Call to order or chaotic calls?

It‘s showtime in a few days for some of the country’s biggest companies as they raise the curtain on this year’s season of annual shareholder meetings (ASM).

ASMs for the year are particularly special because for many companies, it’s the first time since the COVID-19 pandemic struck that they would again resume in-person meetings.

Shareholders love it, of course. Many don’t like the virtual versions as they couldn’t get their five minutes of fame by asking management even the most mundane questions.

We all know how some minority shareholders like to turn these meetings into a circus of sorts, taking over the stage and babbling on about anything and everything including instant coffee or umbrellas or what-have-you.

But I believe what makes this year’s ASM season extra special is the big changes to be announced by some of the country’s biggest conglomerates.

Phinma

The Del Rosario Group’s Phinma Corp. will raise the curtain on the ASM season with its meeting today, April 11.

I don’t expect fireworks or any big changes to be revealed in the face-to-face ASM except for an increase in board seats and the more active participation of professional executives in the group.

Last year, Phinma already named long time executive Chito Salazar as its new president, who will concurrently serve as COO and head of Education.

Salazar succeeds businessman Ramon del Rosario as president. Del Rosario, previously the company’s president and CEO, is now chairman and CEO of the conglomerate. The group’s thrust remains focused on education, property, hospitality, among other segments.

Ayala

Ayala Corp., the country’s oldest conglomerate, will not resume in-person meetings just yet but its ASM on April 28 will be just as exciting.

Stakeholders will be keeping a close watch on any announcements related to the return of tycoon Fernando Zobel de Ayala or FZA after resigning last year as president and CEO of the company due to medical reasons.

Since returning to the Philippines late last year, FZA has found his way back into the business scene, having been appointed as advisor of Ayala Corp. and Ayala Land.

He was also part of the ACEN team, led by ACEN president and CEO Eric Francia, who inaugurated the company’s flagship solar project in Australia just last month.

I’m not sure if there would be additional roles for FZA to be announced during the ASM but the meeting may also be about the eighth generation Zobels who are taking on bigger roles in the conglomerate. They are Mariana Zobel, daughter of JAZA, her brother Jaime Alfonso and their cousin Jaime Urquijo. They are all taking bigger roles in the different Ayala companies.

LT Group

Another group closely watched by investors is the sprawling business empire of taipan Lucio Tan.

The conglomerate is in transition with Lucio “Han” Tan III, the grandson and namesake of the taipan, now in charge of key roles left vacant by the death of his father, the late Lucio “Bong” Tan II – and other important positions.

By April 30, the 30-year-old Han will step into his expanded role as president of LT Group Inc. (LTG), after being named as the company’s vice chairman and COO last year.

The appointment will be formalized on May 3, during the ASM of LTG, which will still be held virtually as it was the past three years.

For Han, it would be just business as usual as he has been preparing for his bigger roles since he was summoned back to the Philippines in late 2019 after his father died.

More importantly, his appointment sheds light on the succession story of the Tan empire, something that was always left unanswered in the past.

Will there be violent reactions or fireworks as Han steps into his new role?

“It is as professional as possible. There are no surprises here,” Han told me over lunch recently when I asked him about it.

Oh, and by the way, Tan III will also have a bigger role in PAL Holdings, to be announced possibly before its May 25 ASM. I’ll share more on that later.

As for his grandfather, the taipan has not been very visible in public since COVID-19 struck.

His friends in the business community and other people close to him say they no longer see him as they used to before the pandemic happened but Tan III said his 88-year-old grandfather is healthy and still very active, constantly asking about the different businesses.

Irene Tan Luy, his daughter whom I met on Philippine Airlines’ inaugural flight to Perth, also said her father is well and good, enjoys dining out and has also been traveling again; to Hong Kong for instance.

MVP Group

Another business in transition is the MVP Group. Tycoon Manuel V. Pangilinan has said recently that retirement has crossed his mind.

We will see if this translates into new appointments during the ASM of Metro Pacific Investments Corp. on May 26.

For sure, there will be new leadership announcements in another Pangilinan-led company, Manila Electric Co. during its May 30 ASM on who will be the next prexy to succeed Ray Espinosa, who already held a farewell party at The Cork in BGC last month.

Indeed, it would be interesting to see whether or not there would be smooth sailing calls to order or chaotic calls in the different ASMs this year.

But the more important question is this – will the changes to be announced benefit all shareholders or just a privileged few? We’ll find out soon enough once the curtains are raised.

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Email: [email protected]. Follow her on Twitter @eyesgonzales. Column archives at EyesWideOpen on FB.