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BUSINESS

FGV's corporate restructuring brings positive impact to Felda

24/06/2022 06:14 PM

KUALA LUMPUR, June 24 (Bernama) -- As the biggest shareholder in FGV Holdings Bhd (FGV), the Federal Land Development Authority (Felda) will ensure that the company operates excellently based on the best management and brings optimum returns.

Felda said FGV, which is listed on the Main Board of Bursa Malaysia, needs a board of directors (BOD) that is experienced and skillful, that is responsible for formulating sustainable growth strategies as well as drive the company towards excellence for the benefit of the agency and its stakeholders. 

"Hence, Felda will provide support accordingly to the policies, proposals and plans from FGV based on the guarantee that the company’s achievements must continue," said Felda in a statement today.

The agency continues to receive benefits from FGV, in which it is the biggest shareholder, based on the company’s good achievements to-date as a result of the implementation of its corporate restructuring, Felda said.

On the review of the BOD’s fees which was approved during the Annual General Meeting yesterday, it said this was reasonable as the fees had not been reviewed for some time and was in line with the company's performance, which recorded the best achievement in 2021 after FGV raked in a net profit of RM1.175 billion. 

The remuneration was also considered fair following a study by an external consultant in comparison with other government-linked companies and public listed companies with the same level of market capitalisation as FGV as the benchmark, it explained.

"The review also included the chairman’s allowance and also involved car allowances which were reclassified as directors’ fees.

"These changes are in accordance with the responsibilities of the BOD to manage a listed company with a huge market capitalisation like FGV," it said, adding FGV's shareholders also voted to support the resolution to increase the directors’ remuneration,” it added.

For the record, Felda had previously rejected the resolution to pay fees for FGV’s directors in 2019 when the company did not record profits. 

"This clearly proves that Felda is committed to protecting its interest as the major shareholder. The interest of settlers and new generation is always discussed at the Felda level and remains its main agenda. 

"Even though FGV does not deal directly with the settlers, the company’s success is also Felda and the settlers’ success,” said Felda.

-- BERNAMA


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