The Board’s remuneration is set at an optimum level to attract and retain high-caliber directors who continuously and effectively deliver services as such. In accordance with Globe’s By-Laws, the Board receives, pursuant to a resolution of the stockholders, fees, and other compensation for their services as directors and members of committees of the Board of Directors.
In accordance with our Manual of Corporate Governance and the Charter of the Board of Directors, no director participates in discussions or deliberations involving his/her own remuneration. Our directors, including the independent Non-Executive Directors (NEDs), do not receive options, performance shares, or bonuses other than their per diem remuneration as directors. Meanwhile, our executive director does not receive per diem remuneration in addition to his remuneration as part of the Globe senior management in his role as the President and CEO.
Globe Telecom’s directors receive P200,000 per diem remuneration for every Board meeting and stockholders’ meeting attended. This rate was based on a benchmark study against industry rates as well as a previous study in 2010 to standardize the pay of Board of Directors across the Ayala Companies. The per diem remuneration of directors remains at P100,000 for every committee meeting attended or such meetings other than those mentioned above. Our stockholders ratified this resolution at our regular Annual Stockholder Meeting (ASM) in April 2014.
The following NEDs, who were elected at the ASM on April 20, received gross per diem remuneration for attending Board and Committee meetings in 2021:
|DIRECTOR||GROSS PER DIEM REMUNERATION (IN PESOS)*|
|Jaime Augusto Zobel de Ayala||1,700,000.00|
|Lang Tao Yih, Arthur1||1,200,000.00|
|Lew Yoong Keong Allen1||1,300,000.00|
|Fernando Zobel de Ayala4||2,100,000.00|
|Delfin L. Lazaro||2,100,000.00|
|Ng Kuo Pin||700,000.00|
|Jose Teodoro K. Limcaoco||600,000.00|
|Cezar P. Consing3||1,600,000.00|
|Romeo L. Bernardo||2,900,000.00|
|Rex Ma. A. Mendoza||3,100,000.00|
|Saw Phaik Hwa||3,100,000.00|
|Cirilo P. Noel||3,100,000.00|
* Represents Board meetings held in 2021 and during the incumbency of the director.
1 Mr. Lang Tao Yih, Arthur resigned from the Globe Board of Directors effective May 6, 2021. To fill the vacancy, Mr. Lew Yoong Keong Allen
was elected to serve for the unexpired term of Mr. Lang or until the next annual stockholders’ meeting. Mr. Lew was likewise appointed as Co-Vice Chairman of the Board and Member of the Executive Committee and the Compensation and Remuneration Committee.
2 Mr. Samba Natarajan, resigned from the Globe Board of Directors effective October 8, 2021. To fill the vacancy, Mr. Ng Kuo Pin was elected to serve for the unexpired term of Mr. Natarajan or until the next annual stockholders’ meeting. Mr. Ng Kuo Pin was likewise appointed as Member of the Executive Committee and the Finance Committee.
3 Mr. Jose Teodoro K. Limcaoco was a Director until April 20, 2021, while Mr. Cezar P. Consing was elected Director at the ASM on April 20, 2021.
4 Mr. Fernando Zobel de Ayala was appointed as Member of the Executive Committee at Board’s organizational meeting after the ASM on April 20, 2021.