To be an effective regulatory body in terms of financial management that drives statutory bodies towards high performance.
Strive to ensure statutory bodies comply with good governance and reduce reliance on Government financial support.
- Performing roles and functions of central agency for statutory bodies in order to get approval on matters under Minister of Finance jurisdiction;
- Monitoring and reporting statutory bodies financial performance;
- Monitoring and reporting KPI achievements of statutory bodies under Ministry of Finance;
- To provide financial guidelines to be adopted by statutory bodies; and
- Ensuring statutory bodies good governance and enhancing the effectiveness of board of director functions.
Statutory Body Management Section
- Developing and implementing policies and strategic direction for the management of Federal Statutory Bodies.
- Preparing Cabinet’s Memorandum regarding Annual Report and Financial Statements for Federal Statutory Bodies listed under the Ministry of Finance.
- Identify and monitor key performance indicators (KPI) for Federal Statutory Bodies listed under the Ministry of Finance.
- Conducting research on the financial management of Federal Statutory Bodies, especially in terms of financial accounting methods, policies on reserves usage, cash management, asset management and others
- Preparing reports/presentations paper to be tabled to the Mesyuarat Pegawai Kewangan Negeri and Majlis Kewangan Negara.
Analysis and Reporting Section
- To analyze Federal Statutory Bodies’ cash position for grant disbursement approval.
- To process Federal Statutory Bodies’ applications on matters related to investment, borrowing/loan as well as establishment of new subsidiaries.
- To process State Economic Development Corporations (SEDCs) applications on matters related to investment, borrowing/loan, establishment of new subsidiaries as well as disposal of assets under Act 380.
- To process investment proposals by Local Authorities under Act 171.
- To analyze and prepare input for papers on Federal Statutory Bodies’ audited Financial Statements and Annual Reports.
Section of Governance for Board of Directors
- Responsible in developing the policy and guidelines for governance of Board of Directors in Statutory Bodies of Ministry of Finance.
- To appointment representative from Ministry of Finance in Board of Directors in Statutory Bodies.
- To examine and process recommendation and suggestion of new appointment or re-appointment of Chief Executive Officer, Chairman, Board of Directors, Investment Panel Committee, Committee Panel and Alternate Member in Statutory Bodies that need approval from Ministry of Finance.
- To process appointment of Syariah Advisory Council for financial institution/ trust institution/ bank under Ministry of Finance.
- To identify and conduct training in order to increase capability and competence of member of Board of Director in Statutory Body.
- To fix the policy and handling application related to salary, allowances, bonus and remuneration facilities for members/Board/Council/Committee including those that been separated their remuneration.
- To give advice and guidance to Board of Directors/Ministry of Finance representative.
- Monitoring performance of members of Board of directors that been appointed by Ministry of Finance.
- Handling administration matters regarding office and corporate division.
We promise to process and deliver the results of the Ministry of Finance in the following areas after receiving a complete application that:
|1.||Distribution of annual operating and development grant for Federal Statutory Body||7 working days|
|2.||Application for loan / investment / establishment of subsidiaries under Federal Statutory Body||21 working days|
|3.||Review Statutory Body’s Annual Report and Financial Statements for the purpose of presenting to the Cabinet and Parliament||7 working days|
|4||Handling appointment/re-appointment/termination representative of members of board of directors from Ministry of Finance in Statutory Body in 14 days since acceptance of full documents and with approval of high management.||14 working days|
|5||Handling proposal of appointment/re-appointment/termination as Chief Executive Officer, Chairman, members of Board of Directors, Panel Member, Alternate Member or Investment Panel Member in Statutory Bodies that need Ministry of Finance approval (as stated in the Act) in 14 days since acceptance of full documents and with approval of high management.||14 working days|
|6||Provide Ministry of Finance comment on amendment of Federal Statutory Body Act.||14 working days|