The board swiftly moved to ensure leadership stability, electing company president Dante R. Bravo as chair while he continues to serve as president, with his dual role subject to annual review.
Stock price crash
FNI shares plummeted nearly 20 percent to P1.13 on news of Sy’s arrest.
The stock later recovered to P1.30 on Wednesday after the company assured investors it was business as usual.
“This decision reflects the board’s commitment to allowing Mr. Sy to focus on resolving his personal legal matters while safeguarding the best interests of the company and its stakeholders,” FNI said in a stock exchange filing on Thursday.
New vice chair
To strengthen governance, the board created a vice chairman position tasked with presiding over meetings in the chairman’s absence, acting as a bridge between directors, and overseeing leadership evaluations.
Jaime F. Del Rosario, lead independent director, was appointed to the newly established post. The Securities and Exchange Commission (SEC) said it is monitoring the case and evaluating whether further action is warranted given Sy’s position in a publicly listed company.
The SEC also reminded issuers of their obligation to promptly disclose material developments that may influence investors’ decisions.
—Edited by Miguel R. Camus
