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Axiata strives to raise our shareholder value by striking a balance between
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General Meetings: Notice Of Meeting

Back 16 May 2012
Date Announced
:
16/05/2012  



Type
:
Announcement
Subject
:
GENERAL MEETINGS
NOTICE OF MEETING

Description
:
AXIATA GROUP BERHAD ("AXIATA") - WITHDRAWAL OF SPECIAL RESOLUTION 2 AND ORDINARY RESOLUTION 9 FROM THE NOTICE OF 20TH ANNUAL GENERAL MEETING

Announcement Details/Table Section :

We refer to the announcement on 27 April 2012 to Bursa Malaysia Securities Berhad and the Notice of 20th Annual General Meeting of Axiata Group Berhad (“Axiata” or “Company”) dated 30 April 2012 (“20th AGM Notice”).

We wish to announce that the Board of Directors of Axiata had today resolved to withdraw the resolutions in respect of the Proposed Amendment to Article 106(i) (“Special Resolution 2”) and Proposed Determination of the Amount of Fees of Non-Executive Directors for the year ending 31 December 2012 and Each Subsequent Year (“Ordinary Resolution 9”) (collectively referred to hereafter as “Proposed Resolutions”) from being tabled for the shareholders’ approval at the 20th AGM.

The decision on the withdrawal of the above resolutions was made after taking into consideration feedbacks received from shareholders and/or stakeholders on the Proposed Resolutions.

The Board wishes to clarify that it was not the intention of the Board to prevent the shareholders from deliberating on the amount of fees payable to the Non-Executive Directors (“NEDs”) as the maximum amount per annum of the NEDs’ fees would still require the shareholders’ approval. Any increase in the maximum amount determined can only be approved by the shareholders at a general meeting. As disclosed in page 75 of Axiata’s Annual Report 2011, the Board has no intention of increasing the monthly fees of the NEDs during the financial year ending 2012.

The resolutions were initially proposed by the Board to improve the administration of business at the Company’s annual general meeting as the quantum of the NEDs fees are relatively small in the context of the Company’s business. However, upon receiving and considering various feedbacks from our shareholders in respect of the Proposed Resolutions, the Board is of the view that it is in the best interest of the Company for the Proposed Resolutions to be withdrawn.

The Board wishes to emphasise that as a company, Axiata will continue to champion high corporate governance standards and best practices.

The Notice of Withdrawal of Special Resolution 2 and Ordinary Resolution 9 is hereby enclosed.

Unless otherwise defined in this announcement, all terms used herein shall have the same meaning as those defined in the announcement dated 27 April 2012, 20th AGM Notice and circular to the shareholders dated 30 April 2012.

This announcement is dated 16 May 2012.

Attachments

  1. AXIATA160512.pdf (Size: 115,132 bytes)