AGM Watch: Trive Property queried over staging of extra board meetings

THE Minority Shareholders Watch Group (MSWG) is enquiring from Trive Property Group Bhd at its forthcoming annual general meeting (AGM) as to why the company held only three board meetings instead of four in FYE 2020.

The property developer has stated on its annual report that it commits to meet at least four times a year with additional meetings to be held as and when such need arises.

“What is the reason for the low number of board meetings held during the year?” asked MSWG. “Does this mean that some of the quarterly results were not tabled at board meetings for approval?”

The shareholder activism group further queried Trive Property over the low cost incurred for its internal audit function of a mere RM10,000 (FYE2019: RM10,000) for its financial year ended July 31, 2020.

“Given that the fee is rather small (about RM833.33 per month), how does the audit committee assure itself that there would be adequate coverage and an effective audit function?” enquired MSWG.

“How many internal audit reports were issued during FYE 2020? What were the areas of coverage during the year?”

Elsewhere, MSWG also probed Poh Kong Holdings Bhd with regard to its write down of inventories amounting to RM4.65 mil during the company’s FYE 2020.

The shareholder activism group wanted to know:

  • What type of inventories were been written down in FYE 2020?
  • What factors had triggered the need to write down the value of the inventories?
  • With the economic uncertainties resulting from the COVID-19 pandemic may impact the saleability of inventories, are further write down of inventories expected in the FYE 2021?

With regard to the COVID-19 pandemic, MSWG queried Concrete Engineering Products Bhd as to what is the expected impact of the health crisis on the company’s operations and financial position in FY2021. – Jan 8, 2021

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