultancy costs incurred by Khazanah between 2001 and 2011 at the Dewan Rakyat.
On Khazanah's workforce, Najib said the number of employees had risen from 33 in 2004 to 412 on June 1, 2011.
The prime minister said the increased intake of employees was due to the mandate given to Khazanah in 2004 to explore investment opportunities in strategic sectors which required human capital development.
Khazanah determines the remuneration for its employees based on guidelines contained in its Blue Book, which details executive compensation, to lure talent from abroad.
"The remuneration offered must be competitive against market norms where salaries and perks including bonuses must be performance-based. -- BERNAMA