Wednesday, June 18, 2008

Be More Transparent, Petronas

Last night, I watched the live interview of Petronas Chairman Hassan Marican on TV9. I was not very impressed with his answers. He said that the corporation’s account had been published and made public for the past 18 years. However, only a summary of its financial position is available on the corporation's website.

A number of politicians including DAP National Advisor Lim Kit Siang, Lim Guan Eng and now Khairy Jamaluddin have demanded that Petronas reveal more than just basic information.

Khairy said Petronas had been tasked with safeguarding the nation’s most important natural resource and should be held to a higher level of scrutiny than what the annual report provided.

“I would suggest that Petronas commits itself to greater transparency and accountability by agreeing to give a special briefing to all MPs on the company’s corporate activities and financial position, and open the briefing to questions from the floor,” he said.

Executives in the corporation must take note that they are entrusted with a huge responsibility to manage the country's most important and valuable natural resources and this responsibility comes with a greater commitment to transparency and accountability.

During the Mahathir's era, the corporation's account and financial position was shrouded with secrecy. Now, I would like to call for the corporation to release full details of its financial position including investments, operations costs and earnings.

Any thing short will not help to abate people's anger of the cuts in subsidy. We deserve to know where the RM320 billion or more have been spent.


Anonymous said...

"We deserve to know where the RM320 billion or more have been spent." - you should ask the government not PETRONAS.

Khoo Kay Peng said...

Are you suggesting that both the Government and Petronas, the GLC do not have a direct nexus? Petronas is run by BN nominees.

Anonymous said...

Petronas is run by highly intellectual people. Their political concern has nothing to do with Petronas.