Disclosure and Transparency | Ayala

Disclosure and Transparency

Governance  >  Annual Corporate Governance Report  > Disclosure and Transparency

Emphasis is given on providing quality, accurate, and timely disclosures to regulators and the investing public, including information on the results of its operations and financial performance.  Ayala created procedures for internal reporting to ensure consistency in providing the investing public with prompt disclosures on significant and market sensitive information that may affect their investment decisions. Policies and procedures are also in place to ensure the company’s compliance with disclosure requirements under the listing rules of the SEC, Philippine Stock Exchange (PSE), and Philippine Dealing and Exchange Corporation (PDEx).

All relevant disclosures were filed in a timely manner with the SEC, PSE, and PDEx. All the 2020 filings and relevant information were provided ahead of time, details as follows:

  • On April 8, 2020, the Annual Report (SEC Form 17-A) together with the consolidated audited financial statements for 2018 were submitted to the SEC, within 120 days after year-end.
  • On March 27, 2020, the Notice of the Annual Stockholders’ Meeting with a detailed explanation of the Agenda items was released to the SEC and PSE, 28 days ahead of the scheduled annual meeting on April 24, 2020.
  • On March 27, 2020, the audited financial statements as contained in the Definitive Information Statement were submitted to the SEC and PSE, 28 days before the annual stockholders’ meeting.
  • Interim or quarterly financial statements and results of operations were submitted to the regulators within 45 days from the end of the financial period.

I . OWNERSHIP STRUCTURE

Holding 5% shareholding or more as of March 31, 2020

 

 

OUTSTANDING COMMON SHARES

% OWNERSHIP

Mermac, Inc.

296.6 million

47.41

PCD Nominee Corporation (Non-Filipino)*

158.4 million

25.33

PCD Nominee Corporation (Filipino)*

111.28 million

17.79

 

Mitsubishi Corporation

37.8 million

6.04

Others

21.6 million

3.44

Total

625.63 million

100

* Out of the 269.7 million common shares registered under the name of PCD Nominee Corporation, 6.2 million or 9.89% are for the account of Deutsche Bank Manila while 4.5 million or 7.2% are for the account of Hongkong Shanghai Banking Corporation.

Shareholdings of  Directors and Officers as of March 31, 2020

 

