Tengku Datuk Seri Zafrul Abdul Aziz (Photo by Mohd Izwan/The Edge)

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KUALA LUMPUR (Oct 14): Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has announced the PLC Transformation Programme (PLCT), aimed at delivering a high performance, corporate Malaysia.

During his special address for InvestMalaysia 2021 on Thursday, he said in his speech that the PLCT will be spearheaded by Bursa Malaysia with a focus on enhancing five pillars in the nation’s PLCs, being:
o for PLCs to be performance driven;
o grow as sustainable, socially responsible and ethical organisations;
o to feature strengthened corporate governance;
o to be digitally enabled; and
o to support the nation-building drive to advance Malaysian economy and community.

Tengku Zafrul further said that PLCT will involve the issuance of five digital guideline books, one for each pillar, with the first to be issued by end-2021.

“These books will provide best practices and guidance with benchmarks and case studies for PLCs to spearhead their transformation journey. The guidelines will be relevant to all PLCs, regardless of size, in becoming better and stronger corporates which, in turn, will enhance their attractiveness to global investors,” he said.

The transformation programme is set to run from 2021 to 2025 and the finance minister said that it will see the PLCs progress in various areas that include building a stronger financial position and enhancing their board composition, thereby positioning them to contribute to the national agenda.

“The monitoring of PLCs’ efforts and progress will be shared via a digital dashboard, to promote transparency and effective achievement of the intended outcomes.

“Throughout the programme, support by industry champions and corporate leaders will be vital. Therefore, I urge all of our PLCs to support this programme to improve our corporate Malaysia, our capital markets and our economy,” he said.

Tengku Zafrul believes that with these efforts from PERKUKUH, the National Investment Aspirations to the PLC Transformation Programme, it will ensure that the fundamentals of the Malaysian economy become stronger, while positioning the nation on the path of prosperity, inclusivity and sustainability.

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