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PUTRAJAYA: Finance Minister Tengku Zafrul Aziz said that it is time for government-linked companies (GLC) and government-linked investment companies (GLIC) to make bigger contributions to help the government cushion the economic repercussions. of Covid-19.
Speaking to Sinar Harian, he also said that he had started talks with companies on how they can help the economy and the rakyat.
“I feel this is important, but we are still in the discussion stage,” he said.
He said he could not deny that GLCs and GLICs contribute to the economy, but the government requires more support from them at this time to revive the economy and open up job opportunities.
“They must change their perspective as there is pressure on the economy and people are struggling.”
He said companies that are still doing well right now shouldn’t just look at earnings, but should do more for economic, employment and investment development.
“I don’t want the GLCs and GLICs to reduce their investments due to the current economic situation.
“This cannot happen because the government is increasing its spending on development; we want to have positive effects on the economy.”
Tengku Zafrul said that GLCs should spend and invest more, rather than postpone their spending plans. He said this would have a significant spillover effect in other areas.
However, he said there were also some company directors who did not agree with his plans.
“But this is the time to show leadership in the GLCs and the companies under their leadership that can still afford to help the rakyat and the economy. But I don’t know if they will accept this request or not. “
On the issue of high salaries for top executives of companies, Tengku Zafrul said that the government will not interfere on the issue, but can only advise them on the issue.
“To be fair, I must say that there have been GLCs that have already introduced pay cuts. I also know that there are some companies that have done it, but have not officially announced them.
“The oil and gas sector was also affected (with wage cuts).
“I hope that in terms of administration, the board of directors can make the decision since the government cannot interfere.
“The board of directors must act accordingly,” he said.
