Century Pacific Food undertakes measures to improve governance
Century Pacific Food Inc. which is controlled by the Po family today announced three measures that will improve the company’s corporate governance.
In a disclosure to the stock exchange, Century Pacific Food said its board of directors has approved the creation of three committees (corporate governance committee, board risk oversight committee, and related party transaction committee) and increased the number of seats in its board to nine from seven.
The creation of the three committees and the increase in the number of directors will require an amendment to its by-laws, which in turn, will require the approval of its shareholders and the Securities and Exchange Commission.
The company said Leonardo Arthur Po has also resigned as a member of the company’s audit committee and that Atty. Manuel Z. Gonzalez has resigned as its corporate compliance officer and Atty. Genevieve U. Yu has given up her post as assistant corporate secretary.
Po is replaced by Johnip G. Cua, Yu is now the new compliance officer and Atty. Gwyneth S. Ong is the new assistant corporate secretary. The three will hold the post until their successors are duly elected.
Century Pacific Food said the measures are being undertaken to comply with the Code of Corporate Governance for Publicly-Listed Companies under SEC Memorandum Circular No. 19, series of 2016.