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

Deputy Economic Affairs Minister Dr Mohd Radzi Md Jidin said he 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, so let us wait for the next course of action by the parties involved,” he said on the sideline of Malaysian Gas Symposium (MyGas) 2019, organised by the Malaysian Gas Association, in Kuala Lumpur today.

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

The shareholders approved all other resolutions, including the re-election of directors.

FGV chairman Wira Azhar Abdul Hamid reportedly said that the board members were clueless about the basis of the shareholders’ rejection and were currently discussing the most appropriate action and options to resolve the issue.

Radzi said the announcement on Felda’s new chairman would also be made soon, following the departure of Megat Zaharuddin Megat Mohd Nor.

Megat Zaharuddin stepped down less than a year after being appointed to head the federal agency on July 27 last year to succeed Shahrir Abdul Samad. – Bernama, June 26, 2019.