Lorenzo Shipping Corporation Holds Annual Stockholders’ Meeting 2022

Lorenzo Shipping Corporation’s (LSC) Annual Stockholders’ Meeting was held on July 28 via remote communication under the chairmanship of Doris Magsaysay Ho.

During the meeting, shareholders were given a comprehensive management report presented by LSC’s President and Chief Operating Officer (COO), Reynold John “RJ” Madamba. The report stated that LSC has fully recovered in the first quarter of 2021 but also experienced limited domestic movement and consumption due to the COVID-19 delta variant surge during the second quarter. With the challenges, LSC resorted to contingencies in order to sustain the momentum. The President and COO also summarized LSC’s plan of operation in 2021 including the provision of dependable vessel schedule and service reliability, optimization of load factor and yield per voyage, taking care of workforce well-being through hybrid work schedules, continuous cost-rationalization (fuel, vessel and equipment, system efficiency), shortened billing and invoice cycles for steady cash flow, and statutory compliance and risk-mitigation.

In his message to shareholders, RJ highlighted the importance of sustainability. “Sustainability is our corporate commitment to balanced integration of economic, environmental, and social factors into our everyday business operations. As we face disruption and change, never before has sustainability been more important to ensure the protection of our stakeholders: our shareholders, our customers and suppliers, our employees and their families, and Mother Nature.”

All resolutions submitted for shareholder approval were adopted. Elected as Directors for this year’s Board are: Doris Magsaysay Ho, Antony Louis Marden, RJ Madamba, and Michael Escaler, and Independent Directors Deogracias Vistan, Rene Buenaventura, and Virgilio Peña. The auditing firm SyCip Gorres Velayo & Co. (SGV) was nominated as an external auditor.