KOTA KINABALU: The Sabah government has taken a strategic approach to revamp its corporate policy and governance monitoring committee.
The move is meant to improve the corporate management of all state statutory bodies (BBN's) and government-linked companies (GLCs), said Sabah United Chinese Chamber of Commerce (SUCCC) president Tan Sri Andrew Liew Sui Fatt.
Sabah Chief Minister Datuk Seri Hajiji Noor announced the move on Sunday based on good governance and empowering BBN's and GLCs, he said.
"The move will set an example in having the best BBN's and GLCs in terms of management and corporate governance as well as attract more foreign investors to come to Sabah.
"This will also see the transformation of governance to the Sabah Government to improve all aspects of corporate management," he said, welcoming the state's move on the matter.
He added that the state Finance Ministry will also oversee the monitoring committee.
Liew who is also the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) vice president said the monitoring committee could also closely monitor all financial management, misconduct, salary restrictions and allowances to all key management of BBN's and GLCs.
He said the improved policy will boost the integrity, honesty and transparency of the appointed head in the corporate body.
The move is also in line with the government's development agenda policy to ensure long-term financial stability, commercial viability for the return on investment and best corporate practices, he added.
Liew who is also a Sabah Economic Advisory Council member said the chief minister has taken a prudent move to make sure BBN's and GLCs continue to compete commercially in addressing the economic impact of the Covid-19 pandemic.