80pct of proposed Mara Bill focuses on corporate governance
KUALA LUMPUR: About 80 per cent of the proposed Majlis Amanah Rakyat (Mara) Bill 2026, which is expected to be tabled in Parliament before year-end, focuses on corporate governance to strengthen the institution’s structure and management, says Mara chairman Datuk Dr Asyraf Wajdi Dusuki.
About 80 percent of the proposed Majlis Amanah Rakyat (Mara) Bill 2026 centers on corporate governance, according to Mara chairman Datuk Dr Asyraf Wajdi Dusuki. The overarching goal is to fortify the institution's structure and management, addressing potential abuse of power, governance lapses, misappropriation, irregularities, leakages, waste, and associated risks.
The bill, approved in principle by the cabinet, reduces the Mara chairman's powers compared to the Mara Act 1966. The legislation also establishes a separation of powers between the board and Mara management, introduces fit and proper criteria for board members, and limits their terms of service. Key provisions include mandatory board committees for audit, investment, finance, governance, and risk, as well as a Syariah Committee to ensure compliance with Syariah principles.
The bill marks the culmination of governance reforms since Asyraf's appointment as Mara chairman on March 10, 2023. These reforms include strengthening financial discipline, conducting forensic audits of Mara's subsidiaries, centralizing internal audit functions, and restructuring the procurement division. Amendments to the Mara Act 1966 aim to better align the legislation with Bumiputera development goals.
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