The Board’s remuneration is set at an optimum level to attract and retain high-caliber directors who continuously and effectively deliver services. In accordance with the company’s By-Laws, the Board shall receive, 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, no director participates in discussions or deliberations involving his/her own remuneration.
Globe Telecom’s directors receive ₱200,000 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 ₱100,000 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. Our directors, including the non-executive and independent directors, 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 Chief Executive Officer.
The following non-executive directors, who were elected at the ASM on April 18, 2017 received gross per diem remuneration for attending Board and Committee meetings in 2017: