Finally Some Smart Comments
Dr Hilmi Yahaya, The Voice Of Reason
It is heart warming to hear smart comments from an indispensable department of the government in Malaysia. Dr Hilmi Yahaya, the parliamentary secretary for Finance Ministry said CEOs of government linked companies who failed to perform have been advised to retire early. During a parlimentary session last Thursday, Dr Hilmi said that four of the 15 largest GLCs in the country suffered losses last year - they were Bank Islam Malaysia, MAS, UEM World and Proton Holdings.
The problem of having a paternalistic government is that peole entrusted with responsibilities doesn't get "penalised" if they performed poorly. Thankfully, Khazanah recognises this, and in a very indirect way is basically telling the CEOs of GLCs to buck up. Already some of the driftwood have been asked to leave last year. Only by imposing the Key Performance Indicators can there be accountability. Heads will have to roll for the "management culture to be revitalised". It used to be no big deal if the GLC you are running is being ran to the ground - not even a slap on the wrist, that has to change. Khazanah should make this book as a must read for all senior management of GLCs: Execution - The Discipline of Getting Things Done by Larry Bossidy and Ram Charan.