Focus Malaysia:
Netizens up in arms over hefty bonus payout to under-performing GLIC’s top exec
A Malaysiakini exposé of Pelaburan Hartanah Bhd (PHB) – a government-linked investment company (GLIC) under the Prime Minister’s Department (PMD) – paying a top executive RM210,000 in bonuses despite its poor key performance index (KPI) score has riled up netizens.
This came about after a self-proclaimed in-house legal advisor Ikhwan (@JatIkhwan) lamented how the board of the GLIC which KPI score stood at only 42% had rewarded the said top executive who draws a monthly RM70,000 salary a three-month bonus “disguised as special payments totalling RM210,000”.
“It’ll be great if the Madani government rempuh (literally, ram) this GLIC,” suggested Ikhwan in a post on the X platform.
Prestasi syarikat cuma 42%. Tapi seorang eksekutif bergaji RM 70,000 sebulan dapat 3 bulan bonus yang disamarkan guna nama “bayaran khas” dengan jumlah semua RM 210,000.
Baguslah kerajaan Madani rempuh GLC ni.
Despite his harsh stance on PHB, the poster was quick to state that it is unfair to generalise given “there’re also many GLCs/GLICs which generated high returns for the government”.
This came about after a commenter drew comparison that while “Singaporean GLCs are able to make their country wealthy, Malaysian GLCs tend to only enrich their directors”.
One netizen presumably pointed to the presence of “a yellow umbrella” in the PHB’s board (referring to independent non-executive chairman Raja Tan Sri Arshad Raja Tun Uda) as a potential cause with another two defended Raja Arshad as “a renowned corporate figure formerly with PwC Malaysia, Maxis Bhd and Sime Darby Bhd”.
Nevertheless, Ikhwan’s contention is that Raja Arshad “is collectively responsible for having approved that ridiculous bonus payout payments and unnecessary increases to the allowances of fellow directors and executives”.
For the record, the leaker of the purported PHB meeting minutes sighted by Malaysiakini had apart from exposing the bonus payout, also alleged that the PHB board of directors had further approved a revised remuneration package for themselves.
This included an upward revision to the retainer fees for the board chairman by RM2,500 to RM18,000/month while the fees of board members were increased by RM3,000 to RM8,000/month.
In addition to being under the PMD, PHB is also one of the entities under the purview of Yayasan Pelaburan Bumiputera (YPB) of which Anwar is the chairman of the board of trustees.
According to Malaysiakini, the GLIC has been in the spotlight twice this year. The first was when the Malaysian Anti-Corruption Commission (MACC) raided PHB’s offices to investigate an alleged abuse of power by a “very senior officer”. The GLIC is also being sued for alleged failure to protect whistleblowers.
Moreover, MalaysiaNow had also reported alleged plans by PHB early this year to treat its employees to an all-expenses paid vacation in Bali. However, the plan was reportedly aborted after it was exposed.
To cut a long story short, a commenter summed up best by implying this – “the father-in-law of Tengku Zafrul (International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz)”. – Oct 26, 2024
Main image credit: PHB-Pelaburan Hartanah Berhad/Facebook
kt comments:
M'sian notorious leeches
Don't disturb Anwar Madani. He is very busy defending Hamas, Hezbollah and Iran , on behalf of all Muslims.
ReplyDeleteThis is part of the NEP Agenda.
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