The Board of Directors of Ayala is composed of seven (7) directors who are elected annually at the Company’s stockholders’ meeting. At the annual stockholders’ meeting on April 24, 2020, the following were elected to the Board:
|Director||If nominee, identify the principal||Nominator in the last election (if ID, state the relationship with the nominator)||Date first elected||No. of years served as director|
|Jaime Augusto Zobel de Ayala
|Mermac, Inc.||Nina Jacinto Aquino||May 1987||33|
|Fernando Zobel de Ayala
|Mermac, Inc.||Nina Jacinto Aquino||May 1994||26|
|Delfin L. Lazaro
|N.A.||Nina Jacinto Aquino||January 2007||13|
|Mitsubishi Corporation (MC)||Nina Jacinto Aquino||April 2017||3|
|Xavier P. Loinaz
Lead Independent Director*
|N.A.||Nina Jacinto Aquino (no relation to Mr. Loinaz)||April 2009 (Served as ID for 9 years from April 2012)||11|
|Antonio Jose U. Periquet**
|N.A.||Nina Jacinto Aquino (no relation to Mr. Periquet)||September 2010 (Served as ID for 8 years from April 2012)||10|
|Rizalina G. Mantaring
|N.A.||Nina Jacinto Aquino (no relation to Ms. Mantaring)||April 2020||–|
*Lead Independent Director from April 2017 to December 3, 2020.
**Lead Independent Director since December 3, 2020.
On December 3, 2020, our Board of Directors accepted the resignation of Mr. Xavier P. Loinaz from the Board due to health reasons. Upon the endorsement of our Corporate Governance and Nomination Committee, the remaining members of our Board, still constituting a quorum, elected Mr. Cezar P. Consing as director of the Corporation to serve the unexpired term of Mr. Loinaz.
The Chairman of the Board is Jaime Augusto Zobel de Ayala, who assumed the position in 2006. Fernando Zobel de Ayala has held the position of Co-Vice Chairman since 1994 and sole Vice Chairman since 2006. The profiles of each board director may be viewed here- http://www.ayala.com.ph/board-directors
The independent directors have no interest or relationship with the company that may hinder their independence from the company, Management or shareholders which could materially interfere with their exercise of independent judgment in carrying out their responsibilities as directors.