KUCHING: In a move to institutionalise Sarawak’s wealth, Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg has unveiled his vision of Sarawak Incorporated.
This, he said, will be operated by professionals where the dividends are paid to the people of Sarawak, who are the owners of the corporation.
“What I want to do now is to form Sarawak Incorporated where the shareholders are the people,” he said when speaking to Khairy Jamaluddin and Shahril Hamdan, co-hosts of the Keluar Sekejap podcast which aired on Monday (July 22).
Abang Johari said the capital will be managed prudently and by those who are professionals in their industries, adding that the past practice of appointments that are based on nepotism would put the whole economic system at risk.
“I am not criticising, but back then, if someone knew somebody, they would get appointed (to manage corporations), but if they fail, then the whole thing fails. If there are more of these cases, then the whole economic system would fail.
“Now, if the economic entity is not dependent on certain individuals and is linked to the government, we get professionals to run it, then it comes to the question of hire and fire.
“The appointments will be based on merit – it does not matter if they are highly paid, what matters is that they can deliver the dividends (to the people). That is their key performance indicator. If they don’t perform, we will fire them,” he said.
The Premier said Sarawak’s economic model is similar to Scandinavian countries where their economy, while small in size, is sustainable and driven by professionals.
“With this (set-up), the economy will be sustainable as well as safeguard our future. The Sarawak Sovereign Wealth Fund is for our savings as you must manage our incomes.
“This (economic model) has three components – normal expenditure, savings and investments. The investments are to get returns for the future, the savings are for rainy days and the normal expenditure is to run the country. “With this, the country will not become bankrupt and we don’t depend on other people,” he said.
