Omar Mustapha resigns from all positions in Petronas

PETALING JAYA: Datuk Mohd Omar Mustapha, the independent non-executive director of Petroliam Nasional Bhd (Petronas) has tendered his resignation, effective June 30.

In a statement, Omar said his letter to the company secretary was dated June 1.

“I was appointed as an independent non-executive director of Petronas on Sept 15, 2009. According to the Petronas code of corporate governance, independent non-executive directors are to serve for a maximum tenure of nine years cumulatively from the date of first appointment, and that no extension beyond nine years shall be permitted. 

“This limitation on tenure is to ensure that the highest levels of independence of directors is preserved and maintained as a matter of good corporate governance expected of Petronas as Malaysia’s only Fortune 500 company,” he said

“I have therefore given notice of my resignation as an independent non-executive director and chairman of the board remuneration committee effective June 30, 2018  pending acceptance by Petronas,” Omar said. 

It has been reported that Petronas chairman Tan Sri Mohd Sidek Hassan and Omar were set to relinquish their positions in the national oil company soon.