Abang Johari said the policy aims to consolidate and safeguard the state’s assets under a stronger governance framework to clearly define how Sarawak exercises ownership.

He said it is also to ensure that state-owned enterprises (SOEs) operate with commercial discipline, social responsibility, and long-term sustainability, in line with the Post-Covid-19 Development Strategy 2030.

“SOEs play a crucial role as the bridge between the government and private sector, serving not only as commercial entities but also as strategic arms of the state in advancing industrialisation, ensuring energy security, and creating opportunities to uplift the people.

“Institutional and governance reform is vital to achieving this vision, as good governance ensures that every investment and policy decision is rooted in integrity, transparency, and accountability,” Bernama quoted him as saying at the Sarawak economic conference in Kuching today.

To this end, he said, Sarawak will adopt a corporate governance code for SOEs, setting a new benchmark for transparency and ethical conduct.

“With digital performance tracking, we will measure outcomes not just in financial terms, but in real value delivered to the people. Clear goals, strong ethics, and measurable impact will define governance excellence.

“Sarawak’s leading SOEs are already driving progress in key sectors – Petros in oil and gas, Sarawak Energy in renewable energy, Sarawak Metro in urban mobility, SEDC in downstream industries, tourism and agro-based ventures, and Yayasan Sarawak in education and talent development,” he said.