A few days ago, PLDT announced that it had discovered overspending of about P48 billion in capital expenditures over the past four years.
What is concerning to the public is the fact that this huge overspending had gone undetected for four years, and PLDT, being aware of this, has revamped its management.
The purpose of classifying certain corporations as to be vested with public interest is for the protection of the interests of shareholders, creditors, third party suppliers, the corporation’s own staff and employees and the public in general. On the other hand, publicly listed companies are just those companies whose shares of stock are traded in an exchange.
The SEC has classified a Financial Institution Strategic Transfers Corporation as vested with public interest. This is a company that acquires bad and non-performing loans from banks and other financial institutions. 1. Modes of voting –stockholders are given the right to vote remotely or in absentia even in the absence of a relevant provision in the bylaws of the corporation vested with public interest. Notices to the meeting should contain the advice that such voting mode is available and indicate the requirements that stockholders must fulfill to avail themselves of voting via remote communication or in absentia. [Sec.
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