SMC’s amended by-laws cleared by SEC

MANILA, Philippines — Diversified conglomerate San Miguel Corp. (SMC) has secured regulatory approval for the amendments to its by-laws, which delineate the roles and duties of the chairman and chief executive officer, as well as the president and chief operating officer.

SMC said that it has received the Securities and Exchange Commission (SEC)’s approval of the amendments to the by-laws of the corporation.

The amendments were approved by the company’s board of directors on June 11, 2024 and were confirmed and ratified by its stockholders during a meeting on Aug. 8, 2024.

Under the amendments, the roles, functions and duties of the chairman of the board were merged with the position of the chairman and CEO, while those of the president and CEO have been delineated in the position of president and chief operating officer.

In addition, all references to the chairman of the board have been changed to chairman and CEO, while all references to the president and CEO were changed to president and chief operating officer.

As part of the amendment, John Paul Ang, the eldest son of tycoon Ramon Ang, has been appointed by SMC’s board last June to take on the role of vice chairman, president and chief operating officer of the company.

Ramon Ang, meanwhile, was appointed as chairman and CEO of SMC.

SMC earlier said that the amendment of the roles, functions and duties of the chairman and CEO as well as of the president and chief operating officer would be effective upon the approval by the SEC of the company’s application for the amendment of its by-laws.

As one of the country’s largest conglomerates, SMC has a diversified business that includes investments in fuel and oil, power, food, beverages, packaging, infrastructure and cement, among others.

The company posted a 19 percent year-on-year expansion in its net income to P37.1 billion during the first three quarters of 2024.

Revenues generated for the period rose by 11 percent to P1.2 trillion, fueled by higher sales volumes in its power, fuel and oil, food and spirits business.