The meeting, where shareholders choose the directors responsible for steering the company and holding management to account, has been moved to Aug. 19 from July 24 after ABS-CBN said it needed more time to complete its board nominations.
A veteran stock market observer said board members in more developed markets often resign or are replaced after publicly breaking with management.
“If a director has no faith in the company’s future, he shouldn’t be on the board anymore,” according to the industry figure, who requested anonymity.
Public boardroom clashes are uncommon in the Philippines, where the biggest corporations are family-run and members keep internal disputes out of the spotlight.
From shutdown to SEC
Lopez, an ABS-CBN director since 1999, last year recommended winding down the media company as it struggled to recover from the loss of its broadcast franchise—a proposal the board rejected.
This campaign intensified after Lopez asked the Securities and Exchange Commission to appoint an independent management committee, order a forensic audit and examine billions of pesos in corporate disbursements that he claims warrant closer scrutiny.
Lopez argued the intervention is needed to protect the company’s remaining assets, minority shareholders and creditors.
But ABS-CBN, led by the family faction of businessman Eugenio “Gabby” Lopez III, has rejected the allegations and said Lopez’s public attacks have diverted attention from the company’s recovery. ABS-CBN said concerns should be addressed through the board rather than in the public arena.
Family dispute
Corporate records also show Piki Lopez attended eight of 13 board meetings in 2025, or 62 percent, the lowest attendance rate among the company’s directors.
He remains one of the Lopez family’s most influential executives and head of First Philippine Holdings Corp. and power giant First Gen Corp.
Shareholders decide
The annual meeting will determine who leads ABS-CBN through its next phase of recovery.
It will also determine whether shareholders believe Piki Lopez can continue fulfilling his duties as a director while being at odds with the company’s leadership.
—Edited by Miguel R. Camus