Security

Balance as of December 31, 2019

 Acquired

Disposed of

Balance as of March 31, 2019

Directors 

Jaime Augusto Zobel de Ayala

Common

    392,806 

                                 -

                                -

                    392,806

Preferred B Series 1

      20,000 

                                 -

                                -

                      20,000

Voting Preferred

    543,802 

                                 -

                                -

                    543,802

Fernando Zobel de Ayala

Common

    392,264 

                                 -

                                -

                    392,264

Voting Preferred

    554,983  

                                 -

                                -

                    554,983

Keiichi Matsunaga

Common

              1 

                                 -

                                -

                               1

Delfin L. Lazaro

Common

      41,129 

                                 -

                                -

                      41,129

Voting Preferred

    258,297 

                                 -

                                -

                    258,297

Xavier P. Loinaz

Common

    126,614 

                                 -

                                -

                    126,614

Voting Preferred

      65,517 

                                 -

                                -

                      65,517

Antonio Jose U. Periquet

Common

       1,200 

                                 -

                                -

                        1,200

Ramon R. del Rosario, Jr.*

Common

              1 

                                 -

                                 -

                               1

Officers

Jose Rene Gregory D. Almendras

Common

                     112,488

                                -

                                -

                    112,488

Catherine H. Ang

Common

                       25,773

                                -

                                -

                      25,773

Voting Preferred Shares

                         5,290

                                -

                                -

                        5,290

Preferred B Series 2**

                         2,000

                                -

                                -

                        2,000

Arthur R. Tan

Common

                     359,743

                                -

                                -

                    359,743

Alfredo I. Ayala

Common

                     174,777

                                -

                                -

                    174,777

Estelito C. Biacora

Common

                         2,712

                                -

                                -

                        2,712

Paolo Maximo F. Borromeo

Common

                        65,311

                                -

                                -

                      65,311

Cezar P. Consing

Common

                     107,926

                                -

                                -

                    107,926

Josephine G. de Asis

Common

                        26,984

                                -

                                -

                      26,984

Bernard Vincent O. Dy

Common

                        21,681

                                - 

                                -

                      21,681

Ernest L. Cu**

Common

                     133,502

                                -

                                -

                    133,502

John Eric T. Francia

Common

                     120,224

                                -

                                -

                    120,224

Solomon M. Hermosura

Common

                     121,960

                        4,000

                               -

                    125,960

Voting Preferred Shares

                       53,583

                                -

                               -

                      53,583

Jose Teodoro K. Limcaoco

Common

                     302,068

                                -

                              -

                    302,068

Ruel T. Maranan

Common

                        21,671

                                -

                              -

                      21,671

John Philip S. Orbeta

Common

                      607,667

                                -

                              -

                    607,667

Dodjie D. Lagazo

Common

                                -  

                                -

                              -

                              -  

Joanne M. Lim

Common

                                -  

                                -

                              -

                              -  

TOTAL

 

                   4,661,974

                         4,000

 

                  4,665,974

* Replaced by Rizalina G. Mantaring on April 24, 2020

** Not a reportable officer of Ayala but a member of the Ayala Group Management Committee

 

All directors and officers from Managing Directors and above, and the Controllers, Chief Internal Auditor, Chief Risk Officer, Treasurer, Corporate Secretary and Assistant Corporate Secretary, shall report their trades to the Office of the Compliance Officer within three (3) business days from dealing with such securities. All other officers and employees shall likewise report to the Office of the Compliance Officer within ten (10) days from the end of each quarter their trades with Ayala securities during such quarter.

 

II. REMUNERATION OF CEO AND FOUR (4) MOST HIGHLY COMPENSATED MANAGEMENT OFFICERS

Process Used in Determining the Remuneration of the CEO and Four (4) Most Highly Compensated Management Officers

Process

CEO

Top 4 Highest Paid Management Officers

(1) Fixed remuneration

Approved by the Board of Directors upon the recommendation of the Compensation Committee of the Board.

Approved by the Board of Directors upon the recommendation of the Compensation Committee of the Board and the Chairman of the Board

(2) Variable remuneration

The Company adopts a performance-based variable pay program aligned with business strategy. It is determined by the Compensation Committee of the Board and duly approved by the Board of Directors.

The Company adopts a performance-based variable pay program aligned with business strategy. The Performance Bonus Pie is approved by the Compensation Committee of the Board. Individual amount is approved by the Chairman and CEO and the President and COO.

(3) Per diem allowance

In the conduct of business abroad, per diem allowance is provided to reimburse miscellaneous expenses like airport fees, travel tax, taxi fare, laundry and phone allowance

(4) Bonus

Same with variable remuneration

Same with variable remuneration

(5) Stock Options and other financial instruments

grantees, the size of the grant, the offer price and the discount. The grant is approved by the Board of Directors upon the recommendation of the Compensation Committee of the Board.

(6) Others (specify)

N.A

N.A

 
 
Remuneration of Management 
 

Name and Principal Position

Year

Salary

Bonus

Other Annual Compensation

Jaime Augusto Zobel de Ayala

Chairman and CEO

 

Fernando Zobel de Ayala

President and Chief Operating Officer

 

Solomon M. Hermosura

Managing Director, Chief Legal Officer, Corporate Secretary, Chief Compliance Officer, Data Protection Officer, and Corporate Governance Group Head

 

Jose Teodoro K. Limcaoco

Senior Managing Director, Chief Finance Officer, Chief Risk Officer, Chief Sustainability Officer, and Finance Group Head

 

John Philip S. Orbeta

Managing Director, Chief Human Resources Officer, and Corporate Resources Group Head

       

CEO and Most Highly Compensated Executive Officers

Actual 2018

P303.98M

P243.29M

P 0

Actual 2019

P334.69M

P280.07M

P21.7M

Projected 2020

P358.12M

PM305.36

P 0

All other officers** as a group unnamed

Actual 2018

P730.62M

P464.87M

P 0

Actual 2019

P827.10M

P535.42M

P59.6M

Projected 2020

P749.00M

P529.25M

P 0

 

III. RELATED PARTY TRANSACTIONS 

The Related Party Transactions of the Company are disclosed in the audited financial statements.

 
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