THE Securities and Exchange Commission (SEC) has allowed the Lopezes’ First Philippine Holdings Corp. (FPH) to proceed with its annual stockholders’ meeting in July without conducting an election of directors amid an ongoing family dispute.
First Philippine Holdings told the stock exchange on Friday that the SEC’s Markets and Securities Regulation Department (MSRD) had approved the holding of its annual meeting on July 27, 2026, but deferred or excluded the election of directors from the agenda.
“However, once the issues in the intra-corporate case are resolved, or the court, in an appropriate case, orders the holding of a stockholders’ meeting for the purpose of electing directors, the company’s board of directors shall immediately convene to set a date for a stockholders’ meeting for the purpose of electing directors,” the MSRD was quoted as saying.
First Philippine Holdings earlier this week disclosed that it had sought regulatory guidance regarding its annual stockholders’ meeting amid an ongoing leadership tussle within the Lopez family.
A majority faction of Lopez Inc. shareholders, led by Eugenio “Gabby” Lopez III, has alleged that Federico “Piki” Lopez, president and CEO of First Gen Corp., struck major deals with Enrique Razon’s Prime Infrastructure Capital without disclosing so-called “poison pill” clauses.
Piki, a cousin of Gabby who used to head ABS-CBN Corp., this week asked the SEC to investigate ABS-CBN executives for allegedly misusing company funds.
He was ousted as president and CEO of Lopez Inc. in February after reportedly opposing the use of proceeds from the Prime Infra deals to prop up ABS-CBN.
The majority faction has said that the poison pill clauses, which will be triggered by key leadership changes in First Gen, potentially expose the company to losses of as much as P23.5 billion.
ABS-CBN, meanwhile, on Friday said it “should not be drawn into a dispute that does not involve the company.”
It said concerns regarding company matters should be addressed internally through discussions within the board, adding that publicly criticizing employees was unfair and unnecessary.
First Philippine Holdings is the Lopez family’s holding company with interests in power generation, real estate, manufacturing, and construction.
The company’s shares added P0.10, or 0.12 percent, to close at P83.00 each on Friday and those of First Gen dropped eight centavos, or 0.5 percent, to 16.02. ABS-CBN shares closed 2.37 percent lower, or by seven centavos, at P2.88.
