GMA gives longtime directors glowing sendoff as firm bows to SEC

Insider Spotlight

• GMA shareholders approved a resolution commending retired Chief Justice Artemio Panganiban and former Central Bank Governor Jaime Laya as they stepped down as independent directors
• The two outgoing directors delivered emotional farewell messages, describing their service at GMA as a privilege and career highlight
• Their departure follows the Securities and Exchange Commission’s enforcement of term limits for independent directors
  
  

GMA Network’s board and shareholders paid tribute to two of the company’s long-serving independent directors on Friday, approving a resolution commending retired Chief Justice Artemio V. Panganiban and former Central Bank of the Philippines Governor Jaime C. Laya for their years of service as they stepped down from the board.

The send-off came during the company’s annual stockholders’ meeting, where shareholders overwhelmingly approved a resolution expressing “well-deserved commendation and gratitude” to the outgoing directors.

Their exit follows the Securities and Exchange Commission’s directive enforcing the maximum tenure for independent directors, prompting GMA to replace longtime board members after abandoning its legal challenge against the policy.

The big picture

During the meeting, a resolution was proposed and approved honoring Panganiban and Laya, citing their “invaluable service” to GMA Network.

GMA chair Felipe Gozon then formally declared the measure approved and wished both outgoing directors “the best of luck” before inviting them to address shareholders.

An emotional farewell

Panganiban thanked the board, management and shareholders for giving him the opportunity to serve the company over the past several years.

“Maraming salamat po sa lahat ng mga directors at mga stockholders. Sa mga nakaraang taong nabigyan ako ng pagkakataon upang magsilbi, isa pong malaking karangalan ang aming pagserbisyo sa inyo,” he said. (Thank you very much to all our directors and shareholders. Over the past years that I was given the opportunity to serve, it has been a great honor and privilege for us to serve you.)

Panganiban also expressed hope that GMA would continue serving as an independent news organization: “Sana ay maging gabay po ng ating bayan ang ating independent station na walang kinikilingan walang pinoprotektahan.” (I hope our independent station will continue to serve as a guide for our nation—one that is impartial, favors no one, and protects no special interests.)

Laya echoed those sentiments, describing his years at GMA as among the most rewarding of his professional life.

“It has been a great honor, a great privilege to be with the country’s premier television station for so many years,” he said.

Laya praised the board for its “vision and strategic thinking” and commended GMA’s management, particularly its finance team, for demonstrating “competence and hard work, but total dedication to their work and total commitment to the objectives and growth of GMA Network.”

Calling the broadcaster “this magnificent and unmistakably excellent station,” Laya said, “I would consider my tenure here at GMA Network as one of the highlights of my professional career.” —Daxim L. Lucas|Ed: Corrie S. Narisma