A Bashing Time at the MAS AGM

MAS's CEO Ahmad Jauhari - Biting the Bullet!

Tumultuous is the word here to describe the MAS AGM held today.

The minority shareholders really showed their temper at the Board of Directors who were 100% in defensive mood; admitting inefficiency and a poor performance irrespective of the MH 370 tragedy.

While the Chairman noted the anger of the shareholders, the latter retorted they were more sad than angry at the continuing saga of the poor financial performance of the airline and its share price.

As the investment banks' negative appraisal of the stock continue to force the price down, Khazanah's untimely statement that they will be reviewing MAS's position in a time-frame of 6 to 12 months only, was badly-timed and a real bummer.

Comments like the whole board should be summarily dismissed;that they should only be paid RM 1 allowance only as well as fixing KPI's on all of them were part of the biting rantings.

Kinibiz has this to report.

The MAS annual general meeting (AGM) was extended by two hours today after a poll vote was called to decide on a resolution concerning directors’ fees.

On chairperson Md Nor Yusof’s insistence, voting was switched from a show of hands to a poll vote. Under a poll vote, shareholders’ votes are counted based on the number of shares held.

The resolution to “approve payment of directors’ fees amounting​ to RM396,000 per annum for the financial year ended December 2013” eventually passed with 79 minority shareholders voting for the resolution and 70 against. Those going against represented 0.07% of all shares held.

However, in an unexpected development, non-executive directors  chose not to accept the directors’ fees after conceding that the board’s performance during 2013 was poor.

Shareholders had earlier expressed deep dissatisfaction, going as far as to call for top management to resign.

The AGM ended at close to 3 pm.

There was certainly a leaf of experience to be learnt from this meeting for all Board members in general .

It's not all ice-cream and cherry pie helming a public listed company that cannot perform!