THE Minority Shareholders Watch Group (MSWG) has queries for Sime Darby Bhd pertaining to climate change risks that have become both a threat to humanity and its business operations at the latter’s annual general meeting next week.
In this regard, MSWG pointed to a fatal incident involving a contracted stevedore at the group’s Weifang Port in China, who died of heatstroke while unloading cargo (as per pages 24 & 25 of Sime Darby’s Annual Report 2020 (AR2020).
Moreover, the international conglomerate reported that in FY2020, three Jining ports suspended operations for 71 days due to severe air pollution alert and inspection by port authorities.
This significantly lowered the group’s cargo throughput for the year (as per page 83 of its AR2020).
Nevertheless, the group has reiterated that it will continue to work towards reducing greenhouse gas emissions, water consumption and waste generation to limit its environmental impact (page 100 of its AR2020).
Among the questions MSWG has for Sime Darby are:
- To what extent in terms of financial value have the above (incidents) impacted the group?
- Given the two incident of climate change risks posed a threat to humanity and business operations, what was the capital expenditure spent for environmental sustainability?
- What will be the estimated amount of capital expenditure to be incurred for environmental sustainability in 2021?
Sime Darby’s virtual AGM is scheduled to be broadcasted from the Menara Sime Darby in Oasis Corporate Park, Ara Damansara on Nov 12 at 10am.
Elsewhere, MSWG wants to enquire from Eksons Corp Bhd if the company foresees major write downs – and what is the projected sum – for its timber division’s inventories for FYE 2021 given the weak prevailing business conditions.
The division has reported that its inventories were written down by RM11.7 mil in FYE 2020 (FYE 2019: RM4.6 mil) due to the weak demand and lethargic economic conditions (page 13 of the company’s AR 2020).
Eksons will broadcast its virtual AGM on Nov 12 at 3pm from Bangunan Faber Imperial Court in Jalan Sultan Ismail, Kuala Lumpur.
Click on https://www.mswg.org.my/ for a complete list of questions that MSWG seeks to raise at companies’ AGMs for the week of Nov 9-13. – Nov 6, 2020
