[Rappler’s Best] War in the boardroom

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Rappler’s series on the Lopez family, written by veteran business journalist Lala Rimando, demystifies the conglomerate that has been a household name for more than half a century — from when ABS-CBN was first introduced on TV

Why should we, at a time of global disorder, care about the boardroom war in the once-formidable Lopez empire? Because like governments, big business shapes public behavior. But unlike governments, big business conducts its top-level affairs largely away from the prying eyes of citizens.

Rappler’s series on the Lopez family, written by veteran business journalist Lala Rimando, demystifies the conglomerate that has been a household name for more than half a century — from when ABS-CBN was first introduced on TV. In sharp, engaging prose layered with context and devoid of jargon, Lala navigates the labyrinth of tough choices that the Lopez family has made over the years — and the joys and perils that resulted from those choices.

The latest casualty of such choices is domestic peace, following the ouster of Federico “Piki” Lopez from his seat as president and CEO of the family’s holding company, Lopez Incorporated, by his cousins led by former ABS-CBN CEO Eugenio “Gabby” Lopez III. 

Piki’s camp says this happened because he refused to further subsidize the bleeding sister-company, ABS-CBN. Gabby’s camp says it removed Piki over questionable transactions that have hurt the family’s holdings. (Piki has won a court order that temporarily maintains the status quo.)

• The fathers of Piki and Gabby are brothers — the late Oscar and Geny Lopez, respectively. In Part 1 of Lala’s series, she writes: “Geny’s era set up the bold expansions. Oscar’s era was about cleaning up the entrepreneurial adventures that went wrong.” How did they and their third brother Manolo make bets and handle those that went wrong? Read more.
• As it invested in heavily regulated, very public businesses, accumulating vast powers along the way, Lopez Incorporated became the natural target of Philippine presidents who, Lala explains in Part 2, eventually shaped which Lopez asset would pay the price of unelected power. Read more.
• Then a third party came along, and the dam broke. Lala helps us understand in Part 3 the rather complex deal that Piki Lopez entered into with tycoon Enrique “Ricky” Razon — who, if we must say so, is not exactly on Gabby’s friend list — and how it sparked the cousins’ war. Read more. 

The Lopez feud, as pointed out by Val Villanueva in this piece, is a “stress test of a governance model that has, until now, been assumed to work.” At stake is the “integrity of decision-making over billions in strategic energy transactions — and the trust that premium investors assign to the group’s crown jewels.”

Beyond the boardrooms, of course, is the war that has made all of us miserable. 

In his Easter message on Sunday, April 5, Pope Leo said: “Let those who have weapons lay them down.” It appears his plea will fall on deaf ears. The weekend saw American commandos rescue an airman who was stranded in Iran after the latter downed US jets, with Donald Trump threatening Iranians (“you crazy bastards”) with more attacks. 

• Check our live updates on how Filipinos are being affected and coping with the crisis caused by the Middle East war. 
• Here’s a list of bayanihan initiatives as prices of fuel and basic goods soar.
• Lawmakers are filing bills and planning to hold more hearings to see what legislative action can address the national energy emergency that was earlier declared by President Ferdinand Marcos Jr. 
• The UN Security Council is set to vote this week on a Bahrain resolution to protect commercial shipping in and around the Strait of Hormuz.

Here are some of Rappler’s bests that you shouldn’t miss:

Tatiana Maligro provides perspective on why fuel tends to be more expensive in the Philippines.

Mario Aurelio highlights the potential of geothermal energy in a country of 20 active volcanoes.

Shay Du reminds us that oil is still the main power source for many remote areas in the country.

Raymund Narag puts a spotlight on prisoners who have been behind bars for many years yet not convicted.

Den Somera tackles the showdown between the Securities and Exchange Commission and Vivian Yuchengco.

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– Rappler.com

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