Directors’ fee. Union Bank of the Philippines (UBP) is increasing to P80,000 the fee per main board meeting attended by its non-executive directors. The details of the per diem, which is among the items included in the agenda of the bank’s annual stockholders’ meeting on May 24, are as follows: P80,000 per director who as chairman, or in the latter’s absence, director presiding during the meeting; and P40,000 per director, who is a member of a committee for attending a committee meeting. Also to be submitted for stockholders’ approval is the reappointment of Punongbayan & Araullo as external auditors; and the extension of UBP’s corporate franchise by another 50 years. The bank will mark its first 50 years as a stock corporation on May 8, 2018.

UBP did not disclose how much it now pays the members of the board. “The directors receive per diems for attendance in meetings of the board and its committees in accordance with the Bank’s By-Laws,” UBP said in a filing. In the absence of numbers, one would guess that UBP’s non-executive directors receive less than what Bank of Philippine Islands pays its board. In 2012, BPI directors received P2 million bonus each in addition to their regular fees.

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