The recent Felda Global Ventures Holdings’ (FGV) annual general meeting only proves that being expected to do your job for no pay is definitely a universal experience, no matter what your pay grade is.
FGV’s major shareholders have REJECTED three resolutions pertaining to fees. The resolutions rejected were:
1) the payment of directors’ fees of more than RM2 million
2) a payment of non-executive directors’ fees of more than RM1 million
3) the payment of non-executive directors’ benefits
In response, Chairman Datuk Wira Azhar Abdul Hamid wryly notes that FGV is not a typical company where everything was set up and doing well financially.
In a press conference with The Edge, he claims that FGV had lost billions and the board had to come in with full understanding of the challenges FGV faced and turned the company around.
“In short, the message is ‘We want you to work, but we’re not paying you’,” he says regarding the fact that resolutions relating to re-elections were passed, but all the resolutions relating to fees were rejected.
Chairman Datuk Wira urges the stakeholders to understand what the board has done for the company.
Whatever decision made going forward should be well-appreciated and well-understood.
Chairman Datuk Wira Azhar Abdul Hamid
Being expected to work for free is an unfortunate experience, especially for those freelancing or starting their side-hustles.
Unfortunately, it looks like this mindset is universal and applicable everywhere, even if you are a high-ranking director in a large company.
Malaysian law does state that directors are not employees even though they render their services to the company, and as such they are not entitled to any payment for their services (unless it is expressly provided in the constitution of the company).
This is a good reminder for you to check if you’re doing too much for free. Never forget: your time, skill, and effort is definitely worth reimbursement!
Anne is an advocate of sustainable living and the circular economy, and has managed to mum-nag the team into using reusable containers to tapau food. She is also a proud parent of 4 cats and 1 rabbit.