A powerful group of fund managers is urging the Securities and Exchange Commission to follow through with a proposal that would tighten cross ownership rules among listed companies and protect minority stockholders. | miguelrcamusINQ /PDI
The proposal, which will prohibit subsidiaries from buying voting shares of their parent companies, was released as a draft memorandum circular two years ago and has yet to be approved.The Fund Managers Association of the Philippines and MBG Investment Management Inc. are asking the corporate watchdog to pass the new regulation.
“Cross-shareholdings between parent and subsidiary companies provide a platform for major shareholders to exercise control over companies. This control could result in self-serving decisions and actions that don’t always align with the interests of minority shareholders,” according to a joint-letter addressed to the SEC last June 23.
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