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The Malaysia Airlines AGM (annual general meeting) was extended by two hours today after a poll vote was called to decide on a resolution concerning directors’ fees.
On chairman Md Nor Yusof’s insistence, voting was switched from a show of hands to a poll vote. Under a poll vote, shareholders’ votes are counted based on the number of shares held.
The resolution to “approve payment of non-executive directors’ fees amounting to RM396,000 per annum for the financial year ended December 2013” eventually passed with 79 minority shareholders voting for the resolution and 70 against.
All the non-executive directors however unanimously chose to return the fees paid to them in 2013 after conceding that the board’s performance during 2013 was poor.
Shareholders had earlier expressed deep dissatisfaction, going as far as to call for top management to resign.
One unhappy shareholder said that board members only deserved RM1 in directors’ fees. Another said that management should be able to handle challenges better and that losses were heavy even before the MH370 tragedy, therefore the incident should not be used as an excuse.
Malaysia Airlines CEO Ahmad Jauhari Yahya delivered a speech where he said “radical change” was needed.
During the AGM, shareholders called for “treatment to be delivered immediately” to the ailing national airline.
A resolution to give the board authority to “undertake any possible fund raising exercises, including but not limited to further placement of shares” was also passed today.
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