Lopez, Panganiban join PLDT board
To further cement the alliance between telecommunications giant Philippine Long Distance Company (PLDT) and the Lopez family, Meralco board members Manuel Lopez and Artemio Panganiban are joining the Advisory Board of telecommunications giant Philippine Long Distance Company (PLDT).
PLDT chair Manuel V. Pangilinan announced the new appointments during the annual stockholders' meeting today.
“[At the] stockholders’ meeting of Meralco held on May 26, Polly [Napoleon Nazareno], Ray Espinosa and I were elected to its board. To close the circle of cooperation between PLDT and Meralco, we will appoint this afternoon Meralco’s chairman, Manolo Lopez, to the advisory board of PLDT. Let’s welcome Manolo to the PLDT family,” Pangilinan said.
As handpicked members of the Advisory Board, Lopez and Panganiban could attend and participate in the meetings of PLDT's elected board of directors, but could not vote.
Pangilinan is with Lopez and Panganiban on the board of Meralco, which held its board elections last May 26. The alliance between the two groups allowed them to assert control of the giant power distributor amid threats of losing it to San Miguel Corporation, another Meralco shareholder.
Pangilinan inked the alliance through Oscar, the elder brother of Meralco's Manuel Lopez. Oscar's family controls the holding company that represents the Lopez family's stake--already reduced--in Meralco. Manuel earlier admitted a rift with his elder brother but expressed hope to patch things up soon.
Panganiban, a former Supreme Court justice, sits in Meralco and another Lopez company as independent director.
PLDT is listed in the Philippine and New York stock exchanges.
abs-cbnNEWS.com is the online news department of ABS-CBN Interactive Inc., a subsidiary of ABS-CBN Broadcasting Corp. ABS-CBN and Meralco are both part of the Lopez Group of Companies.
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In reaction to Chris'
In reaction to Chris' comment, Justice Artemio Panganiban sent this response through text:
"I am an independent adviser giving objective opinion on matters within my competence. Unlike a legal counsel, I do not represent any interest, not even Meralco’s where I am also independent director.
"Of course, PLDT may or may not heed my views. I cannot even vote to uphold them. But I will give my opinion as best as I can like I have always done in the Court and now in the Inquirer where my columns are never censored.
"It is on this independent basis that I accepted the PLDT invitation (to join the Advisory Board). The moment I feel I can no longer be independent, and if my situation will become untenable, I will not hesitate to resign.
"I value my independence and integrity. These are the very reasons why I have been invited and why I have agreed to join these groups. I have respectfully declined other offers in which I felt I could not work on these terms."
Independent?
How can Mr. Artemio Panganiban be considered and remain as "independent" director of Meralco, when he is now employed and receiving compensation from PLDT, a majority stockholder of Meralco?
I think that SEC must have a rule against this.
Mr. Panganiban's appointment in PLDT Board will obviously influence all his decision in Meralco as a Director. This, for me, is highly improper and unethical.
Will San Miguel Corporation just sit on this? I hope not.