Withhold director fees, appoint IFA: Great Eastern shareholders propose resolutions to table at AGM

A GROUP of minority shareholders of Great Eastern Holdings (GEH) have proposed three resolutions to be tabled at the insurance provider’s upcoming annual general meeting (AGM), in an attempt to “protect and preserve” shareholder value.

The resolutions are calls to withhold directors’ fees, to change the share option schemes of employees, and to appoint an independent financial advisor (IFA).

According to a letter seen by The Business Times (BT) on Friday (Mar 1), a group of close to 80 shareholders have raised concerns over GEH’s depressed share price and continued valuation decline over the last decade, despite its “strong financial position”.

The shareholders are led by independent…