No reward for unperforming GLC directors – Perak MB said – Channel W

No reward for unperforming GLC directors – Perak MB said

Perak Menteri Besar Ahmad Faizal Azumu said today he had ordered the rejection of a proposal regarding the payment of fees and benefits to the Perak Corp Berhad (PCB).

Faizal also explained that he rejected the state government-linked company’s proposed resolutions at its annual general meeting yesterday because he felt they were unjustified when the company performance was sub-par.

“Given the group’s poor performance in the last financial year, the directors should not be rewarded with such large fees.”

PKNP refers to Perbadanan Kemajuan Negeri Perak which holds the majority share in PCB.

At its AGM yesterday, PCB has proposed to pay its directors fees amounting to RM441,650 and benefits of RM150,000 for the financial year ending December 2017.

Faizal said PCB had incurred a net loss of RM340.6 million for the financial year ending December 31, 2017 and as of that date, the group current liabilities had exceeded its current assets by RM158.5 million.

On Monday, the Menteri Besar had also directed PKNP to reject proposals made by MajuPerak Holdings Bhd (MHB) during the company’s AGM.

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