KUALA LUMPUR : Felda Global Ventures Holdings Bhd (FGV) has strongly denied plans over the possible formation of a steering committee to be placed above its board of directors as reported by an English business weekly over the weekend. “The board of directors of FGV would like to deny the existence or plans for such a committee and that it is not aware of any proposal to form a steering committee. FGV's Memorandum and Articles of Association also do not contain any provision for the formation of a committee to be placed above its board of directors,” it said in a statement. The group added that it is the fiduciary duty of its board of directors and management team to be collectively responsible for the overall conduct of its business. FGV's reply was in relation to an article on Saturday which reported on the plans to create additional oversight on FGV's management.

Source: The Star October 31, 2016 04:41 UTC