LBC Holdings Corp. announced that its board of directors has resolved to approve and reapprove several amendments to the Corporation’s By-Laws, subject to ratification by the stockholders at the upcoming Annual Stockholders Meeting (ASM). These proposed changes are designed to modernize corporate practices, improve governance standards, and significantly increase stockholder participation.
The most significant change is the proposal to lower the threshold required for stockholders to demand a special meeting of the Corporation.
The board approved the change in the requirement for stockholders to demand special meetings of the Corporation from those holding a majority of the outstanding capital stock to those holding at least 10% or more of the outstanding capital stock entitled to vote. This reduction dramatically enhances the ability of minority shareholders to engage with and influence the company’s direction.
In line with promoting better governance and transparency, the Board also approved extending the written notice period to stockholders for the conduct of the Annual General Meeting of the Corporation, increasing it from ten days to 21 days before the date of the meeting.
The board also ratified changes concerning operational efficiency and administrative clarity:
Change in Principal Address: The board reapproved the change in the Principal Address of the Corporation to LBC Central Exchange, L-2 C5 Extension, Moonwalk, Parañaque City, Metro Manila, Philippines.
Annual Stockholders Meeting Date: The board reapproved the retention of the Annual Stockholders Meeting Date to be held every second Monday of December of each year.
Board Special Meeting Notice: The notice period for the Board of Directors for the conduct of a special meeting was increased from one day to at least two days before the date of the special meeting, allowing directors more time for preparation and due deliberation.
A representative from LBC Holdings Corp. stated, “These proposed amendments underscore our commitment to maintaining best-in-class corporate governance standards and fostering a more inclusive environment for all our shareholders. By lowering the threshold for calling special meetings and extending notice periods, we are actively empowering our stockholders to play a more direct role in the Corporation’s future.”
These resolutions are provisional and will be presented to the stockholders for final ratification at the next annual stockholders meeting.
