Petronas boardroom changes in the pipeline?
Sidek’s contract may not be extended while Omar will leave on June 30
PETROLIAM Nasional Bhd (Petronas) could be facing several changes in its boardroom. Petronas chairman Tan Sri Mohd Sidek Hassan is expected to leave soon while Datuk Mohd Omar Mustapha, chairman of the board remuneration committee, has reportedly tendered his resignation, to be effective on June 30.
According to an online portal report, Omar said his letter to the company secretary was dated June 1.
“I was appointed as an independent non-executive director of Petronas on September 15 2009. According to the Petronas code of corporate governance, independent non-executive directors are to serve for a maximum tenure of nine years cumulatively from the date of first appointment, and no extension beyond nine years shall be permitted.
“I have, therefore, given notice of my resignation as an independent non-executive director and chairman of the board remuneration committee effective June 30, pending acceptance by Petronas,” he said in a statement.
Meanwhile, Sidek, whose contract expires at the end of this month, might not get an extension, said a source closed to the national oil company.
“It is possible that the position is made vacant to make way for the return of Tan Sri Mohd Hassan Marican, who had made his mark in the company and is a legendary figure for the longest time.
The source said the position of president and chief executive officer (CEO) Tan Sri Wan Zulkiflee Wan Ariffin seemed safe, with Hassan expected to assume the chairmanship.
Wan Zulkiflee, whose contract was renewed for three years effective April 1, has gelled well with the Petronas staff, especially during the oil and gas industry downturn in June 2014.
The source said Hassan could assist Wan Zulkiflee in handling the group’s affairs amid challenges in the current tough global economic landscape.
“He handles Temasek tremendously well after all,” said the sources, in reference to his role as senior international adviser at Temasek Holdings Pte Ltd.
Hassan was Petronas president and CEO from February 1995 to February 4 2010, besides being acting chairman until February 4 2010.
He also served as senior vicepresident of finance for Petronas from 1989 to 1995 and a partner of accounting firm 1981 Hanafiah Raslan and Mohamed (Touche Touche & Co) from to 1989.
Hassan is currently a member of Prime Minister Tun Dr Mahathir Mohamad’s Council of Eminent Persons and chairman of Singapore’s Sembcorp Marine Ltd.