PENANG is strengthening the Chief Minister Incorporated (CMI) agency with a capable and professional team to support its role and responsibilities, Chief Minister Chow Kon Yeow (PH-Padang Kota) said in his winding-up speech at the State Legislative Assembly today.
Chow said CMI has already recruited key positions, including an accountant and an investment officer, while plans are underway to establish a dedicated technical unit.
“These new hires will strengthen CMI’s capacity , while also enhancing our ability to increase revenue from state assets and monitor projects more effectively,” Chow said.
He also mentioned that the enhanced capacity would allow CMI to better supervise the financial positions of 18 government-linked companies (GLCs) under State Secretary Penang Incorporation (SSI).
In terms of governance, Chow stated that state-owned companies (GLCs) are now required to submit their annual budget applications for review.
“These budgets are scrutinised in collaboration with the State Finance Department (JKN) and CMI to ensure transparency and accountability.
“This system will help ensure better fund management,” Chow noted, adding that GLCs must also submit their audited financial statements to the National Audit Department for further oversight.
Chow said the state also agreed to amending the Memorandum & Articles of Association (M&A) of several GLCs to allow them to generate their own income. The first phase of these amendments is being carried out for Penang Convention & Exhibition Bureau (PCEB), Digital Penang, and Penang Women’s Development Corporation (PWDC).
In a further effort to enhance GLC operations, CMI has appointed consultants from Universiti Sains Malaysia to help align and standardise the functions of these agencies, while assessing their actual capacity to generate revenue.
Chow also shared that CMI has established a Consolidated Trust Account, which is set to be activated in January 2026.
Story by Edmund Lee