SMIC board OK’s increase in number of directors

THE Sy family’s SM Investments Corp. (SMIC) said its board has approved a move to increase the conglomerate’s number of directors to bolster its corporate structure.

 SMIC will increase its directors to nine from the previous eight following the board’s approval on March 19 to amend the sixth article under its articles of incorporation, the conglomerate said in a regulatory filing on Wednesday.

 “The increase in the number of directors of the company from eight to nine will add to the mix of competence, expertise, and experience of the current board, enabling it to enhance its response to the evolving needs and goals of the company,” SMIC said.

 “The articles of incorporation of the company is being amended in recognition of the principles of board diversity and independence of business judgment,” it added.

 SMIC logged a 25% growth in its 2023 net income to P77 billion. Its consolidated revenues climbed by 11% to P616.3 billion led by stronger consumer spending.

 The conglomerate’s core businesses are in banking, retail, and real estate. It also has portfolio investments across various sectors such as logistics, gaming and leisure, renewable energy, bakeshop, and mining.

On Wednesday, SMIC shares were unchanged at P980 per share. — Revin Mikhael D. Ochave