By James A. Loyola
Stockholders of The Medical City has elected a new set of Board of Directors in a well-attended meeting.
In a statement, TMC said, more than 93 percent of shares were represented physically or by proxy in the institution’s Annual Stockholders Meeting (ASM) last July 9.
“A well-balanced Board of Directors, composed of doctors and management professionals along with 3 independent directors, was voted in,” the firm said.
Jose Xavier Gonzales was appointed as Chairman of the Board, while Dr. Eugenio Jose Fr. Ramos, was appointed as TMC’s President and Chief Executive Officer (CEO).
Dr. Augusto P. Sarmiento, the remaining original founder of The Medical City when it was first set up in Malate, Manila, was also voted into the Board as Chairman Emeritus.
Voted in as independent directors were Gregory Domingo, former secretary of the Department of Trade and Industry, Dr. Michael L. Tan, Chancellor of the University of the Philippines, and Salvador Tirona, President of Lopez Holdings Corp.
Other directors voted in were Dr. Beatrice Tiangco, Dr. Ruben Kasala, Dr. Rafael Claudio, Thomas Smith Jr., Martin Eric Robinson, Jonathan Richard Lewis, Ramon Ricardo Gutierrez, Russel Low Shyian, and Wai Keong Soh.
Stockholders also voted to ratify key changes in the institution’s by-laws to comply with the Revised Corporation Code, which seeks to improve corporate governance and protect minority shareholders.
“A minority group of stockholders with less than 1 percent ownership, led by ex-TMC CEO Dr. Alfredo R.A. Bengzon, had been trying to prevent stockholders from holding elections by pursuing cases with both the regional trial court and the Securities and Exchange Commission (SEC) for the past year,” TMC said.
However, in a court resolution dated June 6, 2019, the Court of Appeals denied the petition of Dr. Bengzon, and instead called on TMC to hold its Annual Stockholders Meeting as mandated by its own by-laws, while at the same time calling on the SEC to ensure an orderly election.
“The recently held elections, with its record stockholder participation, effectively puts to rest any questions on the legitimacy of TMC’s Board and management team,” said TMC.