Fahmi: GLC exec's RM210k bonus to be brought to Anwar's attention

Allegations that a top GLC executive had received a “bonus” despite the company missing half of its key performance indicators will be brought to Prime Minister Anwar Ibrahim’s attention.

“This issue was not discussed at today’s cabinet meeting. However, I will bring it to the prime minister’s attention,” said government spokesperson Fahmi Fadzil when asked at his weekly press conference in Putrajaya today.

Earlier today, Malaysiakini reported on the leaked minutes of a Pelaburan Hartanah Berhad (PHB) board of directors meeting that took place earlier this year.

The meeting approved a payout of three months’ basic salary, equivalent to RM210,000, to the executive, comprising a 2.75-month “special payment” with an additional 0.25 months.

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”.

Major remuneration boosts

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 contacted PHB on Wednesday for a response but has not received a reply yet.

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