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CLICK TO ENLARGEPETALING JAYA: The country’s sovereign wealth funds (SWFs) will undergo a “re-balancing of focus” between financial returns and socio-economic deliverables.
Prime Minister Tan Sri Muhyiddin Yassin said yesterday that the SWFs will prioritise long-term capital investing in a more strategic and targeted way into new growth areas.
The SWFs are Khazanah Nasional Bhd, Retirement Fund Inc (KWAP), National Trust Fund (KWAN) and Minister of Finance Inc.
Meanwhile, Malaysia’s institutional fund investors such as the Employees Provident Fund (EPF), Permodalan Nasional Bhd (PNB), Lembaga Tabung Haji (LTH) and Lembaga Tabung Angkatan Tentera (LTAT) will retain their mandate of maximising returns of contributors.Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz, who also spoke at the virtual launch, Perkukuh is a medium-term initiative as part of the last key pillar of the government’s 6R Economic Recovery Strategy (Resolve, Resilience, Restart, Recovery, Revitalise and Reform).
At the same time, Muhyiddin said the institutional investors will also play a synergistic role in contributing to national development.
“This will include a more cohesive and scaled-up approach to corporate social responsibility and supporting national priorities like environmental, social and governance (ESG) and green financing,” according to the premier.
Over the next three years, the government will reform and future-proof the government-linked investment companies (GLICs), comprising the SWFs and the institutional investors, under the Perkukuh Pelaburan Rakyat programme or “Perkukuh”.
Speaking during the virtual launch of Perkukuh yesterday, Muhyiddin said the programme comprises 20 key initiatives to achieve five key outcomes, namely:
> Sharpened clarity on the mandate of each GLIC;
> Enhanced focus on developmental and catalytical investments to spur new growth and enhanced socio-economic impact;
> Crowd-in the private sector while streamlining the role of the government and its agencies in business;
> Future-proof GLICs with best-in-class governance, capabilities and strategies; and
> Strengthen social safeguards and fiscal resilience.
The 20 key initiatives will be implemented on a multi-wave basis until 2024.
“Perkukuh will also look at optimising the operations of the relevant SWFs and institutional investors where the management of certain asset classes will be pooled to achieve economies of scale and improved returns.