Security Bank Increases Board Seats To 15

Security Bank Corporation (PSE: SECB) received the approval of the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP) for the amendment of its articles of incorporation to increase the number of board seats from 11 to 15.

With the approval of the increase in board seats, four directors elected during the April 2017 shareholders meeting can now formally assume their responsibility as members of the Board of Directors of Security Bank. The additions to the existing 11-man Board of Security Bank are 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 (SSS) and serves as one of the members of the Board of Governors of the Employers Confederation of the Philippines. She also serves as Director in Ionics, PLC-Philippine Seven Corporation, PLC- Philex Petroleum Corporation, Gate Distribution Enterprises, Electronic Commerce Payment Networks and Wenphil Corporation. She is Chairman of SB Capital Investment Corporation and is 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 & President of the Asian Institute of Management (AIM). She was 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 Hanyang University in Seoul, Korea.

Mr. Ramon Jimenez served as 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. Napoleon Nazareno is the Chairman of the Board of Trustees and the Board of Governors of the Asian Institute of Management. He was former President & CEO of PLDT and SMART, and Chairman of various subsidiaries of the PLDT Group. His business experience over the last 30 years covers several countries across a broad range of industries including packaging, bottling, petrochemicals, real estate, telecommunications and information technology. 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 15-man Board of Directors of Security Bank is chaired by Mr. Alberto S. Villarosa, with Mr. Alfonso L. Salcedo, Jr. as President & CEO. Mr. Frederick Dy is Chairman Emeritus of the Bank. The Bank now has six independent directors, more than the regulatory requirement of five independent directors. The Board members have a diversity of experience and competencies, as well as diversity in nationalities, with representation from Japan, Korea, Taiwan and the USA, complementing the Filipino-Chinese Board members. There are three women in the Bank’s Board.

The independent directors will be chairing the following committees: Dr. Kang will chair the Corporate Governance Committee; Mr. Philip T. Ang will chair the Nominations & Remuneration Committee; Mr. Nazareno will chair the Risk Oversight Committee; Mr. James Hung will chair 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.

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