(Kuching, 13th) The “2026 Sarawak Economic Development Corporation (Amendment) Bill” was passed yesterday in the Sarawak State Legislative Assembly, further strengthening the Sarawak government’s efforts to transform the Sarawak Economic Development Corporation (SEDC) into a world-class corporate entity.
Deputy Premier, Second Finance Minister, and Minister of New Economy Datuk Amar Douglas said that this amendment reflects the government’s commitment to strengthening institutional reforms at SEDC in accordance with contemporary industry practices and the ever-evolving modern corporate environment.
“In 2022, the state government also appointed the World Bank to conduct a study on corporate governance practices of state-owned companies, including statutory bodies and government-linked companies (GLCs). Based on the findings, the state cabinet has approved the Sarawak State-Owned Companies Corporate Governance Code as the official corporate governance framework.”
He made these remarks yesterday when summing up the third reading of the “2026 Sarawak Economic Development Corporation (Amendment) Bill” in the State Assembly. The bill was previously debated by 11 state assemblymen.
He further pointed out that this code of governance will apply to all state-owned companies under the purview of the Sarawak government, including SEDC and its subsidiaries.
Meanwhile, he said that GPS has set ambitious goals for the SEDC, aiming to develop it into one of the best state corporations in Sarawak.
“The vision includes strengthening corporate governance, enhancing transparency, achieving more sustainable profits, setting clear strategic direction, and adopting a more business-oriented management style. The state government also emphasizes the implementation of inclusive policies in the management and development of SEDC to ensure the agency continues to develop in a progressive and competitive manner. All these measures are aimed at making SEDC a world-class institution.”
He said the amendment is also very important to ensure the state government’s economic entities remain relevant, responsive, and able to meet Sarawak’s rapidly growing economic needs.
Deputy Premier, Second Finance Minister, and Minister of New Economy Datuk Amar Douglas said that this amendment reflects the government’s commitment to strengthening institutional reforms at SEDC in accordance with contemporary industry practices and the ever-evolving modern corporate environment.
“In 2022, the state government also appointed the World Bank to conduct a study on corporate governance practices of state-owned companies, including statutory bodies and government-linked companies (GLCs). Based on the findings, the state cabinet has approved the Sarawak State-Owned Companies Corporate Governance Code as the official corporate governance framework.”
He made these remarks yesterday when summing up the third reading of the “2026 Sarawak Economic Development Corporation (Amendment) Bill” in the State Assembly. The bill was previously debated by 11 state assemblymen.
He further pointed out that this code of governance will apply to all state-owned companies under the purview of the Sarawak government, including SEDC and its subsidiaries.
Meanwhile, he said that GPS has set ambitious goals for the SEDC, aiming to develop it into one of the best state corporations in Sarawak.
“The vision includes strengthening corporate governance, enhancing transparency, achieving more sustainable profits, setting clear strategic direction, and adopting a more business-oriented management style. The state government also emphasizes the implementation of inclusive policies in the management and development of SEDC to ensure the agency continues to develop in a progressive and competitive manner. All these measures are aimed at making SEDC a world-class institution.”
He said the amendment is also very important to ensure the state government’s economic entities remain relevant, responsive, and able to meet Sarawak’s rapidly growing economic needs.