SEC OKs restoration of vice chairman post in LT Group

MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the LT Group’s move to restore the position of the vice-chairman in its corporate structure.

In a certificate dated June 28, the SEC approved LTG’s application to amend its by-laws that restore the vice-chairman position.

LTG is the listed holding company of taipan Lucio Tan, among the country’s top 10 richest men, according to Forbes.

The conglomerate’s businesses are banking through Philippine National Bank, tobacco through PMFTC, liquor through Tanduay Distillers Inc.,  property development through Eton Properties Philippines Inc. and beverage through Asia Brewery Inc.

At present, the company is headed by Tan himself as chairman and CEO and his eldest son Michael as president and COO.

The restoration of the vice chairman position would clip the power of the company president to preside over board meetings.

According to the amendments, the vice chairman “shall preside at all meetings of the stockholders and the board of directors in the absence of the chairman.”

“Regular meetings of the board of directors shall be held as and when necessary at such times and places as the chairman of the board or in his absence, the vice chairman may determine, or upon the request of a majority of the directors and shall be held at such places as may be designated in notice,”  said the proposed amendments.

Previously, this role belonged to the president in the absence of the chairman.