{
  "id": 12762183,
  "title": "MOF finalising proposed law to strengthen governance of govt-owned companies",
  "url": "https://urgent.news/2026/10/08/mof-finalising-proposed-law-to-strengthen-governance-of-govt-owned",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-08T02:01:31.000Z",
  "source": {
    "name": "Malay Mail",
    "slug": "malay-mail",
    "url": "https://www.malaymail.com/news/malaysia/2026/10/08/mof-finalising-proposed-law-to-strengthen-governance-of-govt-owned-companies/238185"
  },
  "original_language": "en",
  "account": "KUALA LUMPUR, Oct 8 — The Malaysian government is working on a new law to enhance the oversight of state-owned enterprises. The Ministry of Finance (MOF) is drafting the Statutory Bodies and Controlled Entities (Financial Governance) Act, which is set to be enacted soon. This legislation is designed to introduce more stringent procedures for the creation of new companies, tighten controls over investment and loan approvals, and bolster the accountability of corporate boards and management teams. According to the MOF, the primary objective of this Act is to ensure that all business decisions within these entities are made with prudence, transparency, and responsibility in mind. This response to a query from Azli Yusof (PH-Shah Alam) also outlines plans to strengthen regulatory compliance concerning bonus payments and procurement processes within federal statutory bodies. Beyond legislative changes, the government intends to clarify and streamline the roles of various agencies to eliminate overlaps, fill gaps in oversight, and ensure that monitoring and follow-up actions are carried out in a more systematic, uniform, and effective manner.",
  "summary": "KUALA LUMPUR, Oct 8 — The Ministry of Finance (MOF) is finalising a proposal to enact the Statutory Bodies and Con...",
  "key_points": [
    "Malaysian government drafting Statutory Bodies Act to strengthen governance.",
    "Act aims for prudence, transparency in business decisions of state-owned firms.",
    "Plans to enhance regulatory compliance and streamline agency roles."
  ],
  "editors_take": "The proposed law aims to enhance oversight of state-owned enterprises, introducing stricter procedures and bolstering accountability, which would likely increase transparency and responsibility in their business decisions.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}