Ex-govt officials, CJ keep San Miguel board seats
MANILA, Philippines - Former goverment officials — Winston F. Garcia and Margarito Teves — and former Supreme Court chief justice Reynato Puno Jr. kept their board seats in San Miguel Corp, the country's biggest business group, as independent directors.
At the company's annual stockholders meeting Tuesday, June 11, the 3 were re-instated as members of the 15-man board.
Garcia served as the general manager of pension fund Government Social Insurance Service (GSIS) who had played a role in the sale of GSIS's stake in power retailer Manila Electric Co. (Meralco) to San Miguel.
Garcia and Teves both joined the board in 2011.
Teves, who served as the finance secretary under the Arroyo administration, is currently the chairman of Think Tank Inc. he is also part of the board of various companies, including Atok-Big Wedge Co., Inc. and Alphaland Balesin Island Club, Inc, both led by another San Miguel director, Roberto V. Ongpin.
Puno, on the other hand, served as chief justice of the High Court until his retirement in May 2010.
Under his watch, the Supreme Court approved the conversion of the common shares in San Miguel that coconut farmers disputed for over two decades into preferred shares that have no voting rights.
It was one of the last hurdles in San Miguel's strategy to diversify its businesses from traditional food and beer and to a portfolio that includes power and energy, telecommunications, infrastructure, utilities, mining, and banking.
Completing the San Miguel board who will serve for another year are the following:
- Eduardo M. Cojuangco Jr. - Chairman and CEO
- Ramon S. Ang - President and COO
- Estelito P. Mendoza
- Leo S. Alvez
- Joselito D. Campos Jr
- Ferdinand K. Constantino
- Menardo R. Jimenez
- Roberto V. Ongpin
- Alexander J. Poblador
- Eric O. Recto
- Thomas A. Tan
- Iñigo Zobel
- with reports from Lala Rimando/Rappler.com