Malakoff withdraws plan to table directors' fees at AGM

Malakoff's Tanjung Bin Energy power plant

KUALA LUMPUR: Malakoff Corporation Bhd has withdrawn its proposed resolution about directors fees at its April 21 AGM following feedback from shareholders.

Southeast Asia's largest independent power producer said on Monday the board of directors had resolved to withdraw the resolution eight “that the payment of directors’ fees not exceeding RM1.50mil for each financial year commencing from the financial year ending 31 December 2016 be and is hereby approved”.

“The above decision by the board to withdraw ordinary resolution eight was made after considering the feedback received from the company's shareholders in respect of the said resolution. 

“The board is of the view that it is in the best interest of the company for ordinary resolution eight to be withdrawn,” said Malakoff.