(File pix) FGV Holdings Bhd president and chief executive officer Datuk Zakaria Arshad says the matter was actually agreed at FGV’s annual general meeting (AGM) on June 28.

PORT KLANG: Datuk Zakaria Arshad has refuted speculation that his termination as FGV Holdings Bhd’s director is one of the means for him to resign as the group’s president and chief executive officer (CEO).

Zakaria said the matter was actually agreed at FGV’s annual general meeting (AGM) on June 28.

"This decision was discussed by the management team, which included myself and company secretary. There are some suggestions, some agreed for the management to be separated from the board and there were others who were against it.

"The result of the discussions was brought to the AGM last June, and the resolution on this matter was approved.

“So the speculation should not arise because the decision was also agreed upon by me," Zakaria said after the launch of a joint intiative by FGV and Malaysian Palm Oil Board to spearhead the use of B10 biodiesel fuel here today.

FGV said on Wednesday it had received a letter from the Minister of Finance Inc (MoF Inc) informing it of the withdrawal of the ministry's nomination of Zakaria as director.

Zakaria said as he was an MoF appointee, it had to go through the ministry and further to Bursa Malaysia.

He clarified that the steps were taken to disassociate management with board of directors, so that the board can be more transparent, fair and free without the highest management’s influence.

Zakaria, whose contract ends in March 2019, said it would be up to the board to continue his contract or otherwise.

He holds positions in other organisations such as vice chairman of Palm Oil Refiners Association of Malaysia, alternate member of Malaysia Palm Oil Board, council member of University Malaysia Kelantan's Action Group for Entrepreneurship and an advisor to Mobile Food Trucks and Street Food Association.

The latest board change followed last week's appointment of two new FGV independent directors – Bursa's former chief executive officer Datuk Yusli Mohamed Yusoff and Zurich Life Insurance Malaysia Bhd board member Datin Hoi Lai Ping.

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