Edgar O. Chua, a nominee for independent director at Shell Pilipinas Corporation, is facing questions over his eligibility for the role.
Lawyer Jordan M. Pizarras raised concerns in a May 7 letter to Securities and Exchange Commission chairman Francis E. Lim, saying Chua’s long service as Shell’s top executive from 2003 to 2016 may affect, or appear to affect, his independence.
Pizarras said independent directors are expected to be free from relationships that could influence their judgment. He argued that Chua’s past leadership role and insider status may weaken public confidence in his ability to act independently.
He also questioned Chua’s role in the company’s nomination committee while being nominated himself as an independent director. According to Pizarras, this creates a possible conflict of interest because Chua may have taken part in the process that led to his own endorsement.
Shell Pilipinas is scheduled to hold its annual stockholders’ meeting this week, where the election of directors is expected to take place. Copies of the letter were also sent to Shell Pilipinas president and CEO Lorelie Q. Osial and SEC commissioners.
Shell Ph nominee seeks SEC review of fellow nominee’s board bid
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