PLDT executives’ multi-million paycheck
Credit to Author: EMETERIO SD. PEREZ| Date: Tue, 16 Jul 2019 16:30:22 +0000
Manuel V. Pangilinan (MVP) is president and chief executive officer (CEO) of PLDT Inc.; Ernesto R. Alberto, executive vice president; Ma. Lourdes C. Rausa-Chan, Anabelle L. Chua, and Menardo G. Jimenez, senior vice presidents, according to PLDT’s definitive information statement (DIS).
As PLDT’s top executives, MVP, Chua, Alberto, Jimenez and Rausa-Chan are also the company’s highest paid. As a group, they received compensation of P167 million in 2017; P248 million in 2018; and an estimated P231 million in 2019.
The same DIS showed PLDT paid “all other officers and directors as a group unnamed” P507 million in 2017; P581 million in 2018; and projected at P427 million their compensation in 2019.
PLDT also said “each of the directors of the company is entitled to a fee of P250,000 for each meeting of the board attended.”
In addition, “the directors who serve in the committees of the board of directors, namely, the audit, governance and nomination, executive compensation, risk and technology strategy committees are each entitled to a fee of P125,000 for each committee meeting attended.”
In 2018, PLDT’s general information sheet (GIS) placed “the total annual compensation of directors during the preceding fiscal year” as follows: “total per diem of independent directors and non-executive directors = P36.75 million; total per diem of executive directors as compensation as executives of PLDT = P89.68 million.”
Manpower. In the same GIS, PLDT said that as of April 12, 2019, it had 74 executives. It had 2,359 rank-and-file employees and “total manpower complement of 10,369.
Also as of April 12, 2019, PLDT had 1,496 foreigners who owned common shares. It did not detail the number of common shares they owned. It added that of 1,496 stockholders who held PLDT’s common shares, 1,254 were Americans. It classified 242 under “others”.
Although it had and still has 150 million voting preferred shares, PLDT left blank the space allotted for them. It also did not fill the space for “non-voting preferred serial preferred.”’
In 2018, PLDT paid dividends totaling P13,886,595,470 of which P49.275 million for Series IV cumulative convertible redeemable preferred shares; P870 for 10 percent cumulative convertible Series JJ; and P9.75 million for 150 million voting preferred shares.
The holders of PLDT’s 216,055,775 common shares were paid P13,827,569,600
A public ownership report (POR) as of June 30, 2019 listed 218,779,886 as PLDT’s issued common shares, of which 2,724,111 were treasury shares, leaving the company with 216,055,775 outstanding common shares.
Of 216,055,775 outstanding TEL common shares, PLDT attributed to its public stockholders 115,750,323 common shares, which were equivalent to 53.57 percent of outstanding, according to a POR filed by Florentino Mabasa, first vice president and assistant corporate secretary.
Due Diligencer’s take
Under “other relevant information”, PLDT had two entries. It said “shares issued/registered to government corporations and banks cannot be provided by our transfer agent due to system limitation in the database. Some names are in acronym and are not readily identifiable if a bank or a government corporation.”
PLDT also said “shares issued on account of the company’s stock plan (ESOP and PLDT Stock Purchase Plan) cannot readily be provided by our transfer agent due to system limitation. We believe that the outstanding shares issued under the company’s stock plan will not exceed 5% of PLDT’s total outstanding common stock as of June 30, 2019.”
All this is according to Mabasa’s filing, which also advised the public to “please refer to attachment for more details.” Apparently, he was referring, among others, to the “number of listed common shares of 222,666,391, and total number of non-public shares of 100,305,452.” Minus all this, he credited the public with 115,750,323 TEL common shares, which were then equivalent to 53.57 percent of 216,055,775 outstanding TEL common shares.
Of PLDT’s outstanding common shares, James L. Go, who represent the Gokongwei group in the 13-person board, directly owned 135,914 TEL common shares and indirectly held 359,185 TEL common shares for total ownership of 495,099 TEL common shares, or 0.23 percent.
By the way, if Go does not represent the Gokongwei group in PLDT’s board, who does? Just asking.
esdperez@gmail.com
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