Remuneration Policy

  

As matter of policy, the remuneration of directors and other officers must be competitive and at a level that will attract and retain talent and motivate them to continue their efforts in contributing to the long-term success of Philex Mining Corp. The compensation is in accordance with the Corporation Code and the Company By-Laws, or as approved by the shareholders.


Director

A director is entitled to receive a reasonable per diem for attendance at Board meetings. Per-diem fee is determined by the Board. A director is also entitled to receive director's fees based on computation provided in the Company By-Laws, which is limited to 1.5 percent of income before tax.

In year 2014, total of Php11.17M was paid to all executive and non-executive directors. This represented the per diems of P8,000 per meeting attended and equivalent 1% of net income of year 2013, in accordance with By-Laws which provides that directors are entitled to receive up to 1  ½% of net income before tax..

Details as follows:

Name

Position

Amount

MANUEL V. PANGILINAN                  

Chairman

1,033,320

BARBARA ANNE C. MIGALLOS          

Executive Director

  570,064

MARILYN A. VICTORIO-AQUINO      

Non-Executive Director

1,129,320

ROBERT C. NICHOLSON                    

Non-Executive Director

1,129,320

WILFREDO A. PARAS                        

Independent Director

1,097,320

EDWARD A. TORTORICI                    

Non-Executive Director

1,025,320

OSCAR J. HILADO                            

Independent Director

1,089,320

SOCIAL SECURITY SYSTEM
(for Mr. Juan B. Santos)      

Non-Executive Director

1,049,320

SOCIAL SECURITY SYSTEM
(for Atty. Bienvenido E. Laguesma)
              Non-Executive Director 888,697
SOCIAL SECURITY SYSTEM  
(for Ms. Eliza Bettina R. Antonino)  
              Non-Executive Director 1,081,320

AUSTIN JR., EULALIO   B.            

Executive Director

1,073,320

Total

-

11,166,641.00

  

                                                                                                                                                                                                             
  

President and CEO

The President and Chief Executive Officer are entitled to receive fixed and variable remuneration, in accordance with compensation plans approved by the Board. Variable remuneration includes (1) equity-based benefits and (2) a bonus based on productivity or performance, or under an approved plan.

  
Key Officers


Key officers are entitled to receive fixed and variable remuneration, in accordance with the compensation plans approved by the Board. Variable remuneration includes (1) equity-based benefits and (2) a bonus based on productivity or performance, or under an approved plan.