LISTED educational institution Centro Escolar University (CEU) has approved a plan to increase the number of its board of directors to strengthen corporate leadership.
Under the proposal, CEU’s board will consist of ten directors from the previous nine, which in turn will increase the number of independent directors to three from two.
The proposal was approved during a meeting on Aug. 30.
“This proposal to change is related to the proposal to amend the bylaws. The purpose is to increase number of directors from nine to ten, so that the number of independent directors will be increased from two to three,” CEU said in a regulatory filing on Monday.
“No foreseen adverse effect. As a matter of fact, the increase in number of independent directors (the ultimate goal for the amendment) is seen as favorable for corporate governance purposes,” it added.
CEU said the proposal will be up for stockholders’ approval during the annual stockholders’ meeting on Oct. 25.
CEU offers training and development through its college and graduate courses, with specialization in the fields of dentistry, medical technology, nursing, education, optometry, nutrition, pharmacy, and business education.
The university’s programs are offered across its campuses in Mendiola, Manila; Malolos, Bulacan; and Makati City.
On Monday, CEU stocks fell by 2.22% or 30 centavos, closing at P13.20 per share. — Revin Mikhael D. Ochave