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GMA Holdings, Inc results of Annual Stockholders' and Board of Directors' Meeting 2012

The following resolutions were approved during the GMA Holdings, Inc. Annual Stockholders' and Board of Meeting held on May 25, 2012.
  1. Approval of the Minutes of the Stockholders Meeting held on May 27, 2011.
  2. Ratification of the acts of the Board of Directors
  3. Election of the following as directors
    • Gilberto R. Duavit, Jr.
    • Felipe L. Gozon
    • Joel Marcelo G. Jimenez
    • Jaime C. Laya (Independent Director)
    • Artemio V. Panganiban (Independent Director)
  4. Election of Sycip Gorres Velayo & Co as the company's external auditor
Board Meeting:
  1. The following officers were elected:
    • Felipe L. Gozon - Chairman
    • Joel Marcelo G. Jimenez - Vice Chairman
    • Gilberto R. Duavit, Jr. - President/CEO
    • Anna-Teresa M. Gozon-Abrogar - Corporate Secretary
    • Felipe S. Yalong - Corporate Treasurer/COO/CFO
    • Ronaldo P. Mastrili - Principal Accounting Officer/Comptroller
    • Eduardo P. Santos - Compliance Officer
  2. The following Committee Members were appointed:
    • Nominatio Committee:
      • Felipe L. Gozon (Chairman)
      • Gilberto R. Duavit, Jr.
      • Joel Marcelo G. Jimenez
      • Jaime C. Laya
    • Compensation and Remuneration Committee:
      • Gilberto R. Duavit, Jr. (Chairman)
      • Joel Marcelo G. Jimenez
      • Jaime C. Laya
      • Artermio V. Panganiban
      • Felipe S. Yalong
    • Audit Committee:
      • Jaime C. Laya (Chairman)
      • Gilberto R. Duavit, Jr.
      • Artemio V. Panganiban
      • Felipe S. Yalong
  3. Belo Gozon Elma Parel Asuncion and Lucila were reappointed as the Company's External Legal Counsel
  4. Declaration of dividends - the Corporation Code prohibits the Company from retaining surplus profits in excess of its paid-in capital stock in excess of one hundred (100%) unless (1) when justified by definite corporate expansion projects or programs approved by the board of directors; or (2) when the corporation is prohibited under any loan agreement with any financial institution or creditor, whether local or foreign, from declaring dividends without its/his consent, and such consent has not yet been secured; or (3) when it can be clearly shown that such retention is necessary under special circumstances obtaining in the corporation, such as when there is need for special reserve for probable contingencies. Failure to declare the surplus as dividends will subject the Company to improperly accumulated earnings tax.
Since GMA Holdings, Inc. is prohibited form engaging in any other business or purpose except in relation to the issuance of the PDRs relating to GMA Network, Inc. common shares, and given the existence of unrestricted retained earnings, the Company deemed it necessary to declare dividends in the amount of PhP2,593,997 to its stockholders as of June 8, 2012, to be paid on June 11, 2012.
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"GMA Holdings, Inc results of Annual Stockholders' and Board of Directors' Meeting 2012" was written by Mary under the Business category. It has been read 1856 times and generated 0 comments. The article was created on and updated on 28 May 2012.
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