GEORGE TOWN — Penang Deputy Chief Minister II Jagdeep Singh Deo was removed from his non-executive director’s role at PBA Holdings Bhd (PBAHB) after failing to meet the minimum attendance required.
Chief Minister Chow Kon Yeow confirmed this, adding that this could have been due to the medical treatment that Jagdeep was undergoing.
“However, as a director of a listed company, each individual must be aware of their respective responsibility of complying with the statutory requirement,” Chow, who is also PBAHB chairman, told reporters here last night, Bernama reports.
Chow said PBAHB, the state’s water supply authority, had about five meetings in a financial year. Jagdeep’s position was vacated after he failed to achieve the minimum attendance requirement for directors, as stipulated under Bursa Malaysia rules.
“As such, the company secretary, needs to inform Bursa stating that the director is deemed to have vacated his position due to non-compliance with the attendance requirement,” Chow said.
Directors are also required to attend courses on governance, besides attending board meetings, as part of their responsibilities, he added.
Asked about a replacement for the vacated position, Chow said there was no urgency as PBAHB currently had a sufficient number of directors.
PBAHB in a Bursa Malaysia filing yesterday announced that Jagdeep had vacated his post as a non-independent and non-executive director pursuant to 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% 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.
In July and August last year, Jagdeep was reported to be on leave for medical treatment for an ankle issue. – January 2, 2025
