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PETALING JAYA: FGV Holdings Bhd (FGV) explained that the increase in fees to be paid to its non-executive chairman followed a study by an independent consultant in 2022 to review and benchmark on the non-executive directors’ remuneration.
In a statement, it said the resolutions relating to the non-executive chairman and directors’ fees and benefits were among the resolutions normally tabled as ordinary business at all AGMs.
“The non-executive chairman was currently being accorded to receive on a cash basis, director fee of RM300,000 per annum (or RM25,000 per month) and car allowance of RM180,000 per annum (or RM15,000 per month).
In 2019, it said the non-executive chairman’s fees was reduced from RM600,000 to RM300,000 together with some abolishment and reduction in certain benefits.
“FGV Board was advised by the independent consultant that the car allowance accorded to the non-executive chairman be replaced with the provision of a company car as it is not reflective of market and sectorial norms as companies do not generally monetise the provision of a company car benefit in the form of allowances,” it said.
FGV’s board then proposed to provide a company car to the non-executive chairman and maintain the amount of cash accorded to him previously by converting the car allowance of RM180,000 to board fees.
“Hence, there is no increase in the total cash received by the non-executive chairman.”
FGV said Datuk Dzulkifli Abd Wahab, who is the company’s non-executive chairman, intends to use an existing car belonging to a subsidiary company to be the company car with an annual budgeted expense of not more than RM180,000 as per approved at the AGM.
“FGV’s board would also like to highlight that Dzulkifli has agreed to waive his fees as chairman of the board sustainability committee until the next AGM in 2023 amounting to RM40,000 per annum and the meeting allowances of RM2,000 per meeting,” it said.
In 2021, Dzulkifli did not utilise his entitlement for benefits relating to entertainment allowance, club membership and personal bodyguard, said FGV.
FGV conducted its AGM on June 23, 2022, where there was unhappiness over the fees being paid, but the company announced a sterling performance for year 2021.
FGV said it recorded its best financial results since going public in 2012.
“The group’s revenue grew 39% year-on-year to RM19.57bil, profit before zakat and tax increased significantly to RM1.71bil, while profit after tax and minority interest increased to RM1.17bil” said Dzulkifli.
“In the year 2021, FGV has contributed RM11.2mil to assist the Felda settlers by channelling the fund to Yayasan Felda, which helps fund a number of charitable causes and initiatives focused primarily on education, healthcare and other philanthropic causes.