First Philippine Holdings Corp., the power generation unit of Lopez-owned Benpres Holdings Corp., yesterday obtained the approval of shareholders to amend the company?s by-laws to protect their interests.

One of the changes calls for tighter qualification and disqualification rules on directors to protect the company?s interest and those of its shareholders.

First Philippine Holdings president and chief operating officer Elpidio Iba?ez said the tighter rules ?will also prevent the entry of persons who have committed acts causing injury to the company or may have engaged in any activity which is antagonistic to the company.?

?Based on the current economic environment, there is a need to further protect shareholder interest during these turbulent times and not lose sight of our business mission,? Iba?ez said.

He said it was prudent on other companies to draw up stricter rules on the qualifications and disqualifications of the board of directors to ward off people who are ?antagonistic and inimical? to the interest of the company.

Other amendments pertain to the deadline for the submission of proxies, general responsibilities of the board of directors and new provisions for the board of directors to be governed by the company?s manual for corporate governance.

The Lopez family last year found itself in a corporate battle with Government Service Insurance Services for the control of Manila Electric Co.

GSIS has since sold its stake in Meralco to food and beverage giant San Miguel Corp. amid pending cases filed with the courts.

First Philippine Holdings is a holding company that groups together the Lopez family?s investments in the energy sector.

Its principal activities are power generation and power-related activities, roads and tollways operations, and investment holdings, construction, real estate development and securities transfer services financing.

The company?s subsidiaries and affiliates include Panay Electric Company Inc. First Philippine Industrial Corp., Rockwell Land Corp., First Philippine Industrial Park and First Philippine Balfour Beatty Inc. Jenniffer B. Austria