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FGV Holdings Bhd has appointed an independent consultant to conduct a review and benchmarking on the remuneration of its non-executive director.
FGV in a statement said non-executive chairman Dzulkifli Abd Wahab is currently accorded on a cash basis a director fee of RM300,000 per annum (RM25,000 per month) and car allowance of RM180,000 per annum (RM15,000 per month).
“The independent consultant advised the board that the car allowance accorded to the non-executive chairman be replaced with the provision of a company car as it is not reflective of the market and sectorial norms.
“The board, pursuant to the advice, proposed the non-executive chairman to be provided with a company car and the amount of cash previously accorded to him be maintained as board fees.
“Hence, FGV further explained that there is no increase in the total cash received by the non-executive chairman.”
It said Dzulkifli intends to use an existing car belonging to a subsidiary company as his company car with an annual budgeted expense of not more than RM180,000.
FGV shareholders passed resolutions to increase the director fees for its chairman and non-executive directors by between 25% and 60% at its annual general meeting (AGM) last Thursday.
It said non-executive chairman fees were reduced from RM600,000 to RM300,000 in 2019, together with abolishment and reduction in certain benefits.
“The board would like to highlight that Dzulkifli has agreed to waive his fees as chairman of the board of the sustainability committee until the next AGM, amounting to RM40,000 per annum and meeting allowances of RM2,000 per meeting.
“He also did not utilise his entitlement for benefits relating to entertainment, club memberships and personal bodyguard last year.” – Bernama, June 27, 2022.
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Comments
Just cut your allowance - since most of the board members are ex government servants that already earnings fat pensions from your government position.
This simple cost reduction exercise also cannot think by the board ke?
Your consultant will definitely comes out with a report favourable to increase the allowances etc as if not that probably the last job they will be given by FGV.
Bottomline you are wasting money. So cut the crab and reduce your allowances.
Posted 4 years ago by DENGKI KE? · Reply
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