DMCI elects 3 new independent directors

MANILA, Philippines — DMCI Holdings Inc., chaired by tycoon Isidro Consunji, has elected three new independent directors during the company’s annual stockholders meeting yesterday.

They are Roberto Panlilio, former country chairman for the Philippines of J.P. Morgan; Bernardo Villegas, economist and educator; and Cynthia Del Castillo, senior partner and executive board member of Romulo Mabanta Buenaventura Sayoc and De Los Angeles, one of the largest and oldest firms in the country.

They will take the seats of outgoing executive director Herbert Consunji and independent directors Antonio Jose Periquet and Honorio Reyes-Lao, who were all tapped to serve as advisors to the board.

Del Castillo, who also served as the youngest and only female dean of the Ateneo de Manila University School of Law, where she served from May 1990 to June 2000, is the first female independent director of DMCI Holdings.

Her appointment raises the company’s total female board representation to nearly half or four out of nine.

“We are happy to welcome our new independentdirectors and advisors to the board. With their diverse backgrounds, professional expertise and exceptional qualifications, the board can better navigate the increasingly complex and uncertain business environment,” Consunji said.

During yesterday’s meeting, Consunji said that in line with Securities and Exchange Commission and Philippine Stock Exchange guidelines, one-third of DMCI’s board is composed of independent directors, with a maximum cumulative term of nine years.

DMCI also created an advisory board to expand and enhance its deliberation process during board and committee meetings.

The company formed a strategy and sustainability committee that will help the board identify and navigate new growth pathways.

Consunji said uncertainty remains even as the company posted strong results in 2021 – a net income of P17.4 billion last year or the highest in its 26-year history.

“At this point, the only thing we can conclude is that market volatility and uncertainty will remain elevated for the rest  of the year,” he said.

“We are seeing downgrades in global growth forecasts because of the Russia-Ukraine war China lockdowns, high inflation  and COVID-19 outbreaks in many countries,” he said.

Consunji said these events are raising the prices of coal, nickel and electricity and are  also disrupting demand, supply chains and economic activities.