GEORGE TOWN, Jan 1 (Bernama) -- Chief Minister Chow Kon Yeow today confirmed that Penang Deputy Chief Minister II Jagdeep Singh Deo has been removed from the non-executive director’s role at PBA Holdings Bhd (PBAHB).
He said Jagdeep’s position was vacated after he failed to achieve the minimum attendance requirement for directors’ meetings over a financial year, as stipulated under Bursa Malaysia's requirements.
“So, the secretary of the company, in this case, PBA Holdings, needs to lodge information with Bursa Malaysia stating that the director is deemed to have vacated his position due to non-compliance with the attendance requirement.
“We have about five meetings a year, and part of it, I think, he (Jagdeep) was undergoing medical treatment. However, as a director of a listed company, each individual must be aware of their respective responsibility of complying with the statutory requirement,” he told reporters after launching The Light Up and Opening Ceremony of the 2025 Miao Hui at Armenian Park here tonight.
Chow noted that besides the attendance requirement, directors were sometimes required to attend courses on governance, including environmental, social, and governance (ESG) matters, to meet their responsibilities as directors of listed companies.
Asked whether the board had a replacement to fill the vacated position, Chow, who is also PBAHB chairman, stressed that there was no urgent need to fill the spot immediately as the company currently had a sufficient number of directors.
Yesterday, the media reported that PBA filed with Bursa Malaysia on Jagdeep vacating his post as a non-independent and non-executive director pursuant to Paragraph 15.05(3)(c) of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd, with immediate effect.
Under the requirement, a director is deemed to have vacated their position if absent from more than 50 per cent of the total board of directors' meetings held during a financial year.
Jagdeep, who is also Datuk Keramat assemblyman, was appointed to the PBAHB board in September 2023.
-- BERNAMA
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