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Magnus Energy says its proposed directors can still be paid fees

CATALIST-LISTED investment-holding company Magnus Energy Group, which is headed for a showdown between two slates of potential directors at an extraordinary general meeting (EGM) in January, rebutted on Friday the suggestion that the directors it put forward will not take fees.

The board said in its latest update that it wanted to clarify that its proposed directors "may be paid directors' fees, which will be recommended by the remuneration committee". 

These fees must also be approved at an annual general meeting (AGM) for the year to June 30, 2020, the board added, reiterating a point in the EGM circular sent out on Dec 18.

The shareholders who requisitioned the EGM pitched fees of S$90,000 for FY2020, to be split equally among the non-executive directors on a pro rata basis and paid quarterly in arrears.

But Magnus said in the circular if the resolution on directors' fees passed and any of its proposed men were elected, they had agreed to put their fees to shareholders at the AGM.

The company was responding to an interview published on Friday by The Business Times (BT) with See Soon Hong, who is one of the four potential directors supported by Magnus.

The quartet featuring Mr See will square off against four alternatives - including former executive managing director Charles Madhavan - who were put on the ballot by the requisitioning shareholders who called for the EGM.

The BT article said: "The new directors are not taking any fees, unlike the rival team of directors proposed by Mr Madhavan, which is seeking S$90,000 in directors' fees for FY2020."

The Magnus EGM will be held on Jan 9, 2020, at York Hotel's Carlton Hall.