San Miguel Food and Beverage, Inc. Elects Directors, Officers and Board Committees; Approves Amendment to Article III of the By-Laws
May 16, 2016 at 03:48 am
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San Miguel Food and Beverage, Inc. Annual Stockholders' Meeting held on May 13, 2016 approved the list of elected directors for the upcoming year. The company elected Eduardo M. Cojuangco, Jr.; Ramon S. Ang; Francisco S. Alejo III; Menardo R. Jimenez; Mario C. Garcia; Carmelo L. Santiago (Independent); Silvestre H. Bello III(Independent); Edgardo P. Cruz(Independent); Minita V. Chico-Nazario(Independent) as Directors. The following key officers were duly elected at the organizational meeting of the board: Eduardo M. Cojuangco, Jr. as Chairman; Ramon S. Ang as Vice Chairman; Francisco S. Alejo III as President; Zenaida M. Postrado as Treasurer and Chief Finance Officer; Ma. Soledad E. Olives as Compliance Officer; Alexandra B. Trillana as Corporate Secretary; Ma. Celeste L. Ramos as Assistant Corporate Secretary. In the same meeting the following were elected to the board committees of the corporation: Executive Committee: Eduardo M. Cojuangco, Jr. as Chairman; Ramon S. Ang; Francisco S. Alejo III; Minita V. Chico - Nazario. Audit Committee: Carmelo L. Santiago as Chairman; Menardo R. Jimenez; Edgardo P. Cruz; Minita V. Chico - Nazario; Ferdinand K Constantino - Non Director member. Executive Compensation: Menardo R. Jimenez as Chairman; Carmelo L. Santiago; Ramon S. Ang; Ferdinand K. Constantino - Non Director Mmembers. Nomination and Hearing Committee: Carmelo L. Santiago as Chairman; Francisco S. Alejo III; Menardo R. Jimenez; Casiano B. Cabalan, Jr. as Ex Officio Member.
The stockholders approved the proposed amendment to Article III of the By-laws of the Company, to increase the minimum quorum requirement for Board meetings from a simple majority, to two-thirds (2/3) of the number of Board members fixed in the Articles of Incorporation. Further, every decision of at least a majority of the directors present at a meeting at which there is a quorum shall be valid as a corporate act, except as may have been provided in the By-laws or in contracts binding on the Company, and except for the election of officers, which shall require the vote of a majority of all the members of the Board. In the absence of a quorum, a majority of the directors present may adjourn any meeting from time to time until a quorum is had.
San Miguel Food and Beverage, Inc. is a food and beverage company. Its segments include Food, Beer and Non-alcoholic Beverages (NAB), and Spirits. The Food segment is engaged in processing and marketing of value-added refrigerated processed meats and canned meat products, manufacturing and marketing of butter, margarine, cheese, milk, ice cream, salad aids, and condiments, marketing of flour mixes and the importation and marketing of coffee and coffee related products; production and sale of feeds; poultry and livestock farming, processing and selling of poultry and fresh meats, and milling, production and marketing of flour and bakery ingredients, grain terminal handling, franchising and international operations. The Beer and NAB segment includes the production, marketing and selling of fermented, malt-based and non-alcoholic beverages. The Spirits segment is engaged in the production of hard liquor in the form of gin, Chinese wine, brandy, rum, vodka and other hard liquor variants.
SAN MIGUEL FOOD AND BEVERAGE, INC. 
