Below were some of the points raised at the AGM of MAS this morning.
1.Shareholders asked how were the Board members picked and whether they truly add value
2.Shareholders felt Remuneration of Directors especially EDs were excessive
3.AJ was always blaming the fuel cost but as shareholder pointed out this affects every other airline but MAS is unable to handle this properly. Shareholders suggested to sack the fuel hedging team if they were incompetent and to get a new one.
4.Shareholders mentioned that the changing of the logo color and the direction of the MAS to facing backward was a bad decision. One shareholder said the person who suggested this needs to be shot.
5.Shareholder suggested those that came from Air Asia should go back if they can but he suspects they were not that good that’s why Air Asia let them go to MAS.
6.MAS shareholders criticized the share swap and asked whether the Board really thought it was a good deal as it has shown to have only benefited Air Asia and not MAS. MAS is very much worse off today than at the time it entered into the CCF.
7.General sentiment shareholders are unhappy with the management and Board performance as MAS share price has gone down and investors have lost money.
8.Shareholders criticized the management for not looking into expanding into Middle East as especially Umrah flights even on other aircrats are filled with Malaysians.
Tan Sri Wan Azmi Wan Hamzah steps down from MAS Board this morning. From unconfirmed source, Tan Sri Azman Yahya of SCOMI has also steps down. Will do an updates when it is confirmed.
The AVIATION EXPERTS, Dato’ Rohana binti Rozhan, the CEO of ASTRO, Tan Sri Tan Boon Seng who is the Deputy Chairman of IJM and Mr David Lau Nai Pek who is the VERY INDEPENDENT executive director of MAS, director of Axieta Sdn Bhd, CELCOM AXIATA Sdn Bhd and Shell Refining Company Bhd, chose to hang on to their directorship. The directorship in MAS must be very precious to them. Just wondering what they have contributed to MAS for the past ten months as directors of MAS.
Could MAS staffs think of more of their CONTRIBUTIONS?
From reliable sources, a shareholder specifically asked Dato’ Rohana who is the CEO of ASTRO at the AGM this morning: “You are so busy in ASTRO, do you have the time for MAS?”She PROUDLY answered with a smile! The other minority shareholders were so IMPRESSED with her very corporate behaviour!
On 4-8-2008 the Star has reported about the forum where Dato Rohana Rozhan, Tan Sri Tan Boon Seng, Tan Sri Azman Mokhtar and another were “Leading the Charge in Corporate Responsibility”, in HERE. After reading the said Star report, you all better be impressed by their visions and thoughts!
With their leadership, MAS should be able to recover by next year. Some say that TEN months is too short, as it was just a warming period only. Yours truly believes that the remaining directors in MAS Board together with Tan Sri Azman Mokhtar, they will no doubt work toward the cancellation of the lope sided catering contract between MAS and LSG Sky Chef Brahim Sdn Bhd, of which the brother of our former PM, YB Tun Abdullah Ahmad Badawi (Tun Abdullah), has an interest.
Tan Sri Azman Mokhtar was, of course, fully aware of this lope sided catering contract as it was executed during the infamous BinaFikir Sdn Bhd‘s WAU Project. Tan Sri Azman Mokhtar and his most trusted crony, Rashdan, were former business partners in BinaFikir.
By co-incident, in June 2004 Tan Sri Azman Mokhtar was appointed by Tun Abdullah, as the MD of Khazanah Bhd, and prior to the MAS-AirAsia share swap Tun Abdullah was appointed the Adviser of MAS until now.
Yours truly will update as and when more information comes in pertaining to the AGM.