Spotlight on GLC exec's RM210k bonus despite company's poor KPI

Leaks of purported meeting minutes from a GLC under the Prime Minister's Department's purview have cast a spotlight on a "bonus" paid to a top executive despite the company achieving less than half of its key performance index (KPI).

During a Pelaburan Hartanah Berhad's (PHB) board of directors meeting early this year, it approved a payout of three months basic salary equivalent to RM210,000 to the executive.

The payout consisted of a 2.75-month "special payment", with an additional 0.25 months.

According to one screenshot of the meeting minutes - leaked on X by a user named moebiuz - a board member had suggested that the payout to the executive be capped at 2.75 months because the KPI had not been met.

However, another board member then points out that the 2.75-month special payment - which is being given to all employees - is a "pool", meaning that some would be getting up to four or five months.

A copy of the purported minutes sighted by Malaysiakini showed that the board ultimately approved the three-month payout to the executive.

The minutes also showed that the 2.75-month special payment for the company was proposed by PHB's nomination and remuneration committee despite the company hitting a KPI of 42 percent, to take into account that there were individuals and teams who had exceeded the targets set for them.

Thus, it was argued that such employees needed to be rewarded to maintain motivation.

However, the committee was also cognisant that it could not call the payout a "bonus" due to the overall poor KPI, hence the term "special payment".

Remuneration package

Malaysiakini was shown a notice sent to PHB's staff in April notifying them that they would be getting a special payment, although the quantum was not stated.

Besides the "bonus", the leaker also alleged that the board of directors also approved a revised remuneration package for themselves.

According to the minutes sighted by Malaysiakini, the revision increased the retainer fees for the board chairperson by RM2,500 to RM18,000 per month, while board members’ fees were increased by RM3,000 to RM8,000 per month.

The meeting allowance for the chairperson was also increased by RM1,000 to RM3,500 per meeting.

Retainer fees were also introduced for the audit/risk, nomination and remuneration, and investment committees.

The new package for the board and committees was proposed by the nomination and remuneration committee, and approved by the board.

Malaysiakini had contacted PHB on Wednesday for a response but has not received a reply as of writing.

The names of those involved are being withheld pending a response.

Of T15 and ‘ultra rich’

The leak on X was made amid discourse on social media about the T15 and the "ultra rich" which Prime Minister Anwar Ibrahim targeted in his Budget 2025 speech.

In addition to being under the PMD, PHB is also one of the entities under the purview of Yayasan Pelaburan Bumiputera (YPB) of which Anwar is the chairperson of the board of trustees.

The company has been in the spotlight twice this year.

The first was when the MACC raided PHB's offices to investigate an alleged abuse of power by a "very senior officer".

The GLC is also being sued for alleged failure to protect whistleblowers.

MalaysiaNow had also reported alleged plans by the company early this year to treat its employees to an all-expenses paid vacation in Bali.

However, the plan was reportedly cancelled after it was exposed.

Alleged misconduct within GLCs and GLICs was raised in Parliament on Tuesday, with Anwar responding that an audit had been ordered on all 2,000 companies linked to the government.

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