lifestyle What Makes GLCs Different From Other Companies? Here's A Look At The Unique Role They Play Cover image via phyo min/Unsplash & Patrick Langwallner/Unsplash Follow us on Instagram, TikTok, and WhatsApp for the latest stories and breaking news.In short, GLCs are businesses partially owned by the government, while GLICs are government investment bodies that manage public money and invest in companies.
Image via Sinar Daily "GLCs were, in fact, originally established to support the Bumiputera empowerment agenda, but in the current environment, a lot more is expected of them," she told Free Malaysia Today. Image via Wilayah.com.my For example, three GLICs have signed the Principles of Responsible Investment , a United Nations-supported network that promotes sustainability in the financial sector.
In terms of innovation, Malaysian Refining Company, a PETRONAS subsidiary, is working on a project that uses eco-friendly chemicals to treat sludge, helping recover oil and reduce solid waste. Image via phyo min/Unsplash According to economist Rajah Rasiah, GLCs were established to support Malaysia's development goals, which include the Bumiputera agenda. However, he acknowledged a need where Bumiputera businesses can integrate into wider Malaysian society.