UMNO Thinks They Own The GLCs

Yes they do. UMNO assumes all national assets belongs to them. Khazanah, PNB, EPF, FELDA, Tabung Haji, UDA, the whole lot is theirs. 

These people are so very stupid. 

Take the Teluk Intan UMNO chief Dato Idris Hashim as an example. At the recent UMNO GA, he demanded that "peneraju syarikat berkaitan kerajaan (GLC) dan syarikat pelaburan berkaitan kerajaan (GLIC) perlu mempunyai semangat Umno." (I got this from Harian Metro - they can't be lying, can they?) He added “Beri jawatan kepada orang bersemangat Umno, baru semua program direncana kerajaan dapat dilaksana dengan baik,”  

What makes him and his UMNO friends that GLCs belong to them and should heed their instructions? 

Companies are owned by the shareholders. In the case of the GLCs, most of them are majority owned by one or a few of the agencies/funds mentioned in the first paragraph. The said agencies/funds in turn are funded by the rakyat, either directly (PNB, EPF, TH) or indirectly (Khazanah, UDA) via our tax dollars. 

Let's now look at the composition of the shareholders (i.e. the rakyat whose hard earned Ringgit finance the agencies/funds). EPF for example are funded via contributions from salary deductions. The higher your salary the more you contribute. If UMNO wants to look at it from the racial perspective, let me ask them; which group earns a higher salary in general  and thus contributes more to the EPF coffers? By right, this group should be the ones given more voice in determining how EPF spends their money. 

Khazanah and UDA are basically funded by tax revenues. At least the most part of it. Again, since UMNO insist on looking at everything from the racial standpoint, who are the biggest personal taxpayers? Who are the biggest (in terms of value/numbers) corporate taxpayers? Who spends the most and thus pays more indirect (sales, import) taxes? Contributions from sin taxes (which I hope none came from the Malay/Muslim populace) forms a large chunk of government revenue. Sum all these contribution and see where, from which group the tax revenue comes from. 

PNB and TH funds do not belong to UMNO. Granted a lot of UMNO members are large depositors and investors of the funds but millions of ordinary Malays/Muslims are also investors. These other investors may have different political views and some may not be political at all. So it is not right for UMNO to treat these funds as theirs. 

Investments made by these funds and agencies must be made from the economic and business perspective which benefits the stakeholders and not to satisfy any political agenda.

Yes, GLCs must promote the government's agenda but it must be done in a way that benefits the whole nation. The taxpayers and rakyat must get the best deal from the investments and development projects, not just a select few.