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Moving Forward: PKA and PKFZ to Adopt International Standards of Corporate Governance |
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Written by Ong Tee Keat
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Wednesday, 29 July 2009 |
I was made to understand that the Ad-Hoc Committee on Corporate Governance delivered their key recommendations to Port Klang Authority earlier this afternoon. I had wanted to attend the briefing, but was taken ill.
The committee was set up on June 10, 2009 to make recommendations for the significant improvement in governance at PKA following the release of the PricewaterHouse (PwCAS) report. I am pleased that the committee had reverted within the 2 month period given to them.
I am very impressed not only with the speed in which the report was completed but also that key recommendations reflect international standards of good governance. This should come as no surprise as the committee is made up of eminent individuals led by Dato' Paul Low, who is also Transparency International Malaysia president.
Port Klang Authority had been advised to act on the recommendations immediately. To ensure that the recommendations are followed through, I have suggested that the PKA invites a member of Transparency International Malaysia to sit on the board for six months. I am glad that the PKA has responded positively to the suggestion.
Among the recommendations that I find particularly interesting in the report are that one-third of the boards of both PKA and PKFZ Sdn Bhd, should be made up of independent non-executive directors. I also welcome the suggestion to have the general manager of PKA to be more accountable to the board. The establishment of the supervisory committee on ethics and integrity could also could also build and strengthen good governance culture at all levels in the organisation.
While these recommendations are aimed at putting in place institutional mechanisms to safeguard transparency and good governance, it is also important that individuals at all levels in PKA have a sound understanding and awareness about these two values.
Towards this end, I have advised PKA to conduct two seminars on transparency and accountability - one for the PKA board and senior management officials, and another one for all staff of PKA and PKFZ.
We cannot afford another PKFZ fiasco. The problematic issues that arose from weak corporate governance and weak management should not be allowed to repeat. Today marks an important milestone where we boldly step forward to adopt international best practice in corporate governance.
We may be starting with baby steps but it represents a giant leap forward in turning the project around.
I reiterate my commitment to the project simply because it represents the people’s funds and interests. I will not let myself to be distracted from snipers or opportunists with vested self-interests to politicize this issue.
More steps towards that direction are underway. I am confident and that the Special Taskforce and the PKFZ executive committee - which were set up together with the ad-hoc committee on administration and corporate governance - will come back with equally promising findings for us to act upon.
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Frankly, I was quite discontent with the old ways of MCA or BN coping issues without concerning people's and nation's welfares in the past. People want a government that is at least transparent and credible, not a government who wants to cover up mistakes they had made and tell open lies to the people. Everyone knows PKFZ is a fiasco. I have to applaud you for taking actions to complete the report and proposing constructive suggestions to repair the damages done by the past administrations. This is a good start!
As a patriotic Malaysian who wants nothing but the best for the country as a whole, I truly salute you as a sincere and brave leader that dares to take the first step to make our nation a better one. There might be other who don't share the same views as I have, I can envisage the obstacles you need to overcome in order to achieve the revolutionary goals you set.
If you are unfortunately forced to step down now, I will not vote for MCA anymore. How could MCA reject a leader who is just doing the right thing right and fight for the people?
Good luck, Datuk Seri! Please keep up the good works!