Special Shareholder is entitled to attend and speak at such meetings. The Special Shareholder has the right to appoint any person, but not more than six at any time, to be a member of the Board of Directors of the Company. Accounting Policy Classification Ordinary shares and non-redeemable preference shares with dividends are classified as equity. Other shares are classified as equity and/or liability according to the economic substance of the particular instrument. Distributions to holders of a financial instrument classified as an equity instrument are charged directly to equity. Share issue costs Incremental external costs directly attributable to the issuance of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Dividends to shareholders of the Company Dividends are recognised asliability in the period in which they are declared. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 278 29 SHARE CAPITAL (CONTINUED) (a) Special Rights Redeemable Preference Share (‘Special Share’) (continued) (ii) Certain matters, in particular the alteration of the Articles of Association of the Company relating to the rights of the Special Shareholder, creation and issue of additional shares which carry different voting rights, the dissolution of the Company, substantial disposal of assets, amalgamations, merger and takeover, require the prior consent of the Special Shareholder. (iii) The Special Shareholder does not have any right to participate in the capital or profits of the Company. (iv) The Special Shareholder has the right to require the Company to redeem the Special Share, at par, at any time. (b) The Company issued and allotted ordinary shares of 34,125,400 on 15 June 2023 and 129,100 on 27 June 2023 to eligible employees, pursuant to the letter of offer dated 27 July 2020, 25 May 2021 and 20 July 2022 respectively in accordance with the by-laws of the LTIP scheme of the Company during the financial year ended 31 December 2023.