Aboitiz names audit committee members

The board of Aboitiz Equity Ventures, Inc. (AEV) approved recently the composition of its audit committee in compliance with the Code of Corporate Governance promulgated by the Securities and Exchange Commission (SEC).

In a disclosure to the Philippine Stock Exchange, the company said AEV independent director Roberto R. Romulo was named chairman of the audit committee while board members Justo A. Ortiz and Roberto E. Aboitiz were appointed members of the three-man team.

In the same meeting, the board also appointed Stephen G. Paradies as senior vice president and Saturnino Nicanor Jr. as assistant vice president for audit. Paradies will also serve as chief audit executive of AEV and its subsidiearies.

Earlier, AEV submitted its Corporate Governance Manual to the SEC, committing itself to the principles and best practices the manual contains. AEV’s corporate governance manual defines the specific duties and responsibilities of its board of directors and officers to assure protection of all of the company’s stakeholders, according to AEV chief information officer Juan Antonio Bernad.

Even before SEC required the manual from corporations, AEV already had corporate governance practices in place, Bernad added. Drafting the manual was only a matter of plugging them in to the form that SEC required.