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Heard from one of my friends - Hong Fok AGM was an eye-opener!
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Published April 27, 2012
AGM WATCH
Hong Fok minorities leave AGM over directors' pay
They raise concerns key management are getting paid in excess of $10m
Bykenneth lim print |email this article DISGRUNTLED minority shareholders of developer Hong Fok Corp stormed out of the company's annual general meeting (AGM)
after directors thwarted their attempt to reject key resolutions amid concerns about directors' remuneration.
"Shareholders rejected the directors' report and the audited results by show of hands . . . so the chairman proposed that all the resolutions be put through the poll," said minority shareholder Mano Sabnani, chief executive of advisory firm Rafflesia Holdings.
Directors of Hong Fok could not be reached for comment.
Mr Mano said minority shareholders yesterday raised concerns that Hong Fok's key management has been getting paid in excess of $10 million in total for the past few years - the 2011 annual report for Hong Fok said employee benefits paid to key management, excluding directors fees, amounted to $12.1 million in 2011.
K-reit's acquisition of Ocean Financial Tower was really manipulative. My friend went for this year's AGM - attendees were less than half of those who came for last year's. Confirm his view that most who attended last year's were 'proxy' or Keppel's staff... attending to gather votes for the show of hands.
Conclusion is this - minorities will more or less get 'screwed'.. voting is more or less very useless.. and have to suffered years of discontent before something drastic like HF case will happen
===
Published April 27, 2012
AGM WATCH
Hong Fok minorities leave AGM over directors' pay
They raise concerns key management are getting paid in excess of $10m
Bykenneth lim print |email this article DISGRUNTLED minority shareholders of developer Hong Fok Corp stormed out of the company's annual general meeting (AGM)
after directors thwarted their attempt to reject key resolutions amid concerns about directors' remuneration.
"Shareholders rejected the directors' report and the audited results by show of hands . . . so the chairman proposed that all the resolutions be put through the poll," said minority shareholder Mano Sabnani, chief executive of advisory firm Rafflesia Holdings.
Directors of Hong Fok could not be reached for comment.
Mr Mano said minority shareholders yesterday raised concerns that Hong Fok's key management has been getting paid in excess of $10 million in total for the past few years - the 2011 annual report for Hong Fok said employee benefits paid to key management, excluding directors fees, amounted to $12.1 million in 2011.
(27-04-2012, 10:02 AM)swakoo Wrote: Believe MBFC2 should be due for acquisition sometime and K'land is a co-owner, so u may not have to hold your breath for long.....
K-reit's acquisition of Ocean Financial Tower was really manipulative. My friend went for this year's AGM - attendees were less than half of those who came for last year's. Confirm his view that most who attended last year's were 'proxy' or Keppel's staff... attending to gather votes for the show of hands.
Conclusion is this - minorities will more or less get 'screwed'.. voting is more or less very useless.. and have to suffered years of discontent before something drastic like HF case will happen