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.
