Philippine Seven board OK’s move to reduce board size

7-ELEVEN operator Philippine Seven Corp. said its board has approved a move to reduce the number of the company’s directors to nine from 11 to optimize governance practices.

The amended number of directors is provided under the sixth article of the company’s amended articles of incorporation, Philippine Seven Corp. said in a regulatory filing.

“Upon ratification by the stockholders, the amended articles of incorporation will be further amended to facilitate compliance with Securities and Exchange Commission (SEC)-recommended best practices on corporate governance and to ensure compliance of required number of independent directors,” it said.

The approved amendment will take effect once approved by the SEC and during the company’s annual stockholders meeting in 2025.

Philippine Seven Corp. announced separately that its board also approved the eligibility of Jose T. Pardo to be elected as independent director for another term, citing his experience and expertise.

“The extension of term shall provide continuity and the transition to the board succession planning program,” Philippine Seven Corp. said. “The company would require his continued guidance and leadership, with the other two independent directors elected last year, for continuity in the board to keep track of the valuable information of management’s pivot projects that has assisted the board to make forward thinking decisions,” it added.

The board will recommend the extension of Mr. Pardo’s term limit for stockholder approval during the company’s annual stockholders meeting on July 18.

On Thursday, Philippine Seven Corp. shares climbed by 6.9% or P6 to P93 per share.