KUALA LUMPUR — June 25, 2019: The shareholders of FGV Holdings, including three of the largest, todat rejected at an annual general meeting resolutions pertaining to the payment of fees and benefits to board members.
The key dissenting shareholders were the Federal Land Development Authority with 33.7 per cent, Koperasi Permodalan Felda Malaysia Berhad (five per cent) and the Armed Forces Fund Board (1.25 per cent).
“This is a historic event and the board members are currently discussing the most appropriate thing to do, so they are looking at the options as to how to resolve this.
“What concerns us most is the interests of the company. We want to make sure whatever decision we make does not only represent one shareholder’s interests. We have the interests of all shareholders in mind and also the interests of the corporation,” chairman Datuk Wira Azhar Abdul Hamid said after the meeting.
Azhar commented that the irony was that the shareholders did not have any problem with the re-election of directors.
“They still want us to be directors but do not intend to pay us. I would like to emphasise that there is no increase in the directors’ fees and the amount is still the same as before.
“I really do not know what is the basis for the rejection.”
Shareholders controlling 64.44 per cent of shares shot down the resolutions to approve RM2.55 million in directors’ fees for the financial year ended last December 31, the payment of a portion of the fees — up to RM1.18 million — from tomorrow to the AGM next year and the payment of certain benefits such as meeting allowances on a monthly basis and/or as and when incurred.
In addition, shareholders with 60.75 per cent voted against the resolution to give the directors the authority to allot and issue shares pursuant to the Companies Act.
A total of 12 resolutions were submitted but one was withdrawn as Datuk Mohamed Suffian Awang had withdrawn his offer for re-election.
Asked if he would resign due to the rejection, Azhar said it was absolutely not an option.
“We come to lead the company not because of the payments. We assume this responsibility with a full understanding of the challenges that exist in FGV. We are willing to face the hardships to lead the company.”
After the AGM the board will discuss the options to be taken but the issue would likely not be resolved. — Bernama