The Board is primarily responsible for the governance of Meralco. Corollary to setting the policies for the accomplishment of the corporate objectives, the Board also provides an independent oversight on Management. The Board establishes Meralco’s vision, mission, strategic objectives, policies and procedures that guide its activities, including the mechanisms for effective monitoring of Management’s performance. The Board also ensures that internal control mechanisms for good governance are adequate.
The Board consists of eleven (11) directors who are elected by the stockholders during the ASM. The Board represents a mix of disciplines in the area of business, finance, operations and legal competencies, with each director capable of adding value and exercising independent judgment. Majority of the Board are non-executive directors and two (2) of whom are Independent Directors (ID), namely, Ret. Chief Justice Artemio V. Panganiban, designated as the Lead ID, and Mr. Pedro E. Roxas. The composition of the Board clearly delineates their responsibilities with those of Management.
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Director
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Position
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Nature of Appointment
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Manuel V. Pangilinan
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Chairman
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Non-executive
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Lance Y. Gokongwei
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Vice Chairman
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Non-executive
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Oscar S. Reyes
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Director and President and CEO
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Executive
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Ray C. Espinosa
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Director and General Counsel
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Non-executive
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James L. Go
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Director
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Non-executive
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John L. Gokongwei, Jr.
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Director
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Non-executive
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Anabelle L. Chua
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Director
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Non-executive
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Jose Ma. K. Lim
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Director
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Non-executive
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Manuel M. Lopez
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Director
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Non-executive
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Artemio V. Panganiban
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Lead Independent Director
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Non-executive
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Pedro E. Roxas
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Independent Director
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Non-executive
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Manuel V. Pangilinan
Manuel V. Pangilinan
Filipino, 71 years old
Chairman of the Board of Directors
Chairman of the Executive Committee
Chairman, Remuneration and Leadership Development Committee
Director of Manila Electric Co. since May 26, 2009
Education and Training:
- BA Economics Degree, Ateneo De Manila University
- MBA Degree, Wharton School of Finance and Commerce University of Pennsylvania
- Honorary Doctorate in Humanities, San Beda College/Xavier University/Holy Angel University/Far Eastern University
Membership in Board of Listed Companies:
- Philippine Long Distance Telephone Company
- Metro Pacific Investments Corporation
- Philex Mining Corporation
Membership in Board of Non-Listed Companies:
- Beacon Electric Asset Holdings Inc
- Smart Communications, Inc.,
- PLDT Communications and Energy Ventures Inc. (formerly Piltel)
- Landco Pacific Corporation
- Medical Doctors, Inc.
- Colinas Verdes Corporation
- Davao Doctors Inc.
- Riverside Medical Center, Inc.
- Our Lady of Lourdes Hospital
- Asian Hospital, Inc.
- Maynilad Water Services Corporation
- Mediaquest, Inc.,
- Associated Broadcasting Corporation (TV5)
- Manila North Tollways Corporation
- Meralco Powergen Corporation
Positions and Memberships in Other Organizations and Corporations:
- Chairman of Beacon Electric Asset Holdings, Inc., Philippine Long Distance Telephone Company2, Smart Communications, Inc., Metro Pacific Investments Corporation2, PLDT Communications and Energy Ventures Inc. (formerly Piltel), Landco Pacific Corporation; Medical Doctors, Inc, Colinas Verdes Corporation, Davao Doctors Inc., Riverside Medical Center, Inc., Our Lady of Lourdes Hospital, Asian Hospital, Inc., Maynilad Water Services Corporation, Mediaquest, Inc., Associated Broadcasting Corporation (TV5), Philex Mining Corporation2, Manila North Tollways Corporation and Meralco Powergen Corporation3
- Chief Executive Officer and Managing Director of First Pacific Company Limited
- Co-Chairman of the newly-organized US-Philippines Business Society.
- Chairman of the Board of Trustees of San Beda College, Hongkong Bayanihan Trust, Disaster Recovery Foundation, Inc., Philippine Business for Social Progress;
- Vice-Chairman of the Foundation for Crime Prevention.
- Member of the Board of Overseers of The Wharton School, University of Pennsylvania
- Former Governor of the Philippine Stock Exchange.
Manuel V. Pangilinan
Lance Y. Gokongwei
Lance Y. Gokongwei
Filipino, 51 years old
Vice-Chairman of the Board of Directors
Member, Executive Committee
Member, Nomination and Governance Committee
Member, Audit Committee
Member, Risk Management Committee
Member, Remuneration and Leadership Development Committee
Director of Manila Electric Co. since December 16,2013
Education and Training:
- BS Finance Wharton School of Finance and Commerce University of Pennsylvania
- BS Applied Science Penn Engineering School University of Pennsylvania
Membership in Board of Listed Companies:
- JG Summit Holdings, Inc.
