Elected to the board were Atty. Antonio C. Pacis, Joseph Peter Y. Roxas, Raymond K.H. See, George E. Sycip and Marie Grace Vera Cruz as regular directors. Erwin M. Elechicon and Dobbin A. Tan, meanwhile, were elected independent directors.
Pacis was subsequently voted chairman of the board. A graduate of Ateneo Law in 1965, Pacis subsequently acquired his masteral law degree from the Harvard Law School. He has been practicing law for close to five decades and is currently with the Pacis and Reyes Law Office.
Roxas and Tan are the newest addition to the board. Roxas graduated from Ateneo with a degree in economics, and is president of Eagle Equities. He is concurrently a director for the publicly listed DFNN Inc. and of Kimquan Trading Corp.
Tan, elected as an independent director, is a Management Engineering graduate of Ateneo. He subsequently obtained his Masters’s Degree in business from the University of Chicago, Booth School of Business. He is presently the CEO of New Sunlife Ventures.
“We thank the company’s shareholders for the strong support, trust and confidence they have clearly manifested in the management team by providing the necessary resources to support capex growth projects and maximize plant utilization, which helps us avoid additional debt,” said See.
With unanimous support coming from shareholders proxies representing 80% of total shares, the See-led management has committed to continue to focus on improving the company’s corporate governance and profitability amid international competition.
“We remain committed to addressing the company’s challenges, more so now with the overwhelming mandate of our shareholder. We have already identified areas that can stand further improvement to allow for maximizing assets and ultimately, enhance shareholders value,” See added.
The conduct of the ASM is viewed as a victory for ASFII which has had to withstand numerous crossfires between some of the shareholder blocs. The latest crossfire involved a TRO issue by the Court of Appeals. The Court of Appeals later decided that the Singaporean bloc would have to pay filling fees of PhP20 million before it can litigate against the SRO.