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KUALA LUMPUR (July 18): Institutional investors such as the Employees Provident Fund (EPF) have expressed dissatisfaction with the remuneration received by the chairman of Sapura Energy Bhd and group leader, Tan Sri Shahril Shamsuddin , which stood at RM 71.92 million for the year ended January 31, 2018 (FY18), according to the Minority Shareholder Watchdog Group (MSWG).
The amount equals 1.22% of the 2011 fiscal year turnover of the group of 5.89 billion RM.
"MSWG General Manager Lya Rahman told reporters on the sidelines of Sapura Energy's (AGA) seventh annual general meeting. )
"This is the first time that we are seeing an active takeover of institutional funds," she added.
Six resolutions were tabled for the benefit of the shareholders. "We are particularly concerned about resolutions 1, 2, 3 and 4. Although we do not agree with the EPF's decision to oppose resolution 1, we are nevertheless agree to oppose resolutions 2 and 3 ".
Resolution 1 is related to Shahril's re-election as an eligible director, while Resolutions 2 and 3 relate to the re-election of two independent directors, Mohamed Rashdi Mohamed Ghazali and Datuk Muhamad Noor Hamid.
opposing the re-election of independent directors because every year we continue to see the same thing happen, especially with the excessive remuneration of directors, "added Lya.
According to data from the annual report 2018, Shahril, which holds a 17.44% stake In addition, Shahril also received a bonus of RM55 million, based on the performance and achievements of the group of the previous year, with 9.34 million of RM in a defined contribution plan and RM 348,000 in various benefits in kind.
"We try to find the logic to grant the executive director an excessive package at a time when the company is bleeding losses. We think there was no good governance, "Lya said.
During the 2011 fiscal year, Sapura Energy recorded a net loss of RM 2.5 billion on a turnover of RM 5.89 billion
. since 10am, is still in progress.
At 2:35 pm today, Sapura Energy rose 1.68% or 1 sen to 60.5 sen with 83 million shares completed.
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