Sime Darby Property gets shareholder nod for new LTIP and CEO share grant

PETALING JAYA (June 12): Sime Darby Property Bhd has secured shareholder approval for a new long-term incentive plan (LTIP) of up to 5% of its issued shares, as well as a specific 2026 share grant to its group managing director and CEO Datuk Seri Azmir Merican, at an extraordinary general meeting (EGM) held on Wednesday.

In a filing with Bursa Malaysia on Wednesday, the group said shareholders passed Ordinary Resolution 1, which seeks to establish an LTIP comprising performance and/or restricted share grants for eligible executive directors and employees of Sime Darby Property and its non-dormant subsidiaries.

The resolution was approved with 93.33% of the votes in favour, representing about 5.27 billion shares, while 6.67% or roughly 376.63 million shares were voted against.

Shareholders also approved Ordinary Resolution 2, which allows for a maximum allocation of up to 8 million new Sime Darby Property shares to Azmir, for the 2026 grant under the LTIP. The second resolution similarly received 93.33% support, with around 5.27 billion shares voting for, and 6.67% or about 376.68 million shares voting against.

Both resolutions were carried by poll via remote participation and electronic voting, with the results verified by Coopers Professional Scrutineers Sdn Bhd, the independent scrutineer appointed by the company.

At its 53rd annual general meeting held earlier the same day, Sime Darby Property said all resolutions set out in the AGM notice were also duly passed.

These included the re-election of directors — Datuk Rizal Rickman Ramli, Azmir, Datuk Soam Heng Choon, and Thayaparan Sangarapillai — each of whom received more than 99.9% of votes cast.

Shareholders further approved the payment of fees to non-executive directors from June 11 until the next AGM in 2027, comprising an annual fee of RM540,000 for the chairman, RM220,000 per non-executive director, RM70,000 per board committee chairman, and RM40,000 per board committee member, as well as benefits of up to RM1.5 million for the same period.

The re-appointment of PricewaterhouseCoopers PLT as the company’s auditors for the financial year ending Dec 31, and the authorisation for directors to fix their remuneration, were also approved with about 99.9% of votes in favour.

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