In 2018, our Board of Directors had a total of seven (7) Board meetings. The attendance of each director in Board meetings held in 2018 is enumerated below.
The non-executive directors (NEDs) also meet separately during the year without any executives present. In 2018, our NEDs held their meeting in December, which was led by Mr. Rex Ma. A. Mendoza, our lead Independent Director (ID). Among the agenda items covered during the meeting were updates on regulatory matters and cybersecurity, and a discussion on Globe investments.
The average rate of attendance of our Board of Directors was ninety-eight percent (98%) in 2018, which is more than compliant with the Securities and Exchange Commission’s minimum attendance requirement of fifty percent (50%). Meanwhile, the average attendance rate of our IDs was one hundred percent (100%) for the same year.
1Mr. Noel was elected as ID, replacing Mr. Pacis, on April 17, 2018.
Discussions with independent views during meetings are encouraged, given due consideration and properly documented through the minutes of meetings.
The Board has access to the Corporate Secretary who, among his duties and responsibilities, acts as the adviser to directors regarding their responsibilities and obligations, and oversees the flow of information prior to meetings. The Board is also assisted by the Chief Compliance Officer to ensure regulatory compliance and sustain engagement on CG-related matters, among other duties and responsibilities.