Government-linked companies such as Petronas must be transparent
DAP National Deputy Chairman and MP for Kepong Dr Tan Seng Giaw urges government-linked companies (GLCs) such as Petronas to be transparent and fulfil their corporate responsibilities.
The Petrons Gas financial report indicates its financial year ending on 31 March. For instance, the 2006 figures are from 31 March, 2005 to 31 March, 2006.
Among the GLCs, such companies as Petronas, Sime Darby and Guthrie are prominent. Although they mention corporate responsibilities like health, safety and environment, what they have done is inadequate. Meanwhile, they must improve on transparency. They are registered companies. They do not submit their financial reports to Parliament.
With the financial year ending 31 march, 2006, Petronas's profit before tax is RM18.62 billion. Petronas Gas annual report shows 2006 profit before tax as RM1.0249 billion, 2002 0.6056 billion, 2003 RM0.7791 billion, 2004 RM0.7409 and 2005 RM1.0249 billion.
For the financial year 2002, Petronas Gas's revenue shows RM1.9496 billion, 2003 RM2.2357 billion, 2004 RM2.2302 billion, 2005 RM2.3073 billion and 2006 RM2.8393 billion.
Clearly, the revenue and profit of Petronas from petroleum and gas are huge. It and other GLCs must have transparency and corporate responsibilities.