The government is open to considering the establishment of a Royal Commission of Inquiry (RCI) into the Employees Provident Fund (EPF) and Retirement Fund Inc (KWAP) if there is a need for a comprehensive investigation.
Minister in the Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said such a proposal could be considered if there was credible information, evidence or findings indicating the need for an independent public inquiry.
She said the government would continue to ensure that issues involving the management of public funds, including governance and investment decisions, were examined based on facts and evidence through appropriate oversight mechanisms.
“If a review finds a clear need and public interest in conducting a special investigation, the proposal to establish an RCI can be considered accordingly.
“In determining whether an RCI is necessary, whether it involves institutions managing public funds or any other institutions, the government also considers the public interest, the seriousness of the issue, and the available facts and evidence,” she said.
Azalina was responding to a written parliamentary question from Datuk Seri Dr Shahidan Kassim (PN-Arau) on whether the government was prepared to consider an RCI into the EPF and KWAP over their governance, investment management or potentially questionable financial decisions.
On the criteria for establishing an RCI into institutions managing public funds, Azalina said the existing standard operating procedures required the lead ministry to submit a proposal through a memorandum to the Cabinet.
The memorandum would then be considered for Cabinet approval. Once approved, the Prime Minister would submit the proposal to the Yang di-Pertuan Agong for royal consent.
“If consent is granted, the establishment of the RCI will involve determining its terms of reference, membership and duration of the inquiry. These details will then be finalised through publication in the Federal Government Gazette before the RCI begins its work,” she said.
Azalina’s response was published on Parliament’s website on Tuesday.
