First Philippine Holdings Corp. (FPH) received directive from the Securities and Exchange Commission (SEC) to proceed with its scheduled July 27 annual stockholders’ meeting, including a partial election of board directors, even as a bitter intra-corporate dispute within the controlling Lopez family remains unresolved.

In a disclosure to the Philippine Stock Exchange, FPH said the regulator’s ad hoc committee on matters concerning the Lopez group of companies clarified that a previous order to defer elections does not encompass the entire board of directors.

FPH earlier indicated that the SEC’s markets and securities regulation department allowed it to exclude or defer the election of directors from its meeting agenda entirely.

Elections for certain board seats will now move forward while the broader family legal battle plays out. Federico R. Lopez, FPH chairman and chief executive officer previously secured a court order preserving the status quo within the private family holding firm, Lopez Inc., and its subsidiaries.

According to the disclosure, the SEC informed the company that its earlier limiting guidance applies solely to the specific parties named in the case currently pending before the Regional Trial Court Branch 209 of Mandaluyong City. This includes their direct successors, representatives, and anyone acting on their behalf within Lopez Inc.

Consequently, the annual stockholders’ meeting will include the election of directors, executed in compliance with the Mandaluyong court order that extended a temporary restraining order and directed the issuance of a writ of preliminary injunction.

The court order restrains the defendants in the case—comprising the majority faction of the Lopez family—and their representatives from replacing Lopez as an officer, director, or corporate representative in any entity where Lopez Inc. holds shares and exercises voting rights through its president.

“FPH will be coordinating with the committee and seeking clarification on the implementation of the advice in the light of the WPI and other pending cases, as well as the deadlines and other regulatory requirements for the scheduled ASM on July 27, 2026,” the firm added.

Uncertainty persists regarding exactly how many of the company’s board seats are shielded by the injunction and how many positions are open for active voting. Historically, the Lopez family used its position as the controlling shareholder to nominate all members of the board. Lopez Inc. controls Lopez Holdings Corp., which in turn serves as the controlling shareholder of First Philippine Holdings.

The listed conglomerate operates with a 15-member board, which includes five independent director slots. The current executive lineup features Federico R. Lopez as chairman and CEO, Francis Giles B. Puno as president and chief operating officer, and Emmanuel Antonio P. Singson as chief financial officer, treasurer, and executive vice president.

The non-executive board members consist of Vice Chairman Benjamin R. Lopez, Miguel Ernesto L. Lopez, Mercedes Lopez-Vargas, Roberta L. Feliciano, David Ong Chua, Richard Raymond B. Tantoco, and Diana Pardo-Aguilar.

The independent directors are Jaime I. Ayala, Stephen Anthony T. CuUnjieng, Cielito Flores Habito, and Cirilo P. Noel. Another independent director, Rizalina Mantaring, recently reached her regulatory term limit, but a replacement has not yet been chosen due to the prior deferral of board elections.