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Roxas & Company independent director resigns after conflict of interest compromises independence

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Roxas And Company Noticias

Roxas & Company disclosed that one of its independent directors, Aurelio Montinola, tendered his resignation in a letter dated May 6 after RCI sold 250 million treasury shares at a steep discount to a company owned and controlled by his wife, Ging Gonzalez-Montinola.

, tendered his resignation in a letter dated May 6 after RCI sold 250 million treasury shares at a steep discount to a company owned and controlled by his wife, . The shares were sold to Ms. Gonzalez-Montinola’s company, Stonebridge Corp, at P2.00/share, which was a 38% discount to RCI’s pre-announcement price and a 47% discount to RCI’s market price in the trading session immediately following the announcement. The reason RCI listed for Mr.

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