7-ELEVEN operator Philippine Seven Corp. said its board of directors has approved a move to reduce the company's number of directors from 11 to nine to optimize governance practices.
The changed number of directors is stated in the sixth article of the company's amended articles of association, Philippine Seven Corp. said. in an application to the supervisory authority.
“Upon shareholder ratification, the amended bylaws will be further amended to facilitate compliance with corporate governance best practices recommended by the Securities and Exchange Commission (SEC) and to ensure compliance with the required number of independent directors ,” the report said.
The approved amendment will become effective upon approval by the SEC and at the company's 2025 annual meeting of shareholders.
Philippine Seven Corp. separately announced that the board of directors also approved the eligibility of Jose T. Pardo to be elected for another term as an independent director, citing his experience and expertise.
“The extension of term will ensure continuity and transition to the board's succession planning program,” Philippine Seven Corp. said.
“The company would need his continued guidance and leadership, while the other two independent directors were elected last year, for continuity on the board to maintain the valuable information of management's critical projects that the board helped make progressive decisions.” added.
The board will recommend the extension of Mr. Pardo's term for shareholder approval at the company's annual meeting of shareholders on July 18.
Shares of Philippine Seven Corp. rose on Thursday. by 6.9% or P6 to P93 per share. — Revin Mikhael D. Ochave
