SharePHIL held its Annual General Membership Meeting (AGMM) on 2 September 2016 at the Sarika Ballroom at the Dusit Thani Hotel. The theme for the AGMM is "Minority Shareholder Vigilance and Why is It Important".
SharePHIL invited former Securities and Exchange Commission Chairperson Atty. Fe Barin to talk about the theme. She defined vigilance as a continuing attentiveness to the corporation where an investor puts his/her money. Vigilance is important because when a shareholder gives his money to a corporation, he loses control of it and surrenders to the board and management the decision to manage his funds. He becomes a part owner of the corporation.
To exercise vigilance, a shareholder must know his rights which is enshrined in the Corporation Code. That is why It is important for every shareholder to read the Corporation Code. Shareholders’ rights can also be found in the Code of Corporate Governance issued by the SEC. A shareholder must also keep himself informed about how the company is growing and have an abiding interest in the activities of the corporation. He must read reports available to him. A shareholder must also establish a good relationship with the company. Before an issue escalates to a real problem, he must make sure to try to exercise the rights granted to him under the Corporation Code in an amicable manner. If he needs some clarifications on issues that are not clear to him or which he thinks may endanger his investment, he must ask the company in the right way and manner.
“If you are a minority shareholder, don’t think of yourself as a voice of the minority and that they will never listen to you. It’s always worth trying.”
SharePHIL Vice Chair Cora De La Paz-Bernardo reported about the International Finance Corporation (IFC) Partners Meeting which she attended on 27 July 2016 in Bangkok, Thailand. The meeting was organized by IFC’s Corporate Governance Team. It aimed to serve as a forum for the partners present to share information on the progress of their work to date, potential offerings, exchange lessons learned and provide networking opportunities between the IFC and the regional partners. The IFC Team was led by Chris Razook who was happy to meet someone from SharePHIL because SharePHIL was the first and only organization present in the meeting representing the interest of shareholders. He kept on repeating that the different countries present must also look into organizing something like SharePHIL. Present in the meeting was the Executive Director of ICD and representatives from other Southeast Asian countries like Indonesia, Thailand, Myanmar, China and Mongolia. Predominant in the discussions are the issues on Corporate Governance and Ethics. They discussed the interest not only of private companies but also state-owned enterprises. It is important to look into how government agencies are run because of the impact of these units on how countries develop. There was a diversity of projects in different countries.
To launch SharePHIL’s Financial Literacy Program, an economic briefing was presented by Mr. Jonathan Ravelas, First Vice President and Chief Market Strategist of BDO Unibank, Inc. and Chairman of SharePHIL’s Education Subcommittee on Financial Literacy. To view his presentation click here.
Mr. Claro Gañac, a member of the Research Committee and Assistant Professorial Lecturer at the De La Salle University shared his research work on the “State of Corporate Governance among Philippine Listed Corporations.” To view his presentation, click here. His work was also featured in newspapers as follows:
We welcome new members who were inducted during the AGMM. They are:
- Ms. Maria Jasmine M. ALMOGINO - Manager - Corporate Governance Office, Energy Development Corporation
- Mr. Aaron Vincent CO - Senior Manager, Investor Relations - SM Investments Corporation
- Mr. Claro GAÑAC - Assistant Professorial Lecturer - De La Salle University
- Ms. Faith Abigail LUMICAO - Manager, Investor Relations and Corporate Planning - BOD Unibank, Inc.
- Mr. Jose Gabriel D. OLIVES - Chief Finance Officer - LT Group Inc.
- Mr. Erwin R. OROCIO - Managing Counsel - Downstream & Corporate Secretary - Pilipinas Shell Petroleum Corp.
- Ms. Koleen PALAGANAS - VP - Internal Communications - SM Investments Corporation
- Mr. Richard R. Tan - FVP at Investor Relations and Corporate Planning - BDO Unibank, Inc.
Congratulations to the 5 SharePHIL Trustees who were elected during the AGMM. The 5 Trustees who will be serving a 3-year term from September 2016 to September 2019 are:
- FRANCISCO, Eduardo V.
- LIM, Francisco Ed.
- SINGSON, Evelyn R.
- TEEHANKEE, Benito L.
- YOUNG, Wilson T.