Answer to Oral Question PL58

Reading Summary

📖 Reading time: 3 minutes
📊 Word count: 376 words

YANG BERHORMAT DR. AWANG HAJI MAHALI BIN HAJI MOMIN

QUESTION:

YANG BERHORMAT DR. AWANG HAJI MAHALI BIN HAJI MOMIN asked the MINISTER OF FINANCE AND ECONOMY II to outline the policies in ensuring GLCs contribute to economic growth and employment opportunities. What are the Ministry's efforts to ensure that such information is known to the public given that GLCs play a crucial role in Brunei's economy, where transparency and accountability are needed to ensure their operations are efficient, profitable, and beneficial to the community.

YANG BERHORMAT MINISTER OF FINANCE AND ECONOMY II

ANSWER:

Your Honourable Member asked about the transparency and accountability of GLCs. Kaola would like to share in this Honourable House that over the past few years, GLC Companies have undergone significant changes or transformations and have experienced strong governance in line with international best practices. Firstly, each GLC is managed by a board of directors where all Board Members must undergo intensive training. Furthermore, most GLCs now practice the Code of Corporate Governance as a guide to their business operations. Additionally, each GLC is also required to provide their annual financial statements according to the International Financial Reporting Standards (IFRS) aimed to be presented to shareholders and authorities like the Revenue Division, Ministry of Finance and Economy to comply with annual filing requirements. In this regard, GLCs also have strong controls through internal audits, external auditors, and certainly the Government Audit Department.

For GLCs under the care of Darussalam Assets (DA), all GLC accounts are consolidated and presented in the Darussalam Assets Board of Directors meeting and Supervisory Council, Darussalam Assets. This indicates sufficient scrutiny and monitoring. Importantly, as Kaola presented in the Supply Bill Presentation Paper the other day, there is a continuous effort demonstrated by GLCs in contributing to and assisting in the country's economic development and providing job opportunities for our local residents.

For the information of Your Honourable Members, the existing GLC companies are currently regarded as private limited companies that do not require the sharing of information or financial statements with the public, unless the GLC is listed on the stock exchange one day, which would require any information such as business activities or financial statements to be announced for public and investor use.

This brings kaola to the next question under PL9 regarding the current developments of the Stock Exchange Project.