STOCK PHOTO | Image by GFNI.COM.PH
LISTED mining company Global Ferronickel Holdings, Inc. (FNI) said its chairman, Joseph C. Sy, has taken a voluntary leave of absence amid questions over his Filipino citizenship.
Mr. Sy took the leave to focus on “resolving his personal legal matters while safeguarding the best interests of the company and its stakeholders,” FNI said in a regulatory filing on Thursday.
With this, FNI said its board elected current president Dante R. Bravo as chairman effective Aug. 27.
“Mr. Bravo will serve in both roles, with his performance and dual capacity to be reviewed annually by the board and the corporate governance committee,” FNI said.
Mr. Sy was arrested by Bureau of Immigration (BI) operatives on Aug. 21 upon his arrival from Hong Kong over the alleged misrepresentation of his citizenship.
FNI denounced Mr. Sy’s arrest, saying his citizenship has been confirmed by at least six rulings from the BI, the Department of Justice, the Office of the President, the Securities and Exchange Commission, and the Supreme Court.
Meanwhile, FNI appointed lead independent director Jaime F. Del Rosario to the newly created role of vice-chairman to “strengthen independent oversight.”
Mr. Del Rosario will provide additional governance checks, preside over meetings in the chairman’s absence, and serve as intermediary between the chairman and other directors.
He will also convene and chair meetings of the non-executive directors and contribute to the performance evaluation of the chairman.
“These measures underscore FNI’s commitment to stability, transparency, and strong corporate governance, providing clear leadership structure and reinforcing independent oversight while the company continues to execute its business strategy,” FNI said.
FNI is engaged in nickel ore mining, logistics, cement and steel production, and port operations.
On Thursday, FNI shares fell by 0.77% or one centavo to P1.29 apiece. — Revin Mikhael D. Ochave
