TOP Glove Corp Bhd should not take Blackrock and Norges Bank Investment Management’s (NBIM) reproach during its annual general meeting (AGM) yesterday lightly but to diligently address them.
“I’m sure Blackrock and NBIM would have done their due diligence before voicing objection to the reappointment of its directors.
“Sometimes, the views of the minority shareholders hold more water than the majority ones,” UNI-Malaysia Labour Centre (UNI-MLC) president Datuk Mohamed Shafie BP Mammal told FocusM.
Earlier today, FocusM reported that Blackrock and NBIM have voted against the reappointment of Top Glove’s six independent directors on grounds that the glove maker has neglected the welfare of its migrant workers.
The six independent directors are Datuk Lim Han Boon, Datuk Noripah Kamso, Datuk Norma Mansor, Tan Sri Rainer Althoff, Sharmila Sekarajasekaran and Lim Andy.
However, it is to note that despite both the company’s opposition, all six independent directors were re-elected to their positions.
According to Top Glove’s filing to Bursa Malaysia, Lim was re-elected with 72.35% of votes in favour and 27.66% against.
There were also 15.156% votes against Althoff, Noripah (15.79%), Norma (15.13%), Sharmila (13.73%) and Andy (13.45%).
Subsequently, Top Glove’s shares dipped from its peak of RM9.36 in late October last year to RM5.50 on Monday. It closed at RM5.76 yesterday (Jan 6).
Being pro-active
On the allegations levelled against Top Glove, Shafie said sometimes there are communication gaps between the company’s management and its board, leaving the latter clueless on what is happening on the ground.
“I know this because I have sat on several company boards in the past. What I’m trying to say is that there is no point blaming anyone right now.
“The best way for Top Glove to move forward is to investigate the allegations levelled against it. If they don’t have internal experts, then hire third party consultants who will give them unbiased views,” he suggested.
Shafie further noted that Top Glove should not look away from Blackrock and NBIM’s actions, saying the companies were merely seeking the glove maker to address its problems.
“Top Glove’s shares went down by about RM4 and it’s serious. Plus, the glove maker has also caught the attention of the International Labour Organization (ILO) and other human rights groups.
“If Top Glove gets pro-active and investigate the claims, people will have confidence that the glove maker is trying its best to address the issue.
“And I also urge both the Ministry of International Trade and Industries (MITI) and Human Resources Ministry to inspect Top Glove’s premises regularly for compliance. If the glove maker breached the law, then take them court to seek legal redress,” he opined.
Building and Wood Workers International Malaysian Liaison Council (BWI-MLC) said the Government should tweak the ISO certification process to include workers’ protection in its scope.
“The Government should prioritise workers’ protection in its certification processes. If the company does not take care of its workers’ welfare, then they should not receive the ISO award,” said its spokesperson Nor Azlan Yaakob.
On Top Glove, he reminded the world’s largest glove maker that it became a multi-billion-ringgit company on the back of its workers’ hard work.
“And they should learn to appreciate its workers and do all it can to protect their safety and well-being,” Azlan remarked. – Jan 7, 2021.
