The members of the Board of Directors of Yuchengco-led Rizal Commercial Banking Corp. (RCBC) headed by bankero Eugene Acevedo is set to receive P92.06 million in fees and compensation this year, 32.1 percent higher than last year’s P69.69 million.
This year’s increase is more than double the 16.3 percent increase to P69.69 million in 2020 from P59.94 million in 2019.
The estimate in the fees and compensation for the Board of Directors of RCBC this year already includes P13.1 million for the per diem payments. Directors who hold executive or management position are not entitled to directors’ fees or per diems.
Aside from Acevedo, other regular directors of RCBC include chairperson Helen Yuchengco-Dee, former Prime Minister Cesar Virata, Gil Buenaventura, Amando Medina, John Law, Shih-Chiao Lin, Arnold Kai Yuen Kan, former Philippine Economic Zone Authority director general Lilia de Lima, and Gayarti Bery.
Independent directors include former Trade Secretary Juan Santos, former Insurance Commission commissioner Adelita Vergel de Dios, Gabriel Claudio, Vaugn Montes, and Laurito Serrano.
Article XI of the By-Laws of RCBC entitles the members of the Board of Directors, the Advisory Board and the Executive Committee of the bank to profit sharing bonus at a maximum of two percent but not less than one percent of the net earnings resulting from the operation during the preceding year, after provisions for taxes and after deductions as may be required by law or regulations.
On the other hand, Acevedo and four other ranking executives of RCBC received a five percent hike in aggregate compensation to P97.18 million this year from last year’s P92.55 million as well as a 15 percent jump in bonuses to P44.93 million from P39.07 million.
Likewise, the salaries of other bank officers grew by 12 percent to P3.94 billion from P3.52 billion, while their bonuses increased by 11.9 percent to P1.05 billion from P938.81 million.
The Yuchengco-led bank booked a 41 percent jump in net income to an all-time high of P7.08 billion last year from P5.02 billion in 2020 amid a 35.5 percent drop in provision of soured loans to P6.05 billion from P9.37 billion.