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KUCHING: Stronger public sector governance, transparent procurement and greater accountability in managing public funds are essential to restoring public trust and strengthening Malaysia’s institutions.
Institute of Corporate Directors Malaysia (ICDM) President and Chief Executive Officer Jackie Mah said Budget 2027’s emphasis on transparency, institutional effectiveness and oversight of government-owned entities set an important benchmark for governance across the public and private sectors.
She said public institutions that upheld integrity and responsible stewardship could set an example for the wider business community.
“The budget also highlights the need for strong institutions, both public and private, in building a nation for future generations,” she said in a statement following the Budget 2027 announcement on Friday (Oct 9).
Mah said measures to strengthen oversight of government-owned entities, improve transparency in public procurement and reinforce accountability in managing public funds underscored the importance of good governance in addressing fraud and other governance concerns.
She added that translating these commitments into tangible outcomes would require qualified leaders, competent boards and governance frameworks capable of responding to emerging risks.
As organisations navigate challenges involving artificial intelligence, cybersecurity, climate-related risks and the energy transition, effective leadership and oversight would be crucial in balancing emerging opportunities with organisational responsibilities.
“The quality of decision-making, oversight and accountability at the leadership level will determine whether Malaysia achieves its long-term aspirations,” she said.
Mah also described the proposed Government-Linked Entities Bill as a significant step towards strengthening governance and oversight of entities entrusted with managing public funds and resources.
She welcomed the RM1.1 billion allocated to enforcement agencies to uphold the rule of law, stressing that accountability among leaders was vital to building resilient organisations.
She said boards played an important role in safeguarding public assets, guiding companies towards stock market listings and overseeing emerging areas such as artificial intelligence.
ICDM’s work with the public sector, she added, focused on strengthening stewardship and equipping board members and leaders to balance public objectives, commercial discipline, government priorities and stakeholder expectations.
This included clarifying roles, strengthening governance processes, improving decision-making and reinforcing accountability for organisational outcomes.
In Sarawak, Mah highlighted ICDM’s collaboration with the Sarawak Centre of Performance Excellence (SCOPE) to prepare Sarawak Civil Service leaders for board positions, including appointments to state government-linked companies.
The collaboration is set to expand through a tripartite memorandum of understanding involving ICDM, SCOPE and TERAJU to strengthen governance and leadership capabilities among Bumiputera enterprises.
Mah said the initiative would help these enterprises build stronger foundations for sustainable expansion, attract investment and navigate their next stage of growth.
She added that effective governance was particularly important for businesses seeking to scale up, as sound leadership and oversight could strengthen institutional resilience and support long-term performance.
“Ultimately, resilient economies and high-performing institutions are built on the foundation of principled leadership, effective oversight and a commitment to accountability,” she said.
Strengthening governance across the public and private sectors would better position Malaysia to achieve its national aspirations, enhance public trust and create lasting value for future generations, she added.
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