The shareholders of the Lopez-led First Philippine Holdings Corp. (FPHC) have approved the proposed amendments to the company's by-laws, which include the tightening of the qualifications of its board of directors.

At the sidelines of FPHC's special stockholders' meeting Thursday, president and chief operating officer Elpidio Ibanez explained the amendments on qualifications or disqualifications of directors “were principally designed to protect the company's interest and those of its shareholders as a whole”.

The move, he added, will prevent the entry of persons who have committed acts causing undue injury to the company or may have engaged in any activity which is antagonistic to the organization.

Sources, meanwhile, described the move as a shield to protect the company from takeovers and controversies similar to what happened in the Meralco board last year. FPHC owns around 33 percent of the power distribution firm.

“Antagonistic activities are destructive to any company,” Ibanez said. He said their shareholders and proxies, who included big international investors, are very supportive of the amendments.