Company filings show veteran independent director Renato C. Valencia was first elected in September 2015 and continues to serve in the role, putting him beyond the regulator’s cumulative nine-year limit for independent directors.
The Yuchengco family-backed firm moved the meeting to Aug. 19 from June 19, saying it needed additional time to vet nominees for independent director following the issuance of Securities and Exchange Commission Memorandum Circular No. 7, Series of 2026.
The circular permanently bars the re-election of independent directors who have already served the maximum cumulative term, tightening governance standards for listed firms.
Valencia, a former chief executive officer of the Social Security System, Roxas Holdings and Union Bank, is one of the country’s most experienced corporate directors.
He currently chairs iPeople and Omnipay and serves as an independent director of GT Capital, Anglo Philippine Holdings, Malayan Insurance and Vulcan Industrial & Mining.
In its filing, EEI also cited extensions granted by regulators for filing annual reports, audited financial statements and income tax returns as factors behind the postponement.
EEI is one of the Philippines’ oldest engineering and construction firms, with projects spanning infrastructure, buildings, energy and industrial facilities.
—Edited by Miguel R. Camus
