General Announcement::Resolution of the Board to amend the Bank's By-Laws

Issuer & Securities

Issuer/ Manager
BANK OF THE PHILIPPINE ISLANDS
Securities
BANKOFPHILIS US$600M4.25%N2309 - XS1841618421 - FNDB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
27-Nov-2019 10:55:45
Status
New
Announcement Sub Title
Resolution of the Board to amend the Bank's By-Laws
Announcement Reference
SG191127OTHR0E02
Submitted By (Co./ Ind. Name)
Tanglaw Lagmay
Designation
Investor Relations Officer
Description (Please provide a detailed description of the event in the box below)
In a meeting held on November 20, 2019, the Board approved Management's recommendations to amend the Bank's By-Laws: 1) to delete provisions referring to the Trust Committee and Trust Operations; 2) to incorporate MORB provisions on the Audit Committee; 3) to insert a provision stating that the Manual on Corporate Governance, board and board-level committee charters are suppletory to the By-Laws; 4) and to raise the minimum quorum at any meeting for the transaction of corporate business from the current majority to two-thirds of the members of the Board of Directors.

The Board's approval to amend the By-Laws will be submitted to the stockholders for ratification in the 2020 annual stockholders' meeting.

The ff. regulators have also been duly informed of the same:
1. Philippine Stock Exchange (PSE)
https://edge.pse.com.ph/openDiscViewer.do?edge_no=d8a6c5f13a31e7e2efdfc15ec263a54d
2. Philippine Dealing and Exchange Corporation (PDEx)



Attachments

Amendments to ByLaws.pdf
Total size =535K