SEC to Philcomsat: Form body to oversee elections

The Securities and Exchange Commission (SEC) has ordered Philippine Communications Satellite Corp. (Philcomsat) to create a three-member committee to supervise the firm’s upcoming elections.

The committee, which should be formed within 10 days from receipt of order, shall be represented by one member each from the group of Atty. Jose Ma. Ozamiz, the group of either Manuel H. Nieto or Carmelo P. Africa Jr., and a neutral party to be jointly nominated by both groups.

The SEC said it would be constrained to designate the neutral party should the contending groups fail to appoint one.

The SEC has also directed the board and officers of Philcomsat to submit to the Commission and furnish Ozamiz a certified true copy of the pages of the stock and transfer book and the list of stockholders of the corporation on or before Jan. 9, 2004.

To ensure an orderly election, the SEC has directed Atty. Nicanor Patricio and Myla Amboy to observe Philcomsat’s scheduled meeting.

Moreover, the SEC has directed Atty. Ozamiz and all Philcomsat directors to hold a conference not later than Jan. 9, 2004 for the purpose of setting a date for the firm’s annual stockholders meeting which shall not be later than Jan. 30, 2004.

The issuance of the order is in response to a request filed by a group of stockholders calling for an annual meeting. The group alleged that no stockholders meeting has been called for 2001 and 2002.

The SEC cited Section 50 of the Corporation Code, which makes it mandatory for corporations to hold an annual stockholders meeting.