mystory - 7 may 2008

news one.
"The Star: Finance Ministry plays major role"

The Prime Minister holds the Finance Minister's portfolio as the ministry plays a major role in the Govt's daily administration, said Minister in the Prime Minister's Dept DS Nazri Abdul Aziz.

He told Fong Po Kuan (DAP-Batu Gajah) that the Finance Ministry was an influential portfolio responsible for agencies like Bank Negara and the Securities Commission as well as GLCs, among others.

He said the PM could run the country effectively by holding on to the Finance's Minister's post.

my comments:

I disagree. as a rakyat, i strongly believe the Prime Minister should not at the same time hold the post of Finance Minister. it is a matter of governance and transparency.

as mentioned by DS Nazri, Finance Ministry is indeed very influential. not only in its role supervising agencies like Bank Negara etc. but also in its role as guardian of the country's treasury. and in its role in project planning and implementation. it has a big hand in determining who gets what - either through open tender or direct nego.

in the private sector, we would not see a CEO doubling as a Finance Director or CFO. it is just not accceptable. the separation is essential to provide some form of check and balance in the running of an organisation. so similarly, the Prime Minister as CEO of Malaysia Inc, should not hold the post of Finance Minister. He should appoint a professional to manage and safeguard our treasury. The Prime Minister should then concentrate to provide overall leadership as a CEO. setting vision for the country.

some might say, even Tun M held the post while he was the PM. so why not? my answer is simple. at that time we were still in a crisis mode. adjusting to the effect of the financial crisis. plus he held that post only for a short while. assuming the post after Tun Daim resigned.

If Malaysia is to be run as Malaysia Inc, then it must adopt best practices. all the way to the top.