EPF fails to get waiver on mega-merger vote

Singapore

MALAYSIA'S securities regulator stuck by the rule book on Tuesday and rejected the Employees Provident Fund's (EPF) plea to be allowed to cast its vote on the merger of CIMB Group, RHB Capital and Malaysia Building Society Bhd (MBSB), given the clear-cut conflict of interest.

Bursa Malaysia's keenly awaited and much-debated decision is a major blow for the pension fund which had lobbied hard on the premise that it should not be denied its fundamental right to vote based solely on its size of holdings in the firms and that its vote was crucial to safeguard the rights and interests of 14 million working Malaysians who contribute to its coffers for their retirement income.