KOTA KINABALU: Statutory bodies and government linked companies (GLCs) must maintain a high level of efficiency, transparency and accountability in their financial management in order to run smoothly and make profits.
 |
| Photo credit:New Sabah times |
Opening a course on ‘Strategic Financial Management and Corporate Fraud’ for state-owned companies and agencies here yesterday, Chief Minister Datuk Seri Musa Haji Aman said he recalled that former Prime Minister Tun Dr Mahathir Mohamed often stressed that these three elements are important practices which are vital for good financial management.
“This is because when we are efficient surely we can achieve success,” said Musa who is also Finance Minister.
He said in the past, some state agencies were unable to pay wages to their employees due to inefficient financial management.
“When I first assumed the Finance Minister post, I have stressed it is important for agencies to ensure a high level of efficiency so that the government and the people can enjoy the profits and benefits,” he said.
“And, as members of the Board of Directors, you shoulder a heavy responsibility in discharging your duties to make sure that the agencies are run smoothly,” Musa told the participants of the course.
Speaking to reporters later, the Chief Minister said he was pleased to note that in Sabah almost all the state agencies registered good profits.
Companies with debts have settled their dues promptly to the government while some other agencies settled their dues in the form of dividends.
“As a result, the state government had received hundreds of million of ringgit in dividends which are used for the people’s well-being,” he added.
According to him, statutory bodies and GLCs that are well run could also contribute in ensuring better quality of life for the people.
Meanwhile he said the course was also to allow members of the Board of Directors to know the responsibilities which they must discharge with high commitment and full dedication.
Musa added that agencies that made financial gains also have to discharge their corporate social responsibility to assist the needy such as single mothers, senior citizens as well as to contribute towards the repair of schools and to build rural hostels.
The one-day course organised annually by the State Ministry of Finance is specifically designed for the Board of Directors of state statutory bodies and GLCs.
For more stories:
0 comments:
Post a Comment