Unmasking the FGV remuneration saga

At 5pm yesterday, the stock ended five sen up to RM1.31, with 31.5 million shares done.

THE recent freeze on the remuneration payout of FGV Holdings Bhd (FGV) directors by its three major and substantial shareholders especially Felda – while is understandable from the perspective of financial performance – also has that tinge of irony resembling “a father/mother disciplining his/her child in public”.

At FGV’s marathon annual general meeting which lasted five hours on June 25, the Federal Land Development Authority (Felda) which is FGV’s biggest shareholder with a 33.67% stake – alongside Koperasi Permodalan Felda Malaysia Bhd (5%) and the Armed Forces Fund Board (1.25%) – had voted against three resolutions pertaining to the remuneration of FGV’s directors.