- Universal Robina Corp.
- Cebu Air, Inc.
- Robinsons Land Corp.
- Robinsons Retail Holdings, Inc.
- Oriental Petroleum and Minerals Corporation
Membership in Board of Non-listed Companies:
- United Industrial Corporation Limited
- JG Summit Petrochemicals
- Robinsons Bank Corp
- Gokongwei Brothers Foundation, Inc.
Positions and Memberships in Other Organizations and Corporations:
- President and Chief Operating Officer of JG Summit Holdings, Inc.
- President and Chief Executive Officer of Universal Robina Corp., Cebu Air, Inc. and JG Summit Petrochemicals;
- Vice-Chairman and Chief Executive Officer of Robinsons Land Corp.
- Vice-Chairman of Robinsons Retail Holdings, Inc.;
- Chairman of Robinsons Bank Corp.;
- Member of the Board of Directors of Oriental Petroleum and Minerals Corporation, United Industrial Corporation Limited, Singapore Land Limited, and Gokongwei Brothers Foundation, Inc.
- Trustee, Ateneo de Manila University
Lance Y. Gokongwei
Oscar S. Reyes
Oscar S. Reyes
Filipino, 71 years old
President and Chief Executive Officer
Director of Manila Electric Co. since July 1, 2010
Education and Training:
- BA Economics Ateneo De Manila University
- MBA Ateneo Graduate School of Business Administration
- International Management Development Program Waterloo Lutheran University
- Program for Management Development Harvard Business School
Membership in Board of Listed Companies:
- Bank of the Philippine Islands
- Manila Water Company
- Philippine Long Distance Telephone Co.
- Pepsi Cola Products Philippines Inc.
- Basic Energy Corporation
- Cosco Capital Inc.
Membership in Board of Non-listed Companies:
- Meralco PowerGen Corporation
- Redondo Peninsula Energy Inc.
- Meralco Industrial Engineering Services, Inc.
- Meralco Energy, Inc.
- CIS Bayad Center, Inc.s
- PacificLight Power Pte Ltd.
- Eramen Minerals Inc.
- Republic Surety & Insurance Company, Inc.
- PLDT Communications & Energy Ventures Inc.
- Sun Life Financial Plans, Inc.
- Sun Life Prosperity Funds
- Grepalife Asset Management Corporation
- Petrolift Corporation
- Asian Eye Institute
Positions and Memberships in Other Organizations and Corporations:
- Chairman of the Board for Pepsi Cola Products Philippines Inc., Redondo Peninsula Energy Inc., Meralco Industrial Engineering Services Corporation, Meralco Energy Inc., CIS Bayad Center Inc., PacificLight Power Pte Ltd.
- President of Meralco PowerGen Corporation
Oscar S. Reyes
Ray C. Espinosa
Ray C. Espinosa
Filipino, 61 years old
Chairman, Finance Committee
Director for Manila Electric Co. since May 26, 2009
Education and Training:
- BS General Studies University of Santo Tomas
- Bachelor of Laws Ateneo De Manila University
- Master of Laws University of Michigan Law School
Membership in Board of Publicly Listed Companies:
- Philippine Long Distance Telephone Company
- Metro Pacific Investments Corporation
- Lepanto Consolidated Mining Corporation
- Roxas Holdings Inc.
Membership in Board of Non-listed Companies:
- Beacon Electric Asset Holdings, Inc.
- First Pacific Company Limited
- Studio5 Inc.
- Excel Pacific Holdings Corp.
- Kalilayan Power, Inc.
- Med Vision Resources, Inc.
- Telemedia Business Ventures, Inc
- Pilipinas Pacific Enterprise Holdings, Inc.
- Meralco PowerGen Corporation
- Mediaquest Holdings, Inc.
- TV5 Network Inc.
- Business World Publishing Corp.
- Digitel Crossing, Inc.
- Cignal TV, Inc.
- Media5 Marketing Corp.
- Metro Pacific Assets Holdings, Inc.
- Metro Pacific Resources, Inc.
- Pacific Global One Aviation Company, Inc.
- Philstar Daily, Inc.
- Philippine Telecommunications Investment Corp.
- Pilipino Star Ngayon Inc.
