KUALA LUMPUR (May 15): Government-linked companies (GLCs) under the nation’s GLC Transformation Programme (GLCT) have been pushing up the local economy by spending RM153.9 billion in domestic investments from 2004 to 2014. Just last year alone, they provided employment to 225,050 Malaysians.

The GLCT is a 10-year programme that seeks to transform 20 selected GLCs (a grouping known as G20) into high-performing entities. Among the more notable names under G20 are: Axiata Group Bhd, Boustead Holdings Bhd, CIMB Group Bhd, Malayan Banking Bhd, Malaysia Airports Holdings Bhd and Affin Holdings Bhd.

According to a statement by Putrajaya’s Transformation Management Office (TMO) today, G20 has significantly contributed to nation-building, such as supporting the Government Transformation Programme and Economic Transformation Programme.

The companies under the grouping has supported the government by developing new, knowledge-based and service-oriented industries and sectors and have helped develop economic corridors which are catalytic to push the nation up the economic value chain.

In the statement, Prime Minister Datuk Sri Najib Tun Razak said government-linked investment companies (GICs) and GLCs should continue to institutionalise the three underlying principles of the GLCT programme after its 10-year tenure.

“It will be imperative for GLICs and GLCs to continuously strive for greater heights, whether it is in terms of being best in class or emerging regional, if not global champions,” said Najib.

TMO noted that G20 companies have seen their market capitalisation grow 3.2 times to RM431.1 billion as at April 7, 2015, from RM133.8 billion on May 14, 2004, at a compounded annual growth rate of 10.2%.

Over the same period, the G20s saw a total shareholders’ return of 12.6% per annum, outperforming the FBM KLCI by 0.4% per annum.

TMO said GLCs have also promoted growth with inclusivity by enhancing diversity of their workforce in terms of gender, ethnicity and age.

“GLCs are also continuously improving their work-life practices, including by providing family-friendly facilities at the work place and flexible work arrangements. In 2014, about 16.9% of G20 and its listed subsidiaries’ board positions were held by women, compared to 10.2% for all listed companies in Malaysia,” said TMO.