Security Bank increases board seats to 15
Security Bank Corporation (PSE: SECB) 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 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 Ms. Diana P. Aguilar, Dr. Jikyeong Kang (Independent), Mr. Ramon R. Jimenez (Independent) and Mr. Napoleon L. Nazareno (Independent).
Ms. Diana 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.
She holds a Master’s degree in Business Administration major in International Finance from Pepperdine University in California, and is a graduate of Bachelor of Science major in Computer Science from De La Salle University in Manila.
Dr. Jikyeong 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). She earned her PhD from the University of Minnesota, her Master’s degree from Colorado State University, and her Bachelor’s degree from the Hanyang University, Seoul, Korea.
Mr. Ramon 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. He graduated from the University of the Philippines with a Bachelor’s degree in Fine Arts, major in Visual Communication.
Mr. 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. He completed his Master’s Degree in Business Management from the Asian Institute of Management and completed the INSEAD Executive Program of the European Institute of Business Administration in Fountainbleu, France. He was conferred a Doctor of Technology degree (Honoris Causa) by the University of San Carlos in Cebu City.
The Board of Directors of Security Bank is chaired by Mr. Alberto S. Villarosa, with Mr. Alfonso L. Salcedo, Jr. as president and chief executive officer. Mr. Frederick Dy is the chairman emeritus of the bank. The bank now has 6 independent directors versus the regulatory requirement of 5 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 3 women in the bank’s board.
The independent directors will lead the following committees: Dr. Kang will sit in the Corporate Governance Committee; Mr. Philip T. Ang in the Nominations and Remuneration Committee; Mr. Nazareno in Risk Oversight Committee; Mr. James Hung in the Audit Committee; and Mr. Jimenez will chair the Related Party Transactions Committee. Mr. Rafael Simpao, Jr. will continue to chair the Executive Committee, while Commissioner Aguilar will chair the Trust Committee.