SEC okays amendments to Central Azucarera de Tarlac by-laws
The Securities and Exchange Commission has approved the amendments to the by-laws of Central Azucarera de Tarlac, including one that lowers the compensation of its directors to three percent of the company’s net profits from five percent.
In a disclosure to the stock exchange, Central Azucarera de Tarlac said it received the approval of the SEC on February 24, 2017 and that the approval was dated February 9, 2017.
The amendments were approved by its board of directors on November 16, 2016 and its stockholders approving it on January 31, 2017.
Aside from the lowering of the director’s compensation, the other amendments are:
• Increasing the number of its directors from seven to nine
• Adding the chairman and the assistant secretary in the list of officers who will be elected
Central Azucarera de Tarlac said it does not expect any effect on the business, operations or capital structure from the changes.