- The Philippines Home Cable Holdings Inc.
- Wolfpac Mobile Inc.
- BTF Holdings Inc.
- Bancholders Inc.
- Bonifacio Communications Corp.
- Cinegear Inc.
- Connectivity Unlimited Resource Enterprise Inc.
- ESPI Real Estate Ventures Inc.
- Enterprise Investments Holdings Inc.
- Excel Pacific Holdings Corporation
- First Agri Holdings Corporation
- First Coconut Manufacturing Inc.
- Francom Holdings Inc.
- Hastings Holdings Inc.
- MPG Holdings Philippines Inc.
- MPG Mauban LP Corporation
- Metro Pacific Holdings Inc.
- Nation Broadcasting Corp.
- Paymaya Philippines Inc.
- PH Communications Holdings Corporation
- Philstar Global Corporation
- Pilipinas Global Network Limited
- Pilipinas Natural Resources Holdings Inc.
- Pilipinas Pacific Enterprise Holdings Inc.
- Pilipino Star Printing Company Inc.
- PLDT Capital PTE Ltd
- PLDT Digital Investments PTE Ltd
- PLDT Global Investments Corporation
- PLDT Global Investments Holdings Inc.
- PLDT Online Investments PTE Ltd
- Roxas Power Corporation
- SatVentures Inc.
- Stargate Media Corporation
- Superior Multi-Paranaque Homes Inc.
- Superior Paranaque Homes Inc.
- Tahanan Mutual Building and Loan Association Inc.
- Talas Data Intelligence Inc.
- Telemedia Business Ventures Inc.
- The Philippines Home Cable Holdings Inc.
- Treasurekeeper Holdings Inc.
- Two Rivers Pacific holdings Corporation
- Unilink Communications Corporation
- Unitel Productions Inc.
- Upbeam Investments Inc.
- Voyager Innovations Inc.
Positions and Involvement in Organizations and Corporations:
- Chairman and Director of Studio5 Inc., Excel Pacific Holdings Corp., Kalilayan Power, Inc., Med Vision Resources, Inc., Telemedia Business Ventures, Inc., Business World Publishing, Philstar Daily, Inc., Philstar Global Corporation, Pilipino Star Ngayon, Inc., Pilipino Star Printing Company Inc., Treasurekeeper Holdings Inc., Unilink Communications Corporation, Upbeam Investments Inc.
- President and Director of Pilipinas Pacific Enterprise Holdings, Inc., BTF Holdings Inc., Bancholders Inc., Pilipinas Naural Resources Holdings Inc.
- Vice-Chaiman and Director of First Agri Holdings Corporation, First Coconut Manufacturing Inc.
- Independent Director of Lepanto Consolidated Mining Company
- Member, Integrated Bar of the Philippines, Philippine Bar Association, Inter-Pacific Bar Association
- Member, Executive Committee, LAWASIA Energy Section
Ray C. Espinosa
James L. Go
James L. Go
Filipino, 77 years old
Member, Audit Committee
Member, Risk Management Committee
Member, Finance Committee
Member, Nomination and Governance Committee
Director of Manila Electric Co. since December 16, 2013
Education and Training:
- BS Chemical Engineering Massachusetts Institute of Technology
- Master’s Degree in Chemical Engineering Massachusetts Institute of Technology
Membership in Board of Listed Companies:
- JG Summit Holdings, Inc. (JGSHI)
- Oriental Petroleum and Minerals Corp
- Robinsons Land Corp.
- Universal Robina Corp.
- Robinsons Retail Holdings, Inc
- Cebu Air, Inc.
- Philippine Long Distance Telephone Company
Membership in Board of Non-listed Companies:
- JG Summit Petrochemical Corp.
- JG Summit Olefins Corp.
- Marina Center Holdings, Inc.
- Hotel Marian City Private Limited
- Gokongwei Brothers Foundation, Inc.
- United Industrial Corporation Limited
Positions and Memberships in Other Organizations and Corporations:
- Chairman and Chief Executive Officer of JG Summit Holdings, Inc. (JGSHI) 2 and Oriental Petroleum and Minerals Corp.2
- Chairman of Robinsons Land Corp. 2, Universal Robina Corp. 2, JG Summit Petrochemical Corp. and JG Summit Olefins Corp.
- Vice-Chairman and Deputy Chief Executive Officer of Robinsons Retail Holdings, Inc.;
- President and Trustee of Gokongwei Brothers Foundation, Inc.
James L. Go
John L. Gokongwei, Jr.
