GMA Network, Inc. on Wednesday said that the Securities and Exchange Commission (SEC) had rejected its request to postpone its 2026 annual stockholders’ meeting (ASM), instead directing the company to comply with the Revised Corporation Code.
GMA's board in March reset the ASM from May 20 to Dec. 9 to allow time to address the implications of SEC Memorandum Circular 7 that limited the terms of independent directors.
The company filed a request on March 31 with the SEC’s Markets and Securities Regulation and Corporate Governance and Finance departments seeking approval of the postponement.
In rejecting the request, the SEC cited lack of justifiable grounds and stressed that any resetting should be held within 60 days from the originally scheduled date, pursuant to Section 25 of the Revised Corporation Code.
A motion for reconsideration filed on April 7 was likewise denied by the SEC via a May 4 resolution, with the regulator reiterating its directive for the company to conduct its 2026 ASM within the 60-day period.
GMA shares on Wednesday were steady at P5.10 each.
