Lopez Defeats Garcia; Goes To Court
After a day long corporate battle to control Meralco, the Lopezes remain in control of Meralco. In the 14 hours meeting held in the Meralco headquarters in Pasig, Metro Manila on Tuesday, May 27, Meralco retained its five seats and the government with four (4) and two (2) independent directors. Aside from Manolo Lopez, the four other directors elected were Jesus Francisco, Felipe Alfonso, Christian Monsod and Cesar Virata.
Winston Garcia leads the government side. Elected with him were Bernardino Abes, Daisy Arce and Jeremy Peralta. The two independent directors were Artemio Panganiban and Vicente Panlilio.
Garcia who is the chairman/president of the Government Service Insurance System (GSIS) got from and had the Securities and Exchange Commission (SEC) served a “cease-and-desist order” at Meralco’s annual stockholders meeting. The order to acting corporate secretary Anthony Rosete was aimed to prevent the inclusion of votes for directors of the Lopez family in the 11 member Meralco board.
It sought to restrain Rosete from recognizing, counting and tabulating proxies in favor of Manuel Lopez-Meralco chair and Felipe Alfonso – vice chair, president Jesus Francisco, director Christian Monsod, Elpidio Ibañez and Francisco Giles – Puno.
However, the Board said, the SEC order was null and void. It was signed by only one commissioner, no docket number, undated and did not bear an original SEC seal.
What Is The Interest of Garcia In The Meralco?
In all the past Meralco stockholders meeting, last Tuesday, May 27 was the most attended. Even the smallest owners of Meralco who had never attended the past meetings were present. It was at that time when the smallest to the biggest owners met.
The excellent attendance was triggered by the interest of Winston Garcia who represents the 33 percent GSIS and other government stocks in the Meralco. Garcia claimed he would like to take control of the Meralco so as to reduce the cost of electric power rate and improve Meralco management.
But Garcia, in entering the stockholders meeting was met by placard bearing people objecting to Garcia’s take over of Meralco. Some of the placards read: “Sa Meralco mga Lopez ay grasya; Sa GSIS, si Winston ang disgrasya. Patuloy na paglilingkod 105 taunay inabot dahil sa mahusay na pamamatnugot.”
“Winston Resign! Winston Kapalpakan Mo huwag mong dalhin sa Meralco.”
Reviewing the management of Winston Garcia in the GSIS, these are attributed to him:
1. The records at the GSIS is only 30 percent accurate the main cause why its members are experiencing extreme difficulty in transacting business with the GSIS like getting loans, retirement benefits and others. Government personnel who wish to borrow loans from the GSIS are prevented because of topsy turvy records;
2. The GSIS has favored in the placement of GSIS money to a private bank so disadvantageous to the government and its members. This is resulting to the unnecessary expenses on the part of the government employees and GSIS pensioners when transacting businesses with that private bank;
3. Winston Garcia has invested GSIS money abroad even if the Philippines is inviting foreign investors to invest in the Philippines;
4. GSIS has been using pension fund irrelevant to the spirit and intent in organizing GSIS.
5. Until today, the GSIS satellite office in Kalibo, Aklan is still located in the third floor of the Capitol building giving extreme difficulty for aged personnel and GSIS pensioners. /MP
Winston Garcia leads the government side. Elected with him were Bernardino Abes, Daisy Arce and Jeremy Peralta. The two independent directors were Artemio Panganiban and Vicente Panlilio.
Garcia who is the chairman/president of the Government Service Insurance System (GSIS) got from and had the Securities and Exchange Commission (SEC) served a “cease-and-desist order” at Meralco’s annual stockholders meeting. The order to acting corporate secretary Anthony Rosete was aimed to prevent the inclusion of votes for directors of the Lopez family in the 11 member Meralco board.
It sought to restrain Rosete from recognizing, counting and tabulating proxies in favor of Manuel Lopez-Meralco chair and Felipe Alfonso – vice chair, president Jesus Francisco, director Christian Monsod, Elpidio Ibañez and Francisco Giles – Puno.
However, the Board said, the SEC order was null and void. It was signed by only one commissioner, no docket number, undated and did not bear an original SEC seal.
What Is The Interest of Garcia In The Meralco?
In all the past Meralco stockholders meeting, last Tuesday, May 27 was the most attended. Even the smallest owners of Meralco who had never attended the past meetings were present. It was at that time when the smallest to the biggest owners met.
The excellent attendance was triggered by the interest of Winston Garcia who represents the 33 percent GSIS and other government stocks in the Meralco. Garcia claimed he would like to take control of the Meralco so as to reduce the cost of electric power rate and improve Meralco management.
But Garcia, in entering the stockholders meeting was met by placard bearing people objecting to Garcia’s take over of Meralco. Some of the placards read: “Sa Meralco mga Lopez ay grasya; Sa GSIS, si Winston ang disgrasya. Patuloy na paglilingkod 105 taunay inabot dahil sa mahusay na pamamatnugot.”
“Winston Resign! Winston Kapalpakan Mo huwag mong dalhin sa Meralco.”
Reviewing the management of Winston Garcia in the GSIS, these are attributed to him:
1. The records at the GSIS is only 30 percent accurate the main cause why its members are experiencing extreme difficulty in transacting business with the GSIS like getting loans, retirement benefits and others. Government personnel who wish to borrow loans from the GSIS are prevented because of topsy turvy records;
2. The GSIS has favored in the placement of GSIS money to a private bank so disadvantageous to the government and its members. This is resulting to the unnecessary expenses on the part of the government employees and GSIS pensioners when transacting businesses with that private bank;
3. Winston Garcia has invested GSIS money abroad even if the Philippines is inviting foreign investors to invest in the Philippines;
4. GSIS has been using pension fund irrelevant to the spirit and intent in organizing GSIS.
5. Until today, the GSIS satellite office in Kalibo, Aklan is still located in the third floor of the Capitol building giving extreme difficulty for aged personnel and GSIS pensioners. /MP
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