Board of Directors' Remuneration

Remuneration

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 26, received gross per diem remuneration for attending Board and Committee meetings in 2022:

Director	Gross Per Diem Remuneration (in Php)
Director	Meetings*	Retainer Fee
Jaime Augusto Zobel de Ayala	1,700,000.00	6,084,000.00
Lew Yoong Keong Allen	1,800,000.00	3,042,000.00
Fernando Zobel de Ayala¹	1,300,000.00	3,042,000.00
Jaime Alfonzo Antonio Zobel de Ayala²	400,000.00
Delfin L. Lazaro	2,100,000.00	3,042,000.00
Ng Kuo Pin	2,500,000.00	3,042,000.00
Cezar P. Consing^1,2	2,300,000.00	3,042,000.00
Romeo L. Bernardo	2,900,000.00	3,042,000.00
Rex Ma. A. Mendoza	3,000,000.00	3,042,000.00
Saw Phaik Hwa	3,000,000.00	3,042,000.00
Cirilo P. Noel	3,000,000.00	4,576,000.00
TOTAL	24,000,000.00	34,996,000.00

*Represents Board and respective Committee meetings held in 2022 and during the incumbency of the director.

¹Mr. Fernando Zobel de Ayala tendered his resignation as member and Co-Vice Chairman of the Board of Directors effective immediately, as stated in a disclosure dated September 12, 2022. In an earlier disclosure dated September 1, 2022, Mr. Fernando Zobel de Ayala tendered his resignation as member of the Executive Committee and the Compensation and Remuneration Committee, while Mr. Cezar P. Consing was elected to serve his unexpired term in the said Committees.

²Mr. Jaime Alfonzo Antonio Zobel de Ayala was elected Director and appointed member of the Compensation and Remuneration Committee Vice Mr. Cezar P. Consing, effective November 11, 2022, as stated in a disclosure dated November 11, 2022.