IOI Group - Payment of Gratuity to the Estate of a Deceased Director
IOI Corporation Berhad’s (“IOI Corp”) forthcoming AGM on 25 October 2019 has an interesting resolution titled ‘Proposed Gratuity Payment To The Former Executive Chairman of the Company’.
The resolution is to seek approval from shareholders for the Company to pay a gratuity amounting to RM27.36 million to the late Tan Sri Dato’ Lee Shin Cheng in recognition of his 38 years of service and contributions to IOI Corp Group. The RM27.36 million, which is a one-off payment from IOI Corp., is computed at 1.5 months for every year of service (i.e. 38 years) in the Group, based on his last drawn salary of RM480,000.