KUCHING – The Sarawak Government has introduced its first State Ownership Policy (SOP), a landmark initiative aimed at strengthening accountability, governance, and performance across state-owned enterprises (SOEs).
Premier of Sarawak Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari bin Tun Datuk Abang Haji Openg announced the policy during the Sarawak SOEs Transformation Programme held at the Riverside Majestic Hotel.
He explained that the SOP is part of a broader reform agenda designed to equip SOEs with frameworks and tools to thrive in a challenging operating environment.
“We are putting in place the policies, frameworks, and tools necessary to help our SOEs succeed. The Roadmap Towards Financial Self-Reliance and High-Performance Playbook being handed over today provides each participating entity with a practical and tailored roadmap towards stronger performance, financial sustainability, and long-term value creation,” he said.
The Premier described the SOP as a milestone in Sarawak’s reform journey, noting that it provides a clearer definition of the State’s role as owner, sets expectations for SOEs, and establishes standards for accountability and performance assessment.
“For the first time, Sarawak now has a clearer framework defining the State’s role as owner, the expectations placed upon our SOEs, and the standards by which performance and accountability will be assessed. It provides clarity, consistency, and accountability for everyone,” he added.
Complementing the SOP is the Sarawak Code of Corporate Governance for State-Owned Enterprises, which outlines governance expectations for boards and management.
Based on the principle of “comply or explain”, the code sets a common standard across SOEs, covering board effectiveness, risk management, transparency, disclosure, and ethical conduct.
Abang Johari emphasised that these reforms represent a shift towards a more professional ownership model. “They are not merely policy documents.
They represent a new way of thinking about how our SOEs should be governed, managed, and held accountable,” he said.
The Premier also revealed that the state government is reviewing the Statutory Bodies (Financial and Accounting Procedure) Ordinance 1995 to ensure its provisions remain relevant to modern governance and financial management challenges.
In addition, Sarawak is exploring the introduction of a broader legal and regulatory framework to strengthen SOE governance, accountability, and monitoring systems. This effort is being supported by advice from the World Bank and guided by international best practices.
The reforms aim to build entities supported by strong governance frameworks, clear accountability, and modern systems capable of sustaining high performance over the long term.
Analysts note that the introduction of the SOP and governance code aligns Sarawak with global standards, where governments increasingly adopt structured ownership policies to ensure transparency and efficiency in state enterprises.
By embedding accountability and governance into the SOE ecosystem, Sarawak seeks to ensure that public resources are managed responsibly, while enabling its enterprises to deliver greater value to the state and its people.
