We attach great importance to effective, timely and regular communication with our shareholders and the wider investment community and see this systematic engagement as a critical component of our governance strategy. To this end, a number of means are used constructively to promote greater understanding, clarity and dialogue with our shareholders; one major venue is our Annual Stockholders Meeting.
Our Annual Stockholders Meeting (ASM) is held every year on the last Friday of March or on such date as may be determined by the Board of Directors, and is organized in an easy to reach and cost-efficient venue and location in Manila. The ASM allows our shareholders to advise and adopt resolutions on important matters affecting the Bank on which they have legal sovereignty, such as: the appropriation of profit, ratification of all acts and resolutions of the Board of Directors and Management adopted during the preceding year, approval of the annual report of the President and Bank’s statement of condition, amendments to the Articles of Incorporation or By-Laws, election of Board of Directors and external auditor as well as measures to amend the shareholders' equity.
The ASM also continues to be a key communications event for our Board and Management; a primary opportunity for meaningful discussion of the company’s narrative; to engage with our shareholders and investors on the key issues facing the Bank; review fiscal information for the past year, and; respond to any questions regarding goals and directions the Bank’s business will take in the future. Our Board of Directors, including the Chairman and Heads of board-level committees, our President and CEO and other senior executive officers, are always in attendance and available for informal discussion before and after the formal business of our ASM.
All items in the agenda requiring approval by the stockholders, including the election of the Board of Directors, need the affirmative vote of stockholders representing at least a majority of the issued and outstanding voting stock. Stockholders may vote in person or in absentia by proxy executed in writing by the stockholder or by a duly authorized attorney-in-fact. Voting is considered on a poll, by shares of stock, that is, one share entitles the holder to one vote, two shares to two votes. Cumulative voting as provided for in the Corporation Code may be applied in the election of the Board of Directors and directors are elected individually. The Rules of Conduct, voting and vote tabulation procedures are likewise explained during the meeting. The Office of the Corporate Secretary tabulates all votes received and the Bank’s external auditor validates the results.
We proactively encourage the full participation of our shareholders, including institutional shareholders, at our ASM each year. Shareholders are encouraged to ask questions at the ASM to ensure accountability and identification with the Board of Directors’ and Management’s strategy and goals for the business of BPI.
Information on the company in the ASM is shared regularly with the investing public.
Statements in these presentations describing BPI's objectives, projections, estimates, expectations may be forward-looking. Actual results may differ materially from the statements made in the presentations, whether expressed or implied.