SMIC gets SEC nod to raise number of directors

MANILA, Philippines — SM Investments Corp. (SMIC), the investment holding company of the Sy family, has secured the approval of the Securities and Exchange Commission (SEC) to increase the number of board seats to nine from eight.

The increase has been made possible through the amendment to the articles of incorporation of the company, a move undertaken by SMIC “in recognition of the principles of board diversity and independence of business judgment.”

“The increase in the number of directors of the company from eight to nine will add to the mix of competence, expertise and experience of the current board, enabling it to enhance its response to the evolving needs and goals of the company,” SMIC said.

SMIC’s stockholders last April have voted to elect Lily Gruba as independent director, which shall be effective only upon SEC’s approval of the amendment for the increase in number of directors.

“In view of the foregoing, please be informed of the effectivity of the election of Lily Gruba as independent director of SMIC as of the date of the approval of the SEC of the amendment,” the company said in a disclosure yesterday.

Gruba is the founding partner of Gruba Caganda Advincula Melo & De la Fuente and is currently a director of Asia United Bank and Cosco Capital Inc.

She also held various positions in the government, such as director of the Philippine Economic Zone Authority, director of Overseas Workers Welfare Administration and undersecretary of the Department of Finance.

From 2018 to 2022, Gruba was named as one of the Top 100 Lawyers in the Philippines by the Asia Business Law Journal.

Last year, she was nominated as tax lawyer of the year for Southeast Asia by the Legal 500.

Gruba graduated from the University of Santo Tomas in 1972 with a Bachelor of Arts in Psychology and a Bachelor of Laws degree from the Ateneo Law School in 1976.

She finished her Master of Laws in Georgetown University Law Center in Washington, DC in 1981.

SMIC is one of the leading Philippine companies that is invested in market-leading businesses in retail, banking and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy.