In a stock exchange filing on Thursday, ABS-CBN said its board approved changes to its articles of incorporation that will reduce the number of directors from 11 to 7. The dates for the filing with the Securities and Exchange Commission and target approval have yet to be finalized.
“The scale and scope of ABS-CBN’s operations have been reduced significantly,” ABS-CBN sad.
“The company is streamlining the number of directors in line with the reduced scale of its business. As an added benefit, this also increases the ratio of independent directors to regular directors,” it added.
The ABS-CBN board consists of chair Martin L. Lopez and directors Federico M. Garcia, Carlo L. Katigbak, Federico R. Lopez, Rafael L. Lopez, Mario Luza Bautista, Salvador G. Tirona, and Maria Rosario Santos-Concio. Honorio Poblador IV serves as the lead independent director, with Rafael L. Andrada and Randolf S. David as independent directors.
