FIRST PHILIPPINE HOLDINGS IS A CORPORATION THAT IS CONSTANTLY IN ACTION. WE’RE ALWAYS TRYING TO FIND WAYS TO DELIVER FOR OUR STAKEHOLDERS AND THE FILIPINO PEOPLE.
The Board of First Philippine Holdings Corporation (First Holdings) held today a Special Stockholders’ Meeting to approve amendments to its company by-laws.
These amendments cover the deadline for submission of proxies, general responsibilities of the Board of Directors, and additional qualifications/disqualifications for its Board of Directors, as well as a new provision for the Board of Directors to be governed by the Company’s Manual for Corporate Governance.
The amendments on qualifications or disqualifications of directors were principally designed to protect the company’s interest and those of its shareholders as a whole and to prevent the entry of persons who have committed acts causing undue injury to the company or may have engaged in any activity which is antagonistic to the company.
Only stockholders on record as of November 21, 2008 were entitled to attend and vote during the meeting. There were 58.77% of the shares of the common and preferred stock represented in person or by proxy of which 56.69% or a majority were in favor of the amendments.
“Based on the current economic environment, there is a need to further protect shareholder interests during these turbulent times and not lose sight of our business mission,” said President and Chief Operating Officer Elpidio L. Ibañez.
Chairman and Chief Executive, Oscar M. Lopez, stated in his opening statement to the shareholders that the amendments adopted by the corporation are in line with the company’s commitment to strengthen good corporate governance and to protect the interests and/or reputation of the corporation.
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