MONDE Nissin Corp. on Wednesday said its board of directors had approved the amendments of the company’s by-laws, which are still subject to the approval of the Securities and Exchange Commission.
“The amendments are intended to further align the By-Laws with the Revised Corporation Code and the best practices of corporate governance,” the company disclosed to the exchange.
It now includes an article on the regular meetings of the company’s board, which will be held quarterly.
Meanwhile, the compensation and fees of directors will now be in accordance with Section 29 of the Code instead of a board resolution. It provides that the stockholders representing at least a majority of the company’s outstanding capital stock or the majority of the members should grant and approve the compensation at a regular or special meeting.
“The Board’s Corporate Governance, Nomination and Remuneration Committee shall have the responsibility of recommending such fees and other compensation of Directors,” the amendment states.
Meanwhile, the company’s executive committee must have three to five members chosen by the board of directors. The majority of the executive committee must also be board members.
The amendments also include changing the annual or regular meeting of the stockholders every fourth Tuesday of November. The stock and transfer book is also proposed to be closed at least 28 days for regular meetings and 21 days for special meetings before the scheduled date of the meeting.
Monde Nissin shares at the stock exchange went up by 1.10%, closing at P14.74 each. — Keren Concepcion G. Valmonte
