Company Background

MIND - Company BackgroundThe establishment of the Malaysian Director’s Academy, or MINDA, is the result of the 10 initiatives developed by the Government Linked Companies Transformation Programme (GLCT), which were launched on 29th July 2005. The GLCT is part of the ongoing effort by the Government to drive development and grow the economy in achieving Vision 2020.

Necessitated by the increasingly intense competition offered by other nations as a result of globalisation and liberalisation, the transformation initiatives seek to produce a change in the Malaysian economy by moving it into a higher level of performance and merit.

The GLCT is predominantly focused on the Transformation of the Government Linked Companies (GLCs), i.e. the corporate sector. As the engine of growth and as providers of mission-critical services - such as utilities and infrastructure - and as strategic developers in many of the new growth areas, the reform and transformation of GLCs into high-performing organizations plays a critical role in realizing Malaysia’s ambition to achieve developed nation status.

GLCs continue to constitute a major part of the nation’s economic structure. Thus, it is in the national interest that GLCs play their role, both in supporting the success of other companies that make up Malaysia Inc. and at the same time, leading the way as successful corporations in their own right. Both roles require a continued focus on performance and competitiveness, which needs to be benchmarked, not only locally but at global standards. In this context, the Government is committed to ensure that the GLC Transformation Programme continues to be implemented. If anything, with greater urgency and focus. The continued drive for high performance is critical to ensure that Malaysia is able to unlock its full growth potential.

Excerpt from Keynote address by YAB Dato Seri Mohd Najib Bin Tun Hj Abd Razak, Prime Minister of Malaysia at Invest Malaysia Conference, 30th June 2009.

In early 2005, the Putrajaya Committee on GLC High Performance (PCG) was established to follow through and catalyse the GLC Transformation Programme. One of the most significant undertakings by the PCG, was the completion of the GLC Transformation Programme Initiatives in July 2005. Developed with the input of over 100 CEOs, Chairmen and Board members of GLCs, the Manual contains three key principles:

  1. A part of a larger national development strategy

  2. Is focused on enhancing performance at the GLCs; and

  3. Takes full cognisance of matters relating to governance, shareholder value and stakeholder management.

Policy Thrusts

The Manual drills down further by listing five Policy Thrusts and ten Initiatives. The Policy Thrusts and Initiatives are as follows:

  1. clarify the GLC mandate in the context of national development;

  2. upgrade the effectiveness of Boards and reinforce corporate governance of GLC’s;

  3. enhance GLIC’s capabilities as professional shareholders;

  4. adopt corporate best practices within GLC’s; and

  5. implement and enforce the GLC Transformation Programme.

 

Transforming GLCs will contribute to the development of all stakeholders and enhance the national economy over time... literally everyone will benefit from GLC transformation.

Excerpt from speech by YAB Tun Abdullah bin Haji Ahmad Badawi, former Prime Minister of Malaysia, at the launch of the GLC Transformation Programme, 29 July 2005.