The NGCP cannot convene a meeting without the representatives from State Grid of China (SGC), which owns 40% of the firm, senators learned Wednesday.
The board of National Grid Corporation of the Philippines cannot convene a meeting without the representatives from State Grid of China , which owns 40% of the firm, senators learned Wednesday.
“If no business is conducted after two meetings and they are not present, the Filipino shareholders can go ahead,” Concepcion told the panel. “That is just the protection that the agreement provides the Chinese. Its’ not that we are giving them more power or favoring them. In fact, still under that agreement and under our bylaws, it’s still the 60% that controls because it’s the 60% that are Filipinos,” he added.But Tulfo pointed out that this should not be a policy especially to a company that manages a public utility.
Concepcion said this instance has not happened yet in the NGCP and the Chinese representatives are very cooperative in their board meetings. “For me, that is a de facto veto by the minority and that’s not what is contemplated by the Constitution. The Constitution gave us 60% so we can make decisions, but if the foreigner, the Chinese, is vetoing our board meeting by that provision, then we cannot make any decision,,” Gatchalian said
Concepcion reiterated that there was no such incident in the past and all members of the board were present in all NGCP board meetings.
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