Tuesday 19 Mar 2024
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Sapura Energy Bhd CEO Tan Sri Shahril Shamsuddin's RM71.9 million pay package for FY2018 was a point of contention at the company's AGM last week. Some shareholders feel the huge remuneration is unjustified when the company is not performing well. The board, however, maintains that he deserves it. 

The Edge speaks to Shahril, company chairman Datuk Hamzah Bakar and independent director Gee Siew Yong to find out more about the issue.
 
Hamzah, who is also chairman of the board's remuneration committee, feels that the RM55 million paid to Shahril isn't enough. "That (RM55 million) may be just a token, fair compensation," he tells The Edge. 

He notes that large institutional shareholders, such as the EPF are aware of the covenant that the company's banks insisted on for a RM16 billion refinancing package and the consequences of removing Shahril. He describes the bid by some shareholders to remove the board as "perplexing and confusing" as it may cause a default of the company's loans.

For more details on how the board decided on Shahril's pay, pick up the latest issue of The Edge.

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