Finding an equilibrium for GLCs and GLICs

Free Malaysia Today

Experts say that while government-linked business entities have a  social agenda, they must also ensure they meet their corporate  objectives   Read More: https://www.freemalaysiatoday.com/category/nation/2024/09/07/finding-an-equilibrium-for-glcs-and-glics/   Laporan Lanjut:  https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/09/07/mencari-keseimbangan-bagi-glc-glic/   Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------  Check us out at https://www.freemalaysiatoday.com  Follow FMT on Facebook: https://bit.ly/49JJoo5  Follow FMT on Dailymotion: https://bit.ly/2WGITHM  Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h  Follow FMT on TikTok : https://bit.ly/3uKuQFp  Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX  Follow FMT LinkedIn - https://bit.ly/42YytEb  Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj  Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------  Download FMT News App:  Google Play – http://bit.ly/2YSuV46  App Store – https://apple.co/2HNH7gZ  Huawei AppGallery - https://bit.ly/2D2OpNP   #FMTNews #ESG #PRI #GLC #GLIC

Transcript

00:00In Malaysia, government-linked companies and government-linked investment companies face

00:06the challenge of balancing business goals with environmental, social, and governance

00:11demands.

00:12Sri Murniati Yusuf from the Institute for Democracy and Economic Affairs argues that

00:18these objectives, including Wiputra Empowerment, should complement each other rather than be

00:23in conflict.

00:25Many companies have embraced ESG, with three GLICs joining the UN's Principles for Responsible

00:31Investment, a network of financial institutions working together in pursuit of sustainability.

00:37Petronas, for example, aims to cut its domestic greenhouse gas emissions from 54.03 million

00:44tons in 2022 to 49.5 million this year.

00:50Meanwhile, its subsidiary, Malaysian refining company Sindiran Berhad, is piloting a program

00:56that uses environmentally-friendly chemicals to treat sludge, recover oil, and in the process,

01:02reduce the volume of solid waste.

01:04GLCs are also tasked with fostering Bumiputra businesses through vendor programs, which

01:10Sri Murniati says must align with strong corporate governance.

01:15Meanwhile, economist Raja Rassia says while progress has been made in Bumiputra Empowerment,

01:21GLCs need a critical review to ensure transparency and competitiveness.

01:27He also called for a business charter aligned with global corporate standards to guide their

01:32success in an open business environment.

01:35Natasha Bust, FMT Business.

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