Yoursay: Kudos to FGV shareholders for axing director fees, perks


Modified 26 Jun 2019, 3:29 am

YOURSAY | ‘This is unprecedented. It is the right thing to do.’

FGV board in a bind - shareholders throw out directors' fees, perks

Anonymous_1527925538: I believe Felda Global Ventures (FGV) is still on life support, and would have been dead if the government did not bail it out.

Therefore, it can only afford minimal directors' fees and remunerations. Treat it like performing national service, otherwise just resign.

Clever Voter: This is unprecedented. It is the right thing to do. None of the board members deserves anything as the company incurred huge losses.

It's a smart decision and a big hint to the directors that they deserve nothing. If only this is emulated by the rest of the public-listed companies. After all, there is no such thing as a free lunch.

Fookchin: Yes, a good lesson for the board of directors. This is historic, as it has never happened before.

Indeed, I hope shareholders of other loss-making companies can follow suit in future.

Anonymous_062ba9bf: I believe directors should be paid a basic minimal salary. However, they should get a percentage of the profits, which should be standardised.

By doing so, performance is rewarded. With a minimal salary, directors can cari makan (make a living) under any circumstances and minority shareholders are protected from having huge sums of money leak into directors despite being unable to bring profits to the organisation.

I know it sounds simplistic, but at least the three aspects should be addressed - the director can cari makan even if he or she underperforms, performance is rewarded, and minority shareholders are not short-changed.

Another Komentar: It’s far cheaper to pay fair fees to competent and professional directors who can act in the interest of all the stakeholders, than recruit incompetent and self-serving cronies whose only mantra is 'cari makan'.

Paying RM2 million in directors’ fees is infinitely better than letting crooks steal billions from Felda and FGV while the board closes its eyes.

Shanmugam V K Subrayan: It should be made a standard rule that if a company does not show profits, its directors should be held responsible and not be entitled to any financial benefits.

This will instil some sense of responsibility for their shareholders. They sit on so many boards and collect a fat sum as remuneration, even if the shareholders do not get any dividends.

Salvage Malaysia: Do a deferred compensation scheme capped at a certain percentage of profits for the directors.

I can understand why the shareholders voted down the payment of their fees and allowances because the company is still losing big money.

Malaysia Truly Asia: Shareholders are laying their frustrations on the wrong people.

They should really go after the ones who created this fanciful-sounding venture, which was hyped as the world's largest agro-listing as well as the biggest oil palm grower - namely, former prime minister Najib Abdul Razak, former Felda chairperson Mohd Isa Abdul Samad and co.

Just like the National Feedlot Corporation (NFC) which invested in Singaporean condominiums, FGV had its toes in London hotels.

Annonnymous 080: You pay peanuts, you get monkeys.

What a silly resolution. Given the onerous task at FGV, the shareholders are expecting directors to work for free? Get real.

JD Lovrenciear: It is the way to go. Time to trim the fat cats. And why not, when taxpayers are suffering while graduates cannot get jobs?

Anonymous 2401191456463140: Bravo, shareholders. You all did the right thing.

The board of directors must accept the challenge, prove its capability in turning around the company and get paid double portions next year.

Ipoh PP: The shareholders have been taken for a joy ride by the previous board. They have learnt their lessons and can't be taken for a second ride.

The directors have to prove themselves first before being paid big-figure salaries or allowances.

Maybe they should just be paid a small salary only, and allowances will depend on the performance of the company. They need to do national service first.

Don’t Just Talk: The way forward for a new Malaysia under Pakatan Harapan is for Prime Minister Dr Mahathir Mohamad to choose the best man for the job, regardless of race, to head all the non-performing government-linked companies.

This would be preferable instead of the likes of Isa Samad, who single-handedly destroyed FGV.

The sad part is that the poor Felda settlers are the victims who continue to support the corrupted Umno leaders.

PW Cheng: Obviously the shareholders want proof of performance before rewarding the directors.

This means that the management has to show merits in their job and hopefully FGV will be the guiding lights for meritocracy.

Without it, no company or country can survive well. No way we can be a developed nation if you ignore meritocracy.

Malaysian United: For a huge loss-making entity, the perks are fantastic. Either they settle for a drastic slash in remuneration or they should be shown the door.

Gone are the days when these ketuanan executives live in style while the company bleeds.

Mechi: Are these competent directors? Are they critical thinkers? Are they committed? Can they understand basic profit and loss?

If they are, FGV would not be in this situation. "You reap what you sow."

Enough of poor leaders and a lack of integrity, blaming circumstances always. Serves them right.

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