PAL adds more board directors

PAL Holdings Inc. is increasing the number of its directors to allow diversity in the proper management of the company as it faces the challenges brought about by the COVID-19 pandemic.

“Given the aggressive changes in the management of PAL Holdings Inc., and in support of its pursuit for good corporate governance, the board deemed it best to increase the number of its directors from nine to eleven to allow diversity in the proper management of the corporation,” PAL Holdings said.

PAL shareholders approved on Thursday the increase the number of directors.
The listed firm said taipan Lucio Tan, wife Carmen, Lucio Tan III, Joseph Chua, Ryuhei Maeda and Gilbert Santa Maria were elected as directors of the company for the ensuing year and/or until their successors have been elected and qualified.

Johnip Cua and Gregorio Yu were also elected as independent directors.

Lucio Tan has been appointed as PAL Holdings president, CEO and COO. He also serves as chairman of the executive committee and the nomination committee.

Cua was named as chairman of the audit and risk management committee, while Yu as chairman of the corporate governance committee.

PAL Holdings earlier reported that Vivienne Tan and John Tan, children of the taipan, withdrew from being nominated to the company’s board for 2020-2021 due to personal reasons.
Mark Chen also declined from being nominated as PAL Holdings independent director.

PAL Holdings earlier said its nomination and compensation committee has not yet been able to review the eligibility and qualification of additional candidates for directors to take the place of the nominees who have withdrawn their consent to be elected to the board.

Meanwhile, a source said earlier that Michael Tan and Vivienne are no longer part of Philippine Airlines Inc. (PAL)’s board of directors, following the company’s annual stockholders meeting on Thursday.

No replacements were named so far for the two, the source said.

Named as a new member of PAL Inc.’s board of directors was Juan de Zuniga, who replaced Manuel Lazaro.

Source: Richmond Mercurio (The Philippine Star )

Source: Peso Economics