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 deal with “resolving his personal legal matters while safeguarding the most effective interests of the corporate 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 each roles, along with his performance and dual capability to be reviewed annually by the board and the company 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 the 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 within the chairman’s absence, and function intermediary between the chairman and other directors.
He can even 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 powerful corporate governance, providing clear leadership structure and reinforcing independent oversight while the corporate 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