Top Glove defends board after BlackRock criticism
Kuala Lumpur
TOP Glove defended its board on Friday after BlackRock issued a scathing statement, attacking the firm's handling of a Covid-19 outbreak and saying that it had voted against the re-election of six directors this week.
The six independent directors were re-elected at the company's annual general meeting on Wednesday, gaining between 86.5 per cent and 72.3 per cent of shareholder votes.
The world's biggest asset manager cited workers' accounts of working and living conditions, the firing of a whistleblower and the virus cluster in its condemnation of the board, and said that it would vote against the re-election of other directors at future meetings.
In its statement, Top Glove, the world's biggest maker of medical grade gloves, said its independent directors have served an average of six years and that the board meets regularly to discuss the pandemic and other governance matters.
A BlackRock unit, BlackRock Institutional Trust, is the 10th biggest shareholder in Top Glove, holding 1.07 per cent of its shares.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
More than 5,000 foreign workers at Top Glove were infected and one died during a novel coronavirus outbreak last year in what became Malaysia's biggest cluster. REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Lululemon to shutter Washington distribution center, lay off 128 employees
Wall Street bonus rules return to regulatory agenda in third try
Honda to invest US$808 million in Brazil by 2030
US: Nasdaq, S&P tumble as Netflix, chip stocks drag
Europe: L’Oreal gains cap third week of declines
Telegram messaging service to allow Tether stablecoin payments