‘No steer­ing com­mit­tee, no plans for one’

The Sun (Malaysia) - - MEDIA & MARKETING -

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.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.