URC stockholders approve amendments to by-laws
Stockholders of the Gokongwei-controlled Universal Robina Corp. approved changes in its by-laws to align it with that of its parent firm, JG Summit Holdings Inc.
In a disclosure to the stock exchange today, URC said its stockholders approved six amendments to its by-laws:
1. The change in the date of its annual stockholders meeting to the last Wednesday of May every year from the second Wednesday of March
2. Include the position of the chief financial officer among the officers that the board of directors elect
3. Modify the roles and functions of the treasurer
4. Modify the roles and functions of the controller
5. Insert a new section 11 that lays out the duties and responsibilities of the CFO and renumbering the succeeding section
6. Change its fiscal year that currently starts on the first day of October to the first day of January
URC said the changes were approved in the stockholders meeting held on April 29, 2016.
The company said the change in the schedule of the annual stockholders meeting is necessary with the change in its fiscal year and that moving the meeting to May and that it coincides with the availability of the audited financial statements.
With the changes, URC said its accounting period will now be the same as that of JG Summit Holdings, adding that the amendments to the by-laws are not expected to have any significant effect on its business, operations, or capital structure. (Eileen A. Mencias)