BANK KERJASAMA RAKYAT MALAYSIA BHD v. ABDUL AZIZ ZAINAL & ORS [2023] 10 CLJ 44
HIGH COURT MALAYA, KUALA LUMPUR
MOHD ARIEF EMRAN ARIFIN J
[CIVIL SUIT NO: WA-22NCVC-357-06-2018]
04 SEPTEMBER 2023
A prudent, reasonable, honest and competent director ought to refer a major issue to the Board of Directors for consideration, investigation and a detailed deliberation. The failure of the directors of the financial institution in the instant case, to raise the matter concerning the request of the Prime Minister for the sponsorship of a book in a substantial amount of RM15 million to the Board of Directors, fell short of the standards expected of them, in breach of their contractual and statutory duties to the financial institution. The obligation of any members of the Board of Directors, as in this case, shall lie first and foremost to act solely in the best interests of the financial institution. It is not to ensure that any personal requests or demands of any third party are adhered to.
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