The government is open to an RCI into KWAP and EPF if concrete evidence warrants an independent inquiry into governance and investment decisions
KUALA LUMPUR: The government is open to considering a proposal to establish a Royal Commission of Inquiry (RCI) into the Retirement Fund (Incorporated) (KWAP) and the Employees Provident Fund (EPF), should the need arise.
Minister in the Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said this would apply if there is concrete information, evidence, or findings indicating a necessity for a comprehensive and independent public inquiry.
She added that the government remains committed to ensuring that any issues concerning the management of public funds including aspects of governance and investment decisions are examined based on facts and evidence, through appropriate oversight mechanisms.
“If the findings indicate a clear public need and interest for a special inquiry, a proposal to establish a Royal Commission of Inquiry (RCI) may be duly considered.
“In determining the necessity for an RCI whether it concerns institutions that manage public funds or any other institution the government takes into account public interest, the gravity of the issue, as well as available facts and evidence,” she said in a written reply to the Dewan Rakyat, which was published on the Parliament’s website today.
Azalina made these remarks in response to a question from Datuk Seri Dr. Shahidan Kassim (PN-Arau) regarding whether the government is prepared to consider establishing an RCI concerning KWAP (Retirement Fund Incorporated) and the EPF (Employees Provident Fund) in relation to their governance, investment management, or questionable financial decisions.
Addressing Shahidan’s query on the criteria used to determine the need for an RCI into institutions that manage public funds, Azalina explained that the prevailing Standard Operating Procedures (SOP) require such a proposal to be submitted via a Cabinet Memorandum by the lead ministry.
“The memorandum is then submitted for Cabinet approval. Once approved, the Prime Minister will present the proposal to the Yang di-Pertuan Agong to seek His Majesty’s consent.
“If consent is granted, the establishment of the RCI will involve defining its terms of reference, membership, and the duration of the inquiry. These details are subsequently finalised through a gazette notification in the Federal Government Gazette before the RCI commences its functions,” she said.