Government May Trim Fat Paychecks of GLC Directors

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Sime Darby Bhd, for example, paid almost RM12.44 million to its 12 non-executive directors last year.

Putrajaya is mulling trimming the hefty paychecks of directors in government-linked companies (GLCs), according to a report by The Edge.

The report said the Council of Eminent Persons had sought details on the salaries of top executives in GLCs.

It added that the plan was to introduce “drastic changes” to not only the appointment and remuneration of directors of GLCs but also of government agencies.

“There are so many government agencies, many duplications of functions […] there are so many political appointments, so the government has to step in […] it is a sensitive issue but the country comes first, the country is the priority,” the report quoted a source as saying.

The plan comes amid the new government’s bid to pare down the country’s debt amidst a spotlight on the hefty remunerations of GLC directors.

The report said Sime Darby Bhd, for example, paid almost RM12.44 million to its 12 non-executive directors last year.

Furthermore, it added that the directors get other perks such as a BMW for a company car plus trips abroad.

It said other companies such as CIMB Groups Holdings paid RM7 million to its 11 independent directors while Tenaga Nasional Berhad, meanwhile, paid RM3.26 million last year. – Malaysiakini