FGV’s chairman Azhar pledges ‘timely’ update on transformation plan

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KUALA LUMPUR (Jan 14): In a move likened to Warren Buffett's highly-anticipated annual letter to shareholders, FGV Holdings Bhd's chairman Datuk Wira Azhar Abdul Hamid filed his letter to the plantation giant's shareholders for the first time on Bursa Malaysia today.

In the letter, Azhar said the transformation team had spent the last few months unearthing a slew of problems.

“The good news is the problems can be solved, and the better news is, we expect improved returns to start flowing to shareholders this year,” he said.

Nevertheless, Azhar pointed out that there are several challenges for FGV today, including a leadership vacuum that needed to be filled urgently and the group’s public sanction from the the Roundtable on Sustainable Palm Oil (RSPO) required urgent steps to address mistakes and oversights that had not been appropriately dealt with in the past.