Underperforming GLCs told to make changes, bring in new faces

Government-linked companies (GLCs) that failed to measure up in the GLC Transformation (GLCT) Programme this time around need to make some changes in order to improve their performance.

Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar said they needed to transform, including bringing in new faces at the management and board of directors levels.

"GLCs, whose performance was lacklustre during the GLCT Programme this time around needed to go back to basics. They already have the correct model and (transformation) methods.

"What these GLCs have to do is to bring in new faces who are competitive, capable and qualified at the management level to lead them," he told reporters at close of the three-day GLC Open Day here Sunday.

For GLCs that were accorded credentials at the GLCT Programme Graduation Ceremony, Wahid said they should continue their trail of success in domestic and international markets.

Meanwhile, Khazanah Nasional Bhd managing director Tan Sri Azman Mokhtar said Telekom Malaysia Bhd (TM) would spearhead a club comprising government-linked investment companies (GLICs) and the country's top 20 GLCs in the nation's strive to become a high-income nation.

Azman, who is also GLCT Programme head of graduation ceremony, said the club, which would be a loose and informal arrangement among the GLICs and GLCs, would get off the ground in January 2016.

"It is like a post-graduation where the companies that had 'graduated' will still need to study further and outdo each other," he said, adding that the club would also partner local universities.

The GLC Open Day attracted over 67,000 visitors.

Seventeen GLCs were accorded credentials at the GLCT Programme Graduation Ceremony for surpassing the transformation target set.

The market capitalisation of G20 or the top 20 GLCs almost trebled to RM386 billion from RM134 billion in May 2004 to July 2015, hitting a high of RM431 billion on April 7, 2015.