60% of top management of GLCs on Bursa are Bumiputera : Wahid

About 60 per cent of the top management of government-linked companies (GLCs) listed on Bursa Malaysia are Bumiputeras, said Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar.

A study by the government found the percentage nearly reflects the country's population breakdown by race, he said.

"But if you look at the top 30 companies on Bursa Malaysia that are not GLCs, the percentage of Bumiputera management is below 30 per cent," he said in reply to a supplementary question from Senator Datuk Yahaya Mat Ghani at the Senate here, Tuesday.

Yahaya had wanted clarification on the allegation that Bumiputeras are sidelined in policy making and other processes at some GLCs.

Abdul Wahid said the government had provided various facilities and incentives to enhance the private sector's contribution to the New Economic Policy (NEP).

"These include human capital development, income generation, entrepreneurship and agricultural programmes. Various instruments are also involved, such as scholarships and education loans, entrepreneurship training

and financing, provision of business premises and privatisation programmes," he said.

He was replying to a question from Senator Datuk Megat Zulkarnain Omardin on the government's strategy to ensure the private sector contributes to the Bumiputera economic empowerment agenda in line with the New Economic Model.

Abdul Wahid said the government's efforts with the private sector's cooperation have indirectly helped to raise Bumiputera equity ownership in the corporate sector from 2.4 per cent in 1970 to 19.3 per cent in 1990 and to 23.5 per cent in 2011.

"The government will also continue with this ownership agenda, but targets at least 30 per cent equity ownership beyond corporate companies to ownership of financial and non-financial equities," he said.