Malaysia’s Top Glove defends board after BlackRock criticism

Image from Top Glove's media kit.

Malaysia’s Top Glove Corp defended its board on Friday after BlackRock Inc issued a scathing statement, attacking the firm’s handling of a coronavirus outbreak and saying it had voted against the re-election of six directors this week.

The six independent directors were re-elected at the company’s annual general meeting on Wednesday, gaining between 86.5% and 72.3% of shareholder votes.

The world’s biggest asset manager cited workers’ accounts of working and living conditions, the firing of a whistleblower and the virus cluster in its condemnation of the board, and said it would vote against the re-election of other directors at future meetings.

In its statement, Top Glove, the world’s biggest maker of medical grade gloves, said its independent directors have served an average of six years and that the board meets regularly to discuss the pandemic and other governance matters.

A BlackRock unit, BlackRock Institutional Trust Co, is the tenth biggest shareholder in Top Glove, holding 1.07% of its shares.

More than 5,000 foreign workers at Top Glove were infected and one died during a coronavirus outbreak last year in what became Malaysia’s biggest cluster.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.