Deputy Minister: Still room for discussion on rejection of FGV directors’ fees, perks

26 Jun 2019 / 14:29 H.

KUALA LUMPUR: There is still room for discussion, following an unprecedented move by the major shareholders of FGV Holdings Bhd in rejecting resolutions pertaining to the payment of fees and benefits to the company’s board of directors.

Deputy Economic Affairs Minister Dr Mohd Radzi Md Jidin said he has read the news reports about the issues and believed there must have been reasons behind the rejection.

“It is not the end of it. This could be solved through a proper discussion by the relevant parties.

“It just happened yesterday (Tuesday), so let us wait for the next course of action by the parties involved,” he told reporters on the sideline of Malaysian Gas Symposium 2019 here today, organised by the Malaysian Gas Association.

In the FGV’s annual general meeting on Tuesday, the company’s three largest shareholders, the Federal Land Development Authority (Felda) with 33.7% stake, Koperasi Permodalan Felda Malaysia Bhd (5%) and the Armed Forces Fund Board (1.25%), rejected resolutions on the directors’ pay packages.

The shareholders, nevertheless, approved all the other resolutions in-cluding the re-election of directors.

FGV chairman Datuk Wira Azhar Abdul Hamid was quoted as saying that the board members were clueless about the basis of the shareholders’ rejection and are currently discussing the most appro-priate action, as well as the options, to resolve the issue.

FGV’s board of directors is still contemplating its next move, but Azhar did not discount the possibility of the board continuing their roles “for free”.

email blast