Top Glove's independent directors suffer ire of institutional investors
Tension between institutional investors and corporate boards could well be a positive force in the effort to enhance corporate governance standards in the local market
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THE stinging rebuke suffered by the board of Top Glove from BlackRock this past week is a warning to directors of all public-listed companies that passive institutional investors with relatively small stakes have the means and motive to hold them personally responsible for problems that come to light under their watch.
BlackRock said last week that it had voted against the re-election of six independent, non-executive directors at Top Glove's annual general meeting (AGM) held on Jan 6. They were Lim Han Boon, Rainer Althoff, Noripah Kamso, Norma Mansor, Sharmila Sekarajasekaran and Lim Andy.
BlackRock also voted against a resolution for senior independent director Mr Lim Han Boon to continue as an independent, non-executive director.
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