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OFG board urges amending vote requirement for business combinations

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OFG board urges amending vote requirement for business combinations

OFG Bancorp shareholders on April 25 will vote on proposed amendments to the San Juan, Puerto Rico-based company's articles of incorporation.

The board has proposed to revoke the supermajority vote required for the approval of business combinations or the dissolution of the company. The board is also calling for the elimination of directors' classification, so that all will have one-year terms, and has already approved an amendment allowing director nominees in uncontested elections to be elected by a majority vote, instead of a plurality.

OFG's board further resolved to reduce the number of seats on the board to seven from nine. The board has one vacancy, and Radamés Peña is not standing for re-election. There will therefore be no vacancies after the annual shareholder meeting.