The Board of Directors of Ayala is composed of seven directors who are elected annually at the company’s stockholders’ meeting. On April 21, 2017, the following were elected to the Board:
Jaime Augusto Zobel de Ayala, Chairman and Chief Executive Officer
Fernando Zobel de Ayala, President, and Chief Operating Officer
Delfin L. Lazaro, Non-Executive Director
Keiichi Matsunaga, Non-Executive Director
Ramon del Rosario, Jr. Independent Director
Xavier P. Loinaz, Independent Director
Antonio Jose U. Periquet, Independent Director
The Chairman of the Board is Jaime Augusto Zobel de Ayala, who assumed the position in 2006. Fernando Zobel de Ayala has held the position of Co-Vice Chairman since 1994 and sole Vice Chairman since 2006. The profiles of each board director may be viewed here.
The independent directors have no interest or relationship with the company that may hinder their independence from the company, Management or shareholders which could materially interfere with their exercise of independent judgment in carrying out their responsibilities as directors.
In 2017, the non-executive and independent directors met on April 21, 2017 without the presence of any of the executive directors and/or management. Meetings of the non-executive and independent directors were also held in April 2014 and on April 10, 2015.