Remuneration
The non-executive and independent directors are entitled to receive from the Corporation, pursuant to a resolution of the Board of Directors, fees and other compensation for their services as Directors.
The Personnel and Compensation Committee shall have the responsibility of recommending to the Board of Directors the fees and other compensation for directors. In discharging this duty, the committee shall be guided by the objective of ensuring that the level of compensation should fairly pay Directors for work required in a company of the Corporation’s size and scope. In no case shall the total yearly compensation of directors exceed one percent (1%) of the net income before tax of the Corporation during the preceding year.
On April 26, 2024, upon the recommendation of the Personnel and Compensation Committee, the Board approved a resolution fixing the current remuneration of non-executive directors.
Non-executive and independent directors are Board members who are not officers of the company. They receive remuneration consisting of:
| Position | Annual Retainer Fee | Additional Retainer Fee |
|---|---|---|
| Chairman of the Board | P4,000,000 | P4,000,000 |
| Chairman of the Audit Committee | P4,000,000 | P2,000,000 |
| Other Non-Executive Directors | P4,000,000 | - |
| Meeting Attended | Per Diem | Additional Per Diem |
|---|---|---|
| Board Meeting | P200,000 | P100,000* |
| Committee Meeting | P100,000 | P50,000** |
| Non-Executive Directors Meeting | P100,000 | P100,000*** |
*Additional Per Diem for each Written Resolution of the Board
**Additional Per Diem for each Written Resolution of the Committee
***Non-executive Directors travelling outside their country of residence will receive travel allowance, business class round trip airfare and accommodation on a 5-star hotel
Board Compensation in 2023
| Director | Retainer Fee | Board Meetings | Per Diem Committee Meetings | Total |
|---|---|---|---|---|
| Jaime Augusto Zobel de Ayala | 6,000,000.00 | 2,000,000.00 | 400,000.000 | 8,400,000.00 |
| Chua Sock Koong | 3,000,000.00 | 2,000,000.00 | 1,450,000.00 | 6,450,000.00 |
| Delfin L. Lazaro | 3,000,000.00 | 2,000,000.00 | 800,000.00 | 5,800,000.00 |
| Rizalina G. Mantaring | 4,500,000.00** | 2,200,000.00 | 1,750,000.00 | 8,250,000.00 |
| Mercedita S. Nolledo* | 3,000,000.00 | 1,600,000.00 | 600,000.00 | 5,200,000.00 |
| Cezar V. Purisima | 3,000,000.00 | 1,900,000.00 | 2,100,000.00 | 7,000,000.00 |
| Fernando Zobel de Ayala | 1,750,000.00 | 400,000.00 | 250,000.00 | 2,400,000.00 |
| TOTAL | 24,250,000.00 | 11,900,000.00 | 7,350,000.00 | 43,500,000.00 |
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*Includes additional retainer fee for the Chairman of the Board amounting to P3,000,000.00
**Includes additional retainer fee for the Chairman of the Audit Committee amounting to P1,500,000.00.
Board Compensation in 2022
| Director | Retainer Fee | Board Meetings | Per Diem Committee Meetings | Total |
|---|---|---|---|---|
| Jaime Augusto Zobel de Ayala | 6,000,000.00 | 2,200,000.00 | 700,000.00 | 8,900,000.00 |
| Cezar P. Consing* | 3,000,000.00 | 1,500,000.00 | 1,450,000.00 | 5,950,000.00 |
| Mercedita S. Nolledo**** | 1,750,000.00 | 700,000.00 | - | 2,450,000.00 |
| Delfin L. Lazaro | 3,000,000.00 | 2,200,000.00 | 1,350,000.00 | 6,550,000.00 |
| Rizalina G. Mantaring | 4,500,000.00 | 2,200,000.00 | 2,950,000.00 | 9,650,000.00 |
| Antonio Jose U. Periquet** | - | 600,000.00 | 1,000,000.00 | 1,600,000.00 |
| Keiichi Matsunaga** | - | 600,000.00 | 800,000.00 | 1,400,000.00 |
| Chua Sock Koong*** | 3,000,000.00 | 1,600,000.00 | 1,100,000.00 | 5,700,000.00 |
| Cesar V. Purisima*** | 3,000,000.00 | 1,600,000.00 | 1,800,000.00 | 6,400,000.00 |
| TOTAL | 24,250,000.00 | 13,200,000.00 | 11,150,000.00 | 48,600,000.00 |
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* paid to him by the Company during his term as a non-executive director
**Until April 29, 2022
***Elected on April 29, 2022
****Elected on September 27, 2022 to replace Mr. Fernando Zobel de Ayala
Board Compensation in 2021
| Director | Retainer Fee | Board Meetings | Per Diem Committee Meetings | Total |
|---|---|---|---|---|
| Jaime Augusto Zobel de Ayala** | 3,000,000.00 | 800,000.00 | 600,000.00 | 4,400,000.00 |
| Cesar P. Consing** | 3,000,000.00 | 800,000.00 | 1,200,000.00 | 5,000,000.00 |
| Delfin L. Lazaro | 3,000,000.00 | 1,200,000.00 | 1,500,000.00 | 5,000,000.00 |
| Rizalina G. Mantaring | 3,000,000.00 | 1,200,000.00 | 1,900,000.00 | 6,100,000.00 |
| Antonio Jose U. Periquet | 3,000,000.00 | 1,200,000.00 | 2,500,000.00 | 6,700,000.00 |
| Keiichi Matsunaga | 3,000,000.00 | 1,200,000.00 | 1,500,000.00 | 5,700,000.00 |
| Total | 18,000,000.00 | 6,400,000.00 | 9,200,000.00 | 33,600,000.00 |
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*Includes per diem of P100K for Non-Executive Directors Meeting
**Mr. Zobel de Ayala and Consing are Non-Executive Directors of the Company since April 23, 2021.