KUSKOP to table a new bill in parliament this year to enhance cooperative governance, integrity and transparency, says minister Steven Sim.
KUALA LUMPUR: The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) will table a new Bill in Parliament this year to enhance governance and integrity within the national cooperative movement.
Its minister, Steven Sim Chee Keong, said the Bill includes a review of related Acts, with improvements to management practices aimed at strengthening transparency and accountability.
He said the move is important to prevent misappropriation and to reinforce confidence in cooperative institutions.
Sim added that the proposed Bill was discussed at the National Cooperative Consultative Council (MPKK) meeting at Menara Kembar Bank Rakyat, which he chaired today.
“We are reviewing the relevant Acts to improve management and governance, in line with good governance practices, to prevent such issues from arising.
“There is also a proposal for cooperative leaders to undergo specific training, similar to corporate board directors who are required to undertake courses on governance and integrity,” he told reporters after the meeting.
Sim said the drafting of the new law is currently being reviewed by the Attorney General’s Chambers.
Previously, the Malaysian Anti-Corruption Commission (MACC) revealed that it had opened more than 300 investigation papers involving cooperatives since 2020, with over 70 individuals detained to assist in investigations into misappropriation and abuse of power.