Security Bank gets BSP nod to add 4 board seats

Security Bank Corp., the fifth largest lender in terms of assets, said Wednesday it received the approval of the Bangko Sentral ng Pilipinas and Securities and Exchange Commission to increase the number of board seats to 15 from the previous 11.

Security Bank said with the approval, the four directors who were elected during the shareholders meeting in April would formally assume their responsibilities as board members.

The new board members of Security Bank are Diana Aguilar, Dr. Jikyeong Kang (independent), Ramon Jimenez (independent) and Napoleon Nazareno (independent).

Aguilar is a commissioner at the Social Security System and a member of the board of governors of the Employers Confederation of the Philippines. She serves as director in several companies including Ionics, PLC-Philippine Seven Corp., PLC- Philex Petroleum Corp., Gate Distribution Enterprises, Electronic Commerce Payment Networks and Wenphil Corp.

Kang is the dean and president of the Asian Institute of Management, while Jimenez served as Tourism secretary under the Aquino administration.  Nazareno was a former president and chief executive of PLDT Inc. and Smart Communications.

The board of directors of Security Bank is chaired by Alberto Villarosa, with Alfonso Salcedo Jr. as president and chief executive. Frederick Dy is the chairman emeritus of the bank. 

The bank now has six independent directors, exceeding the regulatory requirement of five independent directors. 

The board members have a diversity of experience and competencies, as well as diversity in nationalities, with board representation from Japan, Korea, Taiwan and the US, complementing the Filipino-Chinese in the board of Security Bank. There are also three women in the board.

Topics: Security Bank Corp. , Bangko Sentral ng Pilipinas , BSP , Securities and Exchange Commission , board seats
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