John L. Gokongwei, Jr.
Filipino, 91 years old
Member, Executive Committee
Member, Finance Committee
Meralco Director since March 31, 2014
Education and Training:
- MBA De La Salle University
- Advanced Management Program Degree Harvard University
Membership in Board of Listed Companies:
- JG Summit Holdings, Inc.
- Universal Robina Corporation
- Robinsons Land Corporation
- Cebu Air, Inc.
- Robinsons Retail Holdings, Inc.
- Oriental Petroleum and Minerals Corporation
- A.Soriano Corporation
Membership in Board of Non-listed Companies:
- Gokongwei Brothers Foundation, Inc.
- JG Summit Petrochemical Corporation
- JG Summit Olefins Corporation
- Robinsons Bank
- United Industrial Corporation Limited
Positions and Membership in Other Organizations and Corporations:
- Chairman Emeritus of JG Summit Holdings Inc., Universal Robina Corporation, Robinsons Land Corporation, JG Summit Petrochemical Corporation, Robinsons Bank
- Director for Cebu Air Inc., JG Summit Olefins Corporation, Oriental Petroleum and Minerals Corporation, A.Soriano Corporation
- Deputy Chairman and Director for United Industrial Corporation Limited and Singapore Land Limited
- Chairman and Chief Executive Officer for Robinsons Retail Holdings, Inc.
John L. Gokongwei, Jr.
Anabelle Lim Chua
Anabelle Lim Chua
Filipino, 57 years old
Director
Member, Finance Committee
Member, Audit Committee
Member, Risk Management Committee
Director of Manila Electric Co. since May 31, 2016
Education and Training:
- BS Business Administration and Accountancy University of the Philippines
Membership in Board of Listed Companies:
- Philippine Stock Exchange Inc.
- Smart Communications, Inc.
Membership in Board of Non-listed Companies:
- PLDT Communications and Energy Ventures, Inc.
- Digital Telecommunications Phils Inc.
- ePLDT
- Infocom
- Vocativ
- Paralanc
- iPlus Intelligent Network, Inc.
- Securities Clearing Corporation of the Philippines
- mySecureSign, Inc.
- Sidera Technologies, Inc.
- Mind Stream, Inc.
- Filcredit Finance and Capital Development Corporation
Positions and Memberships in Other Organizations and Corporations:
- Chief Financial Officer, Senior Vice President of Corporate Finance and Treasury and Treasurer at Philippine Long Distance Telephone Company
- Chief Financial Officer and Treasurer of Smart Communications, Inc.
- Member, Board of Trustees, PLDT Beneficial Trust Fund, PLDT Foundation, Inc.
Anabelle Lim Chua
Jose Ma. K. Lim
Jose Ma. K. Lim
Filipino, 65 years old
Member, Audit Committee
Member, Risk Management Committee
Member, Remuneration and Leadership Development Committee
Member, Nomination and Governance Committee
Director for Manila Electric Co. since May 29, 2012
Education and Training:
- BA Philosophy Ateneo de Manila University
- MBA Asian Institute of Management
Membership in Board of Listed Companies:
- Metro Pacific Investments Corporation2.
Membership in Board of Non-listed Companies:
- Beacon Electric Asset Holdings
- Indra Philippines
- Davao Doctors Hospital
- Asian Hospital Inc.
- Riverside Medical Center
- Metro Pacific Investments Foundation Inc.
- Metro Strategic Infrastructure Holdings
- Meralco PowerGen Corporation
- Metro Pacific Tollways Corporation
- Manila North Tollways Corporation
- Tollways Management Corporation
- DMCI-MPIC Water Company, Inc.
- Maynilad Water Services, Inc.
- Medical Doctors, Inc.
- Cardinal Santos Medical Center
- Pacific Global Aviation Inc.
- Neo Oracle Holdings Inc.
- Metro Pacific Hospital Holdings Inc.
- LRMC
- AIF Tollroads Holdings
- MetroPac Water Investments Corp.
Positions and Memberships in Other Organizations and Corporations:
- President and Chief Executive Officer of Metro Pacific Investments Corporation2
- Chairman of Davao Doctors Hospital, Asian Hospital Inc. and Riverside Medical Center
- President and Trustee of Metro Pacific Investments Foundation Inc.;
- President and Director of Beacon Electric Asset Holdings and Metro Strategic Infrastructure Holdings
- Trustee of Davao Doctors Collage, Riverside Collage, Phil Disaster Recovery Foundation and Ideaspace Foundation, Inc