PSE amends by-laws to tighten quorum for biz transaction, board decisions

MANILA, Philippines — The Philippine Stock Exchange pitched a set of amendments to its by-laws, top-billed by increasing quorum when firms decide on a course of action.

In a disclosure on Thursday, the PSE’s board of directors approved amending Article VI, Secs. 1 and 3, and Article III, Sec. 8.

Disclosure broken down explained that the revision to Article VI, Sec. 1 involved revising a clause on scheduled meetings of the board directors to once a month or as often as deemed necessary.

The second proposed amendment involved increasing the quorum requirement for business transactions and boards to at least two-thirds as indicated in Article VI, Sec. 3. This would be inline with corporate governance practices recommended for publicly-listed companies, the PSE said.

The last pitch involved amending Article III, Sec. 8. The proposal would change the title to “Creation of Security Interest over Trading Right,” making it consistent with amendments proposed in their previous meeting back on May 3. 

This marks another round of amendments to this PSE’s by-laws, having proposed changes on  remote participation and rules on trading participants. — Ramon Royandoyan

RELATED STORIES: PSE proposes changes to board structure, trading rules | PSE loosens rules on remote participation, annual shareholders’ meet