However, the consultancy fee will still be paid to Mr Lee - but it will be paid as director's fees instead.

That means it will be put to a vote by shareholders, according to F&N's annual report which was released yesterday.

Mr Lee joined the property, food & beverage and publishing conglomerate as its non-executive chairman last October, replacing Dr Michael Fam who was retiring.

Read the full story in Wednesday's edition of The Straits Times.