Genting SG disregards resolution to increase Lim performance shares

Genting Singapore on Thursday announced it has disregarded a resolution which would see an increase to chairman Tan Sri Lim Kok Thay’s performance share scheme (PSS) limit. 

The resolution came out of an EGM held in February, which later attracted queries from the stock exchange, questioning why Lim’s remuneration was increasing despite profit falling 90 percent in the year. 

Despite giving a solid explanation for the reasons for the PSS increase, Genting ultimately disregarded the resolution made during the EGM, as it became aware that GOHL, who voted in the resolution should have actually abstained from voting due to its links with the chairman. 

As a result, Genting said it will not regard the resolution as being approved.