Board Meetings and Attendance

Governance  >  Annual Corporate Governance Report  > Board Meetings and Attendance

I. SCHEDULE OF MEETINGS 

At the beginning of the year, the Office of the Corporate Secretary sends to the directors, though email, the schedule of board meetings for the year as follows:

January 19, 2018

March 9, 2018

April 20, 2018 (Organizational Board Meeting)

 

The members of the Board of Directors, upon their election on the April 20, 2018 Annual Stockholders’ Meeting, set the dates of the Board meetings for the for the rest of 2018, as follows:

June 22, 2018

September 11, 2018

December 6, 2018


 

II. ATTENDANCE OF DIRECTORS 

The Board meets at least (6) times each calendar year. A director who fails, wihout any justifiable cause, to attend at least 75% of the total number of Board meetings during any term shall not be eligible for re-election.

The directors are encouraged to attend all board and committee meetings, either in person or via teleconferencing facility. The Corporate Secretary provides dial-in numbers to the directors who wish to join the meetings via teleconferencing facility.

The following is the record of attenance of the our directors in the board meetings held in 2017. 

Board Name Date of Election No. of Meetings Held during the year* No. of Meetings Attended* %
Chairman Jaime Augusto Zobel de Ayala April 21, 2017 7 7 100%
Member Fernando Zobel de Ayala April 21, 2017 7 7 100%
Member Delfin L. Lazaro April 21, 2017 7 7 100%
Member Yoshio Amano** April 21, 2017 3 3 100%
Independent Xavier P. Loinaz April 21, 2017 7 7 100%
Independent Ramon R. Del Rosario, Jr. April 21, 2017 7 7 100%
Independent Antonio Jose U. Periquet April 21, 2017 7 7 100%
Member Keiichi Matsunaga April 21, 2017 4 4 100%

*Meetings in 2017 and during the incumbency of the director.
**Replaced by Mr. Keiichi Matsunaga on April 21, 2017.

The Non-Executive and Independent Directors of the Company held a meeting without the presence of any Executive on April 21, 2017.

 

Non-Executive Directors Meeting


The Non-Executive and Independent Directors of the Company held a meeting without the presence of any Executive, except for the Corporate Secretary and Compliance Officer, on April 21, 2017. They also had a meeting on March 9, 2018 where the Corporate Secretary and Compliance Officer and the Chief Audit.

 

III. QUORUM REQUIREMENT

 Two-thirds (2/3) of the number of directors as fixed in the articles of incorporation constitute a quorum for the transaction of corporate business.

 

IV. ACCESS TO INFORMATION

The board materials for the board of directors’ meetings are being distributed to the directors at least five business days before the meeting.

The board members are free to contact the Chief Legal Officer and Corporate Secretary, and any of the management team to discuss issues or matters that need clarification in the discharge of their duties as members of the Corporation’s board of directors.

The following are the procedure that Directors can avail of to enable them to get information necessary to be able to prepare in advance for the meetings of different committees:

Committee Details of the procedures
Executive

1. The Office of the Corporate Secretary sends the board materials at least five business days before the scheduled meeting.

2. The board materials provide supporting information for matters for approval of the directors during the meeting.

3. The Company meets with the independent directors, nonexecutive directors and executive directors, individually or in groups, as may be necessary for management to keep the directors informed and to seek guidance.

 

 

 

 

 

Audit

Risk Management and Related Party Transactions

Nomination
Remuneration
Finance
Inspectors of Proxies and Ballots

The General Counsel and Corporate Secretary of the Company attends to the directors’ concerns. When necessary, the General Counsel and Corporate Secretary may recommend to the directors to seek for an advice from third parties.

The Board of Directors has not introduced and any change on existing policies that may have an effect on the business of the company.

 

External Advice

The Chief Legal Officer and Corporate Secretary of the Company attends to the directors’ concerns. When necessary, the Chief Legal Officer and Corporate Secretary may recommend to the directors to seek for an advice from third parties.

 

Any change/s introduced by the Board of Directors (during its most recent term) on existing policies that may have an effect on the business of the company and the reason/s for the change:

Existing Policies

Changes

Reason

none

 

 

 

 

V. CORPORATE SECRETARY

The Corporate Secretary of the Corporation has the following functions:

(a) Serve as an adviser to the directors on their responsibilities and obligations;

(b) Keep the minutes of meetings of the stockholders, the Board of Directors, the Executive Committee, and all other committees in a book or books kept for that purpose, and shall furnish copies thereof to the Chairman, the President and other members of the Board as appropriate;

(c) Keep in safe custody the seal of the Corporation and affix it to any instrument requiring the same;

(d) Have charge of the stock certificate book and such other books and papers as the Board may direct;

(e) Attend to the giving and serving of notices of Board and shareholder meetings;

(f) Be fully informed and be part of the scheduling process of other activities of the Board;

(g) Prepare an annual schedule of board meetings and the regular agendas of meetings, and put the Board on notice of such agenda at every meeting;

(h) Oversee the adequate flow of information to the Board prior to meetings;

The Corporate Secretary also assists the Chairman of the Board in preparing the board agenda, facilitating training of directors, keeping directors updated regarding any relevant statutory and regulatory changes, among others.

The Corporate Secretary of the Company is Atty. Solomon M. Hermosura. He possesses organizational and interpersonal skills, and the legal skills of a chief legal officer. He also has financial and accounting knowledge. 

Solomon M. Hermosura, Filipino, 55, has served as Managing Director of Ayala Corporation since 1999 and a member of the Ayala Corporation Management Committee since 2009 and the Ayala Group Management Committee since 2010. He is also the Group Head of Corporate Governance, and the Chief Legal Counsel, Chief Compliance Officer, Corporate Secretary and Data Protection Officer of Ayala Corporation.  He is the CEO of Ayala Group Legal. He serves as the Corporate Secretary and Group General Counsel of Ayala Land, Inc., and Corporate Secretary of Globe Telecom, Inc., Manila Water Company, Inc., Integrated Micro-Electronics, Inc. and Ayala Foundation, Inc.  He also serves as a Corporate Secretary and a member of the Board of Directors of a number of companies in the Ayala group.  He served as a Director of the Bank of the Philippine Islands from April 18, 2013 to April 9, 2014. He graduated valedictorian with Bachelor of Laws degree from San Beda College in 1986 and placed third in the 1986 Bar Examinations.

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