KUALA LUMPUR: Asset declaration is required for C-suite executives of government-linked investment companies (GLICs) which the Federal Government has direct interest in, says Minister in the Prime Minister’s Department (Federal Territories) Datuk Seri Dr Zaliha Mustafa.
“For GLICs with direct federal government interests, such as the Employees Provident Fund, the Retirement Fund (Inc), Lembaga Tabung Haji, and the Armed Forces Fund Board, asset declarations have been implemented for senior management and all staff, in accordance with their internal regulations,” she told the Dewan Rakyat on Tuesday (Nov 4).
The term “C-suite” refers to a company’s top executives, whose titles typically start with “chief”, such as chief executive officer (CEO), chief financial officer (CFO), chief operating officer (COO) and so on.
Dr Zaliha said board members of companies owned by the Minister Finance Inc are also required to declare their assets in accordance with the MOF Inc’s Board Governance Guidelines.
She said this applies to both political appointees and public officers.
Civil servants too are required to declare their assets as per the Public Officers (Conduct and Discipline) Regulations 1993.
Dr Zaliha explained that generally public officers are required to declare assets upon their appointment to the public service.
An asset declaration is also required when acquiring or disposing of assets, and when requested by the government.
“Asset declarations must be made at least once every five years, counted from the date of the previous declaration. If, during this period, an officer does not acquire or dispose of any assets, they are still required to submit a declaration. Failure to declare assets may result in disciplinary action,” she said.
“For state government and local authority officers, asset declarations are implemented according to regulations established at their respective levels,” she said.
She was responding to a question from V. Ganabatirau (PH-Klang) on the government’s plans to mandate asset declarations for all public officers as well as senior officials in government-linked companies (GLCs) and government-linked investment companies (GLICs) owned by the federal government.
Meanwhile in response to a supplementary question by Rushdan Rusmi (PN-Padang Besar), Dr Zaliha said both fixed and non-fixed assets must be declared.
The fixed assets that have to be declared include property and vehicle. Cash, shares, securities and investments including digital investments such as cryptocurrency have to be declared.
High value goods such as jewellery, club membership, furniture and sports equipment that are valued at more than RM10,000 must also be declared.
She said this is to prevent hidden assets, especially those registered under the name of another individual.
