Security Bank increases board seats to 15

SECURITY Bank Corporation has received the approval of the Securities and Exchange Commission and the Bangko Sentral ng Pilipinas to amend its articles of incorporation and increase the number of board seats to 15 from the previous eleven 11.

With the approval for the increase in board seats, the four directors who were elected during the April 2017 shareholders meeting will now formally assume their responsibility as board members of Security Bank. The addition to the existing 11 board members of Security Bank include Diana P. Aguilar, Dr. Jikyeong Kang (Independent), Ramon R. Jimenez (Independent) and Napoleon L. Nazareno (Independent).

Aguilar is a commissioner at the Social Security System and a member of the board of governors of the Employers Confederation of the Philippines. She serves as director in several companies including Ionics, PLC-Philippine Seven Corporation, PLC- Philex Petroleum Corporation, Gate Distribution Enterprises, Electronic Commerce Payment Networks and Wenphil Corporation. She is the chairman of SB Capital Investment Corporation, a board member of the Capital Markets Development Board and treasurer of the De La Salle Santiago Zobel School.

Kang is the dean and president of the Asian Institute of Management. She was the director of the DBA Program and director of the Postgraduate Center at the Manchester Business School, where she was instrumental in propelling the full time MBA program’s ranking in the Financial Times to 22nd in the world in 2007 (from a rank of 47th in the world in 2002).

Jimenez served as the secretary of the Department of Tourism and has over 35 years of experience in advertising, leading the rise of many home-made Philippine brands.

Nazareno is the chairman of the Board of Trustees and the Board of Governors of the Asian Institute of Management. He was a former president and CEO of PLDT and SMART, and chairman of various subsidiaries of the PLDT Group. His business experience over the last 30 years covers a broad range of industries including packaging, bottling, petrochemicals, real estate, telecommunications and information technology across several countries.

The Board of Directors of Security Bank is chaired by Alberto S. Villarosa, with Alfonso L. Salcedo, Jr. as president and chief executive officer. Frederick Dy is the chairman emeritus of the bank. The bank now has six independent directors versus the regulatory requirement of five independent directors. The board members have a diversity of experience and competencies, as well as diversity in nationalities, with board representation from Japan, Korea, Taiwan, and the USA, complementing the Filipino-Chinese in the Board of Security Bank. There are also three women in the bank’s board.

The independent directors will lead the following committees: Kang will sit in the Corporate Governance Committee; Philip T. Ang in the Nominations and Remuneration Committee; Nazareno in Risk Oversight Committee; James Hung in the Audit Committee; and Jimenez will chair the Related Party Transactions Committee. Rafael Simpao, Jr. will continue to chair the Executive Committee, while Aguilar will chair the Trust Committee. PR