ABS-CBN Corporation announced on Thursday a second postponement of its annual stockholders’ meeting, shifting the schedule from July 24 to August 19 to give shareholders more time to nominate members for the board of directors.
According to a regulatory disclosure, the media network’s board approved the extension after the initial deadline passed without any director nominations being submitted. The move effectively provides stockholders with a three-week extension to finalize their nominees.
The meeting was originally pushed back to July 24 following an internal leadership conflict within the Lopez family.
The rift has since drawn scrutiny from the Securities and Exchange Commission (SEC), which formed a special task force to look into multiple grievances filed against the Lopez Group of Companies, specifically targeting ABS-CBN and some of its executives.
ABS-CBN has previously stated that it intends to address the ongoing regulatory investigation through the proper legal venues.