Institutional investors such as the Employees Provident Fund have voiced their unhappiness with the remuneration received by Sapura Energy’s President and Group CEO Tan Sri Sharil Shamsuddin, which totalled RM71.92 million for the financial year ended January 31, 2018. "We are seeing a very strong shareholder activism among the institutional funds, particularly when the EPF mooted an idea to oppose Shahril's re-election as the company director," said Minority Shareholder Watchdog Group general manager Lya Rahman. "This is the first time that we are seeing an active stance taken by the institutional funds," she added. "We are trying to find the logic of awarding the executive director with an excessive package at a time when the company is bleeding losses. We think there was no proper governance taking place," Lya lamented. In FY18, Sapura Energy posted a net loss of RM2.5 billion on revenue of RM5.89 billion.

Posted by

The Edge Markets