The Medical City says shareholders elect ‘well-balanced’ board of directors

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THE Medical City (TMC) has voted what the institution called a “well-balanced” board of directors during its annual stockholders’ meeting, which was participated in by 93% of shareholders either physically or by proxy.

In a statement on Wednesday, TMC said its stockholders had chosen doctors and management professionals to sit on the board along with three independent directors. The annual meeting was held on Tuesday at the hospital’s Augusto Barcelon Auditorium.

“The recently held elections, with its record stockholder participation, effectively puts to rest any questions on the legitimacy of TMC’s Board and management team,” it said.

Jose Xavier Gonzales was appointed as chairman of the board, while Dr. Eugenio Jose F. Ramos, was appointed president and chief executive officer. Dr. Augusto P. Sarmiento, the remaining original founder of TMC when it was set up in Malate, Manila, was voted into the board as chairman emeritus.

The voting of the board members came as a minority group of stockholders “with less than 1% ownership, led by ex-TMC CEO Dr. Alfredo R.A. Bengzon, had been trying to prevent stockholders from holding elections by pursuing cases with both the regional trial court and the Securities and Exchange Commission (SEC) for the past year,” the institution said.

However, it said in a court resolution dated June 6, 2019, the Court of Appeals denied the petition of Dr. Bengzon, and instead called on TMC to hold its annual stockholders’ meeting as mandated by its own by-laws, while at the same time calling on the SEC to ensure an orderly election.

Voted in as independent directors were Gregory L. Domingo, former secretary of the Department of Trade and Industry; Dr. Michael L. Tan, chancellor of the University of the Philippines; and Salvador G. Tirona, president of Lopez Holdings Corp.

The other directors who were voted in are Dr. Beatrice J. Tiangco, Dr. Ruben G. Kasala, Dr. Rafael S. Claudio, Thomas Smith Jr., Martin Eric Robinson, Jonathan Richard Lewis, Ramon Ricardo Gutierrez, Russel Low Shyian, and Wai Keong Soh.

During the annual meeting, stockholders also voted to ratify changes in the institution’s by-laws to comply with the Revised Corporation Code, which seeks to improve corporate governance and protect minority shareholders. — Vincent Mariel P. Galang