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.
Effective March 2015, the Directors’ per diem increased to P40,000 per board meeting attendance and P30,000 per committee participation, and are deductible from the annual directors’ compensation provided under Section 7 of the Company’s By-laws.. In the event that financial results warrant the payment of the annual directors’ compensation under the Company’s by-laws, such directors’ compensation shall be inclusive of the annual total per diem paid to directors. Directors’ fees are calculated on the basis of the audited financial statements, with a limit of 1½% of net income before income tax.
In 2016, a total of Php12.74M was paid to all executive and non-executive directors. This represented the per diems of P40,000 per regular board meeting and P30,000 for Committee meeting attended and equivalent 1% of net income of year 2015, in accordance with By-Laws which provides that directors are entitled to receive up to 1 ½% of net income before tax, details of which are as follows:
|Name||Position||Amount in Million|
|Manuel V. Pangilinan||Chairman||
|Barbara Anne C. Migallos||Executive Director||
|Marilyn A. Victorio-Aquino||Non-Executive Director||
|Robert C. Nicholson||Non-Executive Director||
|Wilfredo A. Paras||Independent Director||
|Edward A. Tortorici||Non-Executive Director||
|Oscar J. Hilado||Independent Director||
|*Eliza Bettina R. Antonino||Non-Executive Director||
|*Michael Victor N. Alimurung||Non-Executive Director||
|*Juan B. Santos||Non-Executive Director||
|*Bienvenido E. Laguesma||Non-Executive Director||
|Eulalio B. Austin Jr.||Executive Director||
*A total of P3.32M was paid to SSS which covers the fees paid to the following SSS nominee directors: Mr. Juan B. Santos (resigned), Ms. Eliza Bettina R. Antonino (resigned) Mr. Bienvenido E. Laguesma (resigned), and Mr. Michael N. Alimurung (resigned).
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 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.