By KEVIN WONG / Pic By ISMAIL CHE RUS

Sapura Energy Bhd president and group CEO Tan Sri Shahril Shamsuddin (picture) has been excluded from the group’s board of remuneration amid concerns from institutional shareholders.

Sapura Energy in a brief statement last Friday announced the revised composition of the group’s board of remuneration which includes the firm’s chairman and non-independent ED Datuk Hamzah Bakar, independent non-EDs Mohamed Rashdi Mohamed Ghazalli, Datuk Muhamad Noor Hamid and Datuk Ramlan Abdul Rashid.

The attention was on Shahril recently, who was paid RM71.92 million in remuneration, including RM55 million in bonuses for the financial year 2018.

It was reported that the Employees Provident Fund had tried to vote against a resolution for Shahril’s re-election as the director of the company during Sapura Energy’s AGM on July 18. The move was unsuccessful as Shahril received 82% of the overall vote to keep his job.

Shahril, who owns a 15.9% interest in Sapura Energy, defended his remuneration, saying that the high salary was due to a share covenant he had with financial institutions and was decided by the company’s remuneration committee.

He had reportedly said that he was willing to leave the board of remuneration in order to appease the shareholders perturbed by his excessive salary, while defending the group’s corporate governance.