ASEAN Corporate Governance Scorecard

Level 1 PRIMARY CGS SECTIONS
A.2.3

Right to participate in decisions concerning fundamental corporate changes. Do shareholders have the right to participate in The transfer of all or substantially all assets, which in effect results in the sale of the company?

Response

YES. The stockholders were sufficiently informed and have given the right to participate in major decisions concerning corporate changes such as extraordinary transactions, including the transfer of all or substantially all assets that in effect result inthe sale of the company. The rights of the stockholders are stated in the Company’s Amended Manual on Corporate Governance. 

We respect and uphold our shareholders’ right to participate, be informed and vote on fundamentally important matters during our ASM.

The Information Statement and other related materials were distributed to our stockholders of record on June 27, 2016, which was 30 days prior to the July 27, 2016 ASM.

With such information, we hope to facilitate their attendance and encourage their participation in our annual meeting.

Fundamental corporate changes and governance matters requiring approval during shareholder meetings include, among others:

  • Amendments to the Company’s constitution and similar governing documents
  • Appointment, re-appointment of external auditor
  • Authorization of additional shares
  • Extraordinary transactions, including transfer or sale of all or substantially all of the Company’s assets, sale of a business unit or subsidiary that accounts for a majority portion of the Company’s assets
  • Nomination by non-controlling shareholders of candidates for Board Directors

 

References:

Company Website

1. Amended Manual on Corporate Governance (August 2016) - Item 12.2 Right to participate in fundamental corporate changes

2. Corporate Governance/2016 Annual Stockholders Meeting/Definitive Information Statements

3. 2015 Annual Report, Matters of Fundamental Importance, Page 99

 

Office of the Chief Compliance Officer
Tel. (632) 888 3000
Fax. (632) 816 7362
Email: dmcihicorpgov@gmail.com