KUALA LUMPUR, Aug 19 (Bernama) -- The proposed Majlis Amanah Rakyat (MARA) Bill 2026, aimed at streamlining and strengthening the agency’s governance, is now in its final stage and is expected to be tabled in Parliament this November.
MARA chairman Datuk Asyraf Wajdi Dusuki said 80 per cent of the Bill’s contents emphasised good governance, based on international standards and sound corporate practices, while limiting the powers of the chairman.
“The powers of the chairman have been reduced, and the chairman cannot be involved in administrative matters, but only serves as a ‘check and balance’. It is not about me.
“It is about the institution. I am only here temporarily, but I want to leave behind a legacy where the institution is strong, solid and robust in terms of corporate governance, so that there is no room for any form of corruption, malpractice or misappropriation,” he said in his speech at the MARA Sponsored Pre-Departure programme, here today.
On Aug 12, Asyraf Wajdi said the Bill was being drafted to ensure that there would be no further incidents involving abuse of power, weaknesses in governance, misappropriation, irregularities, leakages or wastage, or risks which could cause serious harm to the institution, which is responsible for safeguarding the interests of the Malays and Bumiputera.
He said among the key provisions in the draft MARA Bill 2026, which has received policy approval from the Cabinet, is the reduction of the MARA chairman’s powers with the chairman only responsible for chairing the Board of Directors or Council and determining policy matters, compared with the powers provided under the MARA Act 1966.
Elaborating, he said the MARA Act 1966 needed to be updated, as it was no longer in line with current developments and corporate governance requirements.
“What was done in the 1960s was different in the 1970s, and things are different now. They will also be different 10 or 20 years from now. At that time, what I am doing in 2026 may no longer be relevant (in the future), and there must continue to be better changes,” he said.
-- BERNAMA