P30-M bonus each for RCBC’s 5 executives



Family affair. Like other family controlled companies which are public and listed on the Philippine Stock Exchange (PSE), the Antonios control the board of Century Properties Group Inc. and top the list of the company’s highest-paid executives.

Jose E. B Antonio, 66 years old, and his four sons, also named Jose, are up for reelection as members of the nine-man board of the company, which will hold its annual stockholders’ meeting on July 1. His sons are John Victor, 48; Jose Marco, 38; Jose Roberto, 31; and Jose Carlo, 29.

The two other management nominees are lawyer Brigida Aldeguer, 61, a senior partner of Angara Abello Concepcion Regala & Cruz Law offices, who is corporate secretary; and Domie Eduvane, 48, senior vice president for legal and corporate affairs.

As required under the rules on the election of independent directors, Washington Sycip, 91, and Monico Jacob, 67 years old, are outsiders. Sycip is the founder of SGV & Co. Inc. while Jacob is a former commissioner of the Securities and Exchange Commission.

Hiding pays and perks. As a listed company, Century Properties is still young, having been in the market for two years. But this is no excuse for failing to provide the public investors with correct information on the company’s executive compensation.

In its latest filing in connection with its annual stockholders’ meeting, it lumped together the compensation of 15 top executives instead of five. Of the 15, five are the Antonio the father and his four sons, who shared with 10 other officers a total of P27.3 million in 2010; P41.4 million in 2011; and P62.5 million in 2012. This year, as a group, they would get P73.3 million.

While Century Properties did not disclose the Antonios’ individual compensation, it is generous in providing information on the “aggregate amount of per diem for the actual meeting” as of April 30, 2013, attended by Sycip and Jacob, who, it said received P200,000 and P250,000, respectively.

Is Century Properties engaged in selective application of transparency rule by exposing the P50,000 per diem of Messrs. Sycip and Jacob, while hiding the Antonios and the rest of the management team under the heading “aggregate executive compensation for the above named officers?”

‘Unusual’ compensation filing. In fairness to the Antonios, their company is not the only listed company that has not been disclosing the individual compensation of its top executives, simply because the Securities and Exchange Commission does not require such disclosure.

But Manila Jockey Club Inc., despite the absence of rules, has been very transparent on the amounts of pays and perks it pays each of its four top executives, namely,

*Alfonso Reyno Jr., chairman and chief executive officer, P2.40 million salary and P200,000 bonus in 2011; and P3.395 million in salary and P350,000 bonus in 2012 and 2013;

* Mariza Santos-Tan, vice chairman, P936,000 salary, and P78,000 bonus in 2011; P964,500 salary, and P97,500 bonus in 2012 and 2013;

*Alfonso Reyno 3rd, president and chief operating officer, P1.92 million salary, and P160,000 bonus in 2011; P2.64 million salary, and P272,500 bonus in 2012 and 2013; and

*Pedro Tan, director and treasurer, P936,000 salary, and P78,000 bonus in 2011; P964,500 and P87,500 bonus in 2012 and 2013.

P30-M bonus each. Lorenzo Tan is president and chief executive officer of Rizal Commercial Banking Corp. He and four senior executive vice presidents of the Yuchengco-controlled bank, namely Redentor Bancod, Uy Chun Bing, Jose Emmanuel Hilado and Ismael Sandig, received P67.006 million in compensation and P8.116 million in bonuses in 2011.

The following year, RCBC cut the group’s compensation to P35.691 million but increased their bonuses 18.78 times to P152.449 million, or P30.49 million each. Aside from Tan, the bank’s highest-paid executives in 2012 were Michael de Jesus and Rommel Latinazo, first senior vice presidents; Redentor Bancod, senior vice president; and Jose Thomas Deveras, executive vice president.

This year, the bank will increase the compensation of Tan, Bancod, Deveras, Hilado and Sandig to P42.383 million, but reduce their bonuses to P142.711 million.

Not ready for meeting. After selling shares through an initial public offering, Asia United Bank Inc. (AUB), it seems, is not ready yet as a public and listed company, because it is supposed to hold its annual stockholders’ meeting today but could not do it as provided for in its by-laws.

Instead, AUB asked the Philippine Stock Exchange that it be allowed to defer the meeting at a later date, which it did not specify saying that “the public shall be notified of the new date, time and place,” according to Melise Arnaldo, AUB investor relations officer.

AUB sold 80 million shares at P95 per share to the public. It made its market debut on May 17 when it opened at P101.50, hit a high of P105.10, fell to a low of P101.50 and closed at P104.


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