Regulatory and monitoring framework study enters second phase

THE second phase of study on the State Statutory Bodies’ and Government-Linked Companies’ regulatory and monitoring framework will begin in December.

Second Finance and New Economy Minister Datuk Amar Douglas Uggah said under this phase, the Ministry will be embarking on strengthening the regulatory framework and ownership policy by reviewing the existing laws and regulations.

“The ministry would also be digitising the monitoring method to be more systematic, effective and deliver real-time information to the stakeholders.

“The World Bank will also provide capacity-building training for our officers to elevate the relevant analytical skills required to implement this new initiative,” he said.

Uggah who is Deputy Premier said this when delivering his ministerial winding-up speech at the State Legislative Assembly (DUN) sitting on today (Nov 29).

He added that phase three of the study is scheduled to be implemented in 2025 to review the performance and make recommendations on areas of enhancement to the overall transformation programme.

“Apart from that, as part of the continuous efforts to strengthen the corporate governance of State-Owned Enterprises (SOEs), the initiatives undertaken are formulation of investment policy for State Statutory Bodies and State Local Authorities; formulation of annual report guidelines to provide uniform reporting across SOEs.

“Also, development of an online monitoring system for SOEs, namely, e- SOEs, to improve the overall monitoring process and analyse the performance of SOEs effectively, efficiently, and in a timely manner,” he said.

He said these initiatives are not just about enhancing current practices but also geared towards building future-ready, transparent, and accountable SOEs that can effectively meet their obligations and contribute to the broader socio-economic goals of Sarawak.