Pilipinas, you need to work

Don’t believe everything you hear

Power struggle

with 2 comments

I know it’s a bad pun. But it fits the current situation between GSIS President Winston Garcia and the Lopez family as the stockholders meet and see who will run the largest power distributor in the Philippines.

In the days leading to Tuesday’s stockholder’s meeting, all media entities, including Lopez owned ABS-CBN was barred from airing the meeting live on ANC (ABS-CBN News Channel). GSIS Winston Garcia was able to get approval from the board to get cameras inside.

Tuesday morning arrives and the Securities and Exchange Comission halts the board election based on a complaint filed by Winston Garcia saying that the proxies votes were selected in an “irregular” manner. A hearing in scheduled on Friday, May 30.

The election of the board pushed through despite the order from the SEC. The stockholders attendees reach 86%

Meralco shares were up 0.937% at the end of trading in Manila.

The GSIS calls the meeting “illegal”. Meralco calls the order from the SEC “null and void” since it bears no number, date, official seal of the SEC and was signed by only one commissioner.

Garcia was heckled by stockholders and employees of Meralco for trying to stop the proceedings. Garcia cries foul that it should not be decided by mob rule. (See where numerous “people power” gets us)

Counting of the votes continue as of this posting.

Well now, who needs television when things like this is going on.

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Written by pinoypatrol

May 27, 2008 at 9:54 am

Posted in electricity

Tagged with , ,

2 Responses

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  1. Meralco was awarded as one of the Top 20 of the 2007 ICD Corporate Governance Scorecard for Publicly listed Companies by the Institute of Corporate Directors (ICD) on May 28, 2008 in Makati City.

    The citation was signed by Dr. Jesus P. Estanislao, Chairman of the Institute of Corporate Directors; Atty. Fe B. Barin, Chairperson of the Securities and Exchange Commission (SEC); Atty. Francis Ed. Lim, President of the Philippine Stock Exchange (PSE); and Atty. Cesar L. Villanueva, Dean of the Ateneo Law School.

    Meralco rated high in the corporate governance scorecard that measures public disclosure through the regulators, the exchange and its corporate website and corporate reports. ICD is an independent and autonomous institute that champions corporate governance reforms in the country.

    The more best practices a company has, the higher its score.

    The corporate governance scorecard rates all publicly listed corporation’s on compliance with and actual practice of corporate governance compared with national, regional and international standards. It was a “person-on-the-street” test: it relies on public disclosure.

    isnt it ironic that one of the main issue being hurled against meralco by winston garcia is disclosure? now we should wonder, what about the disclosure of winston as regards to his expenses in his campaign against meralco including the legal fees, ads, and stay in crowne plaza?

    strygwyr

    June 2, 2008 at 5:18 am

  2. That’s a great fact you’ve pointed out. I wonder how the GSIS would score against the same test. Now that would be interesting.

    pinoypatrol

    June 2, 2008 at 5:42 am


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