As president of Philippine Savings Bank (PSB), Vicente R. Cuna Jr. led four other bank officials namely Jose Vicente L. Alde, Noli S. Gomez, Perfecto Ramon Z. Dimayuga Jr. and Jose Jesus B. Custodio as PSB’s five highest paid executives. As a group, they were paid salary of P57.95 million and bonus of P30.35 million in 2018.
In a footnote, PSB said Cuna was president from January 2018 to April 2018; Alde, then executive vice president, was president from April 2018 to present; Gomez, then senior vice president, was promoted to executive vice president from April 2018 to present.
As PSB’s highest paid executives in 2017, Cuna, Alde, Gomez, Dimayuga, and Custodio, received salary of P53.09 million and bonus of P31.38 million.
In 2019, PSB added Emmanuel A. Tuazon, senior vice president, to the list of five highest paid executives. Since the year is only on its third month, the bank estimated the group’s salary at P62.01 million and their bonus at P32.47 million.
According to PSB’s filling, “all other officers (from assistant vice president up) and directors will be paid salary of P160.99 million and bonus of P74.64 million in 2019. The were paid salary of P150.46 million in 2018; and salary of P191.72 million and bonus of P94.13 million in 2017.
In an explanatory note, PSB said “the directors received fees, bonuses and allowances that are already included in the amounts stated above. Aside from said amounts, they have no other compensation plan or arrangement with the bank.” The bank also said “the executive officers receive salaries, bonuses and other usual bank benefits that are also included in the amounts stated above.”
In a general information sheet (GIS), PSB placed the nine-person board’s fees at P19.307 million, which would have entitled each to P2,145,222.
A Metrobank unit
As PSB’s mother company, Metropolitan Bank and Trust Co. owns 198.629 million PSB common shares, or 82.675 percent of 240.252 million outstanding PSB common shares, according to the same GIS posted on May 24, 2018 on the website of the Philippine Stock Exchange.
However, a public ownership report (POR) showed PSB having issued 383,109,416 common shares, which were outstanding as of today. The same number of issued and outstanding common shares remains posted on PSE website.
The POR listed nine directors as direct holders of 4,002,569 PSB common shares, or 1.04 percent and Metrobank as principal stockholder owning 338.61 million PSB common shares, or 83.38 percent.
The bank’s public stockholders, according to the same POR, own 40.497 million PSB common shares, or 10.57 percent, an ownership which is slightly above the required 10-percent minimum public ownership.
In summary, PSB added non-public shares totaling 342,612,740 common shares and 40,496,676 common shares and arrived at 383,109,416 outstanding common shares.
As of date of filing, foreigners owned 2,592,523 PSB common shares, or 0.677 percent of outstanding Foreigners are allowed to own up to a maximum of 40 percent of outstanding.
As of May 23, 2018, PSB had 425 million authorized capital stock (ACS) with par value of P10 per share. Of the ACS, 1,459 Filipinos and 17 foreigners subscribed and paid for 240,252,491 PSB common shares.
On the other hand, the foreigners, who owned PSB common shares, included four Americans, seven Chinese, two Dutch, and three Singaporeans. Only one was identified as “foreign” with one PSB common share lodged with PCD Nominee Corp.
Aside from Metrobank, PSB also listed Danilo L. Dolor and Erlinda L. Dolor as holders of 12,610,891 PSB common shares, or 5.249 percent, and 7,605,832 PSB common shares, or 3.166 percent, respectively.
In a preliminary information statement, Arthur V. Ty, who, as Metrobank chairman, will vote the parent bank’s 338.61 million PSB common shares, or 88.38 percent.
Of the nine members of the board, three were and still are independent directors, namely Jose T. Pardo, PSB chairman, Samson C. Lim and Eduardo A. Sahagun. PSB’s regular directors are Arthur V. Ty, Vicente R. Cuna Jr., Rosanna F. De Vera, Maria Soledad D.S. De Leon, Jose L. Alde, and Samson C. Lim.
By the way, PSB will hold its annual stockholders’ meeting at 3 p.m. on April 15, 2019. Are public investors, particularly those who are direct holders of PSB common shares, invited to attend?