The proposed remuneration for FGV Holdings Bhd's top two highest paid board members for the financial year ended Dec 31, 2018, amounted to RM3.49 million, The Edge Market reported today.

Non-executive chairperson Azhar Abdul Hamid's remuneration came up to a massive RM1.95 million, followed by that of former CEO and president Zakaria Arshad at RM1.54 million.

The RM3.49 million amounted to 61 percent of the RM5.74 million proposed board remuneration for FY18.

Zakaria had resigned from the group in September and the sum of RM1.54 million was to be his payout.

In comparison, the next two highest earners on the board were Mohd Anwar Yahya (RM305,811) and Mohamed Nazeeb P Alithambi (RM287,394).

FGV's shareholders, including the three major shareholders of Felda Land Development Authority, Koperasi Permodalan Felda and Lembaga Tabung Angkatan Tentera (LTAT), had shot down the plantation group's proposed board remuneration during its annual general meeting on June 25.

According to The Edge Market, the three major shareholders were not happy with the board's pay. However, no details were available on which director's pay the shareholders were unhappy with.

FGV had reported a net loss of RM1.08 billion in FY18 compared with a net profit of RM130.93 million in the previous year.

The group's FY18 revenue also fell to RM13.47 billion from RM16.92 billion the year before.