Proposed Mara Bill to impose term limits on board members under governance overhaul, says chairman

KUALA LUMPUR, Aug 13 — A significant portion of the forthcoming Majlis Amanah Rakyat (Mara) Bill 2026, set to be presented to Parliament before year-end, concentrates on governance improvements to bolster the institution's structure and leadership, according to Mara chairman Datuk Dr Asyraf Wajdi Dusuki. Speaking via a Facebook post, he unveiled that the initiative aims to curb power abuse, governance lapses, financial mismanagement, irregularities, leaks, and waste, along with threats that could inflict substantial harm on the agency tasked with safeguarding the interests of Malays and Bumiputeras.

Asyraf Wajdi revealed a paramount element of the Bill, already endorsed in principle by the Cabinet, involves diminishing the authority of the Mara chairman to preside over the Board or Council and dictate policy decisions, in contrast to their current roles under the Mara Act 1966. He further explained that the legislation will establish a separation of powers between the Board and Mara management, introduce 'fit and proper' prerequisites for Board members, and restrict their service terms.

Additionally, the Bill will reinforce financial governance and procurement methods to conform with national and international benchmarks.

The draft Bill will also institute several obligatory Board committees, namely the Mara Audit, Investment, Finance and Governance, and Risk committees. Moreover, it will inaugurate a Syariah Committee for the very first time, ensuring all Mara operations align with Syariah principles. Asyraf Wajdi highlighted that the proposed Bill encompasses additional vital provisions on good governance that were not explicitly stipulated under the Mara Act 1966.

He attributed these measures to a governance reform program initiated since his appointment as Mara chairman on March 10, 2023, following the establishment of a specialized task force led by former Bank Negara Malaysia governor Tan Sri Muhammad Ibrahim.

The chairman emphasized that the amendments to the Mara Act 1966 would render the new legislation more pertinent and better equipped to fortify the agency's role in advancing the Bumiputera development agenda.