GEORGE TOWN: Chief Minister Chow Kon Yeow has confirmed that Penang Deputy Chief Minister II, Jagdeep Singh Deo, has been removed from his role as a non-executive director at PBA Holdings Bhd (PBAHB). The removal follows Jagdeep's failure to meet the minimum attendance requirements for directors' meetings, as mandated by Bursa Malaysia's regulations.

According to BERNAMA News Agency, Jagdeep's position was vacated due to non-compliance with the attendance mandate stipulated by Bursa Malaysia. The company secretary of PBA Holdings is required to notify Bursa Malaysia that the director is considered to have vacated his position as a result. Chow mentioned that Jagdeep missed some of the five annual meetings, partly due to undergoing medical treatment. However, he emphasized that directors of listed companies must adhere to their statutory responsibilities, including meeting attendance requirements.

Chow also highlighted the importance of directors attending courses on governance, such as those focusing on environmental, social, and governance (ESG) issues, to fulfill their roles effectively. When questioned about appointing a replacement for Jagdeep, Chow, who also serves as the chairman of PBAHB, stated that there is no immediate need to fill the position, as the current number of directors is sufficient.

Earlier reports indicated that PBA had filed a notice with Bursa Malaysia regarding Jagdeep's vacated post as a non-independent and non-executive director. This action was taken in accordance with Paragraph 15.05(3)(c) of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd, effective immediately. The regulation deems a director to have vacated their position if they fail to attend more than 50 percent of the total board meetings held within a financial year. Jagdeep, who also serves as the Datuk Keramat assemblyman, was appointed to the PBAHB board in September 2023.