Former CIMB Group chairperson Nazir Razak has proposed another National Consultation Council (NCC) to oversee the formulation of a new socio-political agreement to rebuild the country to complement the various institutional reforms being undertaken by the Pakatan Harapan government.

This was because the country needed a systemic, holistic overhaul, he said in his speech at a “Projek Amanat Negara” event held by the UK and Eire (Ireland) Council of Malaysian Students at the University of Nottingham in Britain on Saturday.

The Star quoted him as saying that Malaysia had once refreshed its sociopolitical compact by setting up NCC in 1970 following the May 13, 1969, riots.

“Then, in 1970, they boldly recalibrated the compact and the system according to the needs of Malaysia then.”

According to him, the NCC had come up with various recommendations, including the NEP and the Rukun Negara that “set the foundations of the new Malaysia that rose from the ashes of race riots”.

“In my humble view, another recalibration is overdue for the needs of Malaysia today,” he said.

“We feel that what Malaysia needs is a fresh sociopolitical compact (agreement) upon which we can rebuild and realign our institutions, politics and socioeconomic strategies,” he said.

NCC was set up by second prime minister Abdul Razak Hussein, who is also Nazir's father.

Nazir suggested a new NCC should be set up under the Council of Rulers to submit recommendations to Parliament and be entrusted to recasting Malaysia’s political structure to reflect its multicultural society.

“We could, for instance, consider requiring electoral constituencies to be either sufficiently multiracial or part of group representation constituencies in order to mitigate racist politics and ensure sufficient minority representation.

“The new NCC could also propose updating the constitution to unambiguously enshrine and define bumiputra privileges, for a time or forever, and the position of Islam,” he said, adding this would make the Malays more secure about their position.

He also commended the efforts taken by Harapan to reform the country.

“There is no doubt the government’s reforms will significantly reduce corruption and strengthen checks and balances.

"I think that would get us to a most welcomed ‘Better Malaysia’. But not what I would describe as a ‘New Malaysia’,” he said.