How will FGV board members resolve the directors’ fees deadlock?

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FGV Board Members Are Reviewing Options to Address Rejected Directors' Fee Resolutions

FGV Holdings Bhd's board members are currently discussing various options to resolve the deadlock concerning the rejection of three resolutions related to directors' fees by its largest shareholders. The board's primary focus is on safeguarding the interests of all shareholders and the corporation as a whole as they determine the most appropriate course of action.
Shareholder Rejection of Fee Resolutions

The shareholders, comprising Felda, Koperasi Permodalan Felda Malaysia Bhd (KPF), and the Armed Forces Fund Board (LTAT), collectively holding a significant stake in FGV, voted against three specific resolutions. These resolutions pertained to the approval of directors' fees for the financial year ending December 31, 2018, a portion of fees from June 26, 2019, until the subsequent Annual General Meeting (AGM), and the payment of benefits within the same period.
Unapproved Share Allotment Authority

In addition to the directors' fees resolutions, another proposal that did not receive shareholder approval was the authorization for directors to allot and issue shares, as stipulated under Section 75 of the Companies Act 2016. This indicates a broader shareholder concern regarding certain aspects of the board's proposed actions.
Board's Commitment to Shareholder Interests

FGV chairman Datuk Wira Azhar Abdul Hamid acknowledged the unprecedented nature of the situation, emphasizing that the board is actively exploring all available avenues to find a resolution. He stressed that any decision made would meticulously consider the interests of every shareholder, not just a single entity, alongside the overall welfare of FGV.

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How will FGV board members resolve the directors’ fees deadlock?

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