Security Bank gets SEC nod to add board seats


LISTED Security Bank Corp. announced on Wednesday it had secured the approval of the Securities and Exchange Commission (SEC) and the central bank to increase its Board of Directors to 15 members from the current 11.

With the approval, the company said four directors elected during the shareholders’ meeting held in April can now assume their responsibilities as members of the board.

“The additions to the existing 11-man Board of Security Bank are Ms. Diana Aguilar, Dr. Jikyeong Kang (Independent), Ramon Jimenez (Independent) and Napoleon Nazareno (Independent),” the company told the Philippine Stock Exchange (PSE).

Aguilar serves as a commissioner of the Social Security System and is a member of the Board of Governors of the Employers’ Confederation of the Philippines, among others.

Kang, meanwhile, is the dean and president of the Asian Institute of Management (AIM).

Jimenez was a secretary of the Tourism department and has over 35 years of experience in advertising, “leading the rise of many home-made Philippine brands.”

Nazareno serves as the chairman of the Board of Trustees and the Board of Governors of the AIM. He is a former president and chief executive officer of PLDT, Inc. and Smart Communications, Inc., and has chaired various subsidiaries of the PLDT Group.

Security Bank’s 15-man Board of Directors is currently chaired by Alberto Villarosa, with Alfonso Salcedo Jr. as president and CEO and Frederick Dy as chairman emeritus.

Security Bank is one of the largest banks in the country. It is also a component of the PSE index.


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