It’s this time of the year when banks and corporates are reporting their net income. It ‘s also stockholders’ eeting time.
The holding of the annual stockholders’ meeting, just like in any other meetings, will not differ but will be In conformity to the health protocol standards, virtual via “Zoom” or “Bluejeans.”
I heard from a muted source that there will changes in the membership of the boards of directors of the top two universal banks in the country - the Philippine National Bank (PNB) and the Bank of the Philippine Islands (BPI).
New names will emerge in the membership of the boards of directors of PNB and BPI because the banks’ request for an extension of their independent directors was thumbed down by the Monetary Board, the policy making body of the Bangko Sentral ng Pilipinas (BSP).
Seasoned banker and former Finance Undersecretary Flor G. Tarriela will have to step down as chairman of PNB this month. Same with vice chair Felix Enrico “Rico” Alfiler.
Both have reached the nine-year maximum period prescribed for an independent director. Ms. Flor has joined PNB as an independent director in 2005. It’s still uncertain though whether the departure of Ms. Flor and Mr. Rico from PNB will also trickle down to their other positions in the PNB subsidiaries.
Concurrent to his position as vice chairman, Mr. Rico is the chair of PNB General Insurers Co. Inc. while Ms. Flor chairs PNB Capital and Investment Corporation.
Joining the PNB board as independent directors are Lito Villanueva and Willy Sanchez.
Ops, hold your horses. I am not stirring confusion here. It appears, though, that the name “Lito Villanueva” comes dime a dozen. In the banking industry, there are two. The Lito who is joining PNB is a retired executive vice president for operations of Metobank. His term of endearment to his staff is “General.”
Mr. Lito, the “general,” should not be mistaken for Lito Villanueva of Rizal Commercial Banking Corp. (RCBC). Mr. Lito is the IT czar of RCBC. He is the bank’s chief innovation and inclusion officer.
The question now is who will take the seats to be vacated by Ms. Flor and Mr. Rico? As of this writing, “It is still under discussion.” The new chair and vice chair will be voted this coming April 27, PNB’s annual stockholders’ meeting.
In the BPI board, former Bankers Association of the Philippines President Octavio “OV” Espiritu is winding down as independent director. Mr. OV has been with the board since 2003. He joined the bank as a result of BPI’s acquisition of Far East Bank and Trust Co. 25 years ago. BPI’s stockholders’ meeting is the coming out of Jose Teodoro “TG”
Limcaoco as the new president, replacing Cesar “Bong” Consing.
In January, Mr. Bong announced he is retiring but the affectivity will only kick-in sometime next week “the third week of the April.” Mr. TG, as early as December, has already been anointed as the replacement of Mr. Bong.
In contrast to the foregoing, there will be a status quo in Bank of Commerce. Philippine stock Exchange Chair and former finance secretary Jose “Titoy” Pardo will remain as the chairman of Bank of Commerce.
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