BDO Unibank Inc.'s Board of Directors has elected former Senator Franklin M. Drilon as the bank's independent director.
In a disclosure to the Philippine Stock Exchange (PSE), BDO said that the board elected Drilon during its regular meeting held on Wednesday, Oct. 25.
According to the Bangko Sentral ng Pilipinas (BSP), an independent director helps "promote the independent oversight of management by the board of directors."
In electing Drilon, the bank cited the former senator's stint as the chairman of the Philippine National Bank and director of Land Bank of the Philippines.
"He thus brings added perspectives on Philippine finance and banking policy, regulations and operations," said BDO.
Drilon is currently the director of Phinma Education Holdings Inc. and a senior counsel of the ACCRA Law, a leading law firm in the country. '
Apart from serving four non-consecutive terms as senator, Drilon was also selected as Senate President, Majority Leader, Minority Leader and Chairperson of the Committee on Finance and the Committee on Banks, Financial Institutions, and Currencies.
He authored and sponsored landmark laws including the Government-owned and Controlled Corporation (GOCC) Governance Act of 2011, Foreign Investments Act, Tax Incentives and Transparency Act and the Revised Corporation Code.