‘No steering committee, no plans for one’
PETALING JAYA: Felda Global Ventures Holdings Bhd (FGV) yesterday denied that a steering committee for the group has been set up or that there are plans to do so, saying there are no provisions for it.
“The board of directors of FGV would like to deny the existence of or plans for such a committee and that it is not aware of any proposal to form a steering committee to be placed above the board of directors of FGV,” it said in a filing with Bursa Malaysia.
The statement was made with reference to an article published by a local business weekly that several government officials plan to propose the setting up of a steering committee at FGV.
“FGV is a public listed company and is governed by Bursa Malaysia Securities Bhd’s Main Market Listing Requirements and the Companies Act, 1965. It is the fiduciary duty of the board of directors and management of FGV to be collectively responsible for the overall conduct of FGV group’s business and takes full responsibility for the performance of the group in the best interest of the shareholders,” said FGV.
“FGV’s Memorandum and Articles of Association also do not contain any provision for the formation of a steering committee to be placed above the board of directors,” it added.
Citing industry sources, the weekly reported that the committee would be placed above the board of directors and enable the government to have more control by helping in the decisionmaking and running of the company.
It said the set-up would be similar to the task force in Proton Holdings Bhd, which was formed by the government to oversee the company’s turnaround programme.