Meralco meeting likely to push through under SEC control (11:13 a.m.)
MANILA — The annual Meralco stockholders’ meeting on Tuesday morning is expected to push through under the supervision of the Securities and Exchange Commission (SEC), after the temporary halt made by the same body.
Government Service Insurance System (GSIS) president Winston Garcia, filed a complaint stating that the Lopezes are manufacturing proxies in order to decrease government representation in the Meralco board.
The Meralco board is composed of 11 men, Garcia included. GSIS holds 35 percent of Meralco stocks, together with other government entities. The Lopez family, through First Philippines Holdings Corporation holds 33.4 percent.
SEC set a hearing on Friday afternoon to discuss the GSIS president’s complaint.
Meralco chairman Manolo Lopez, however, dismissed Garcia’s protests, saying that they have nothing to hide and that the process is “within the bounds of law”. (Sunnex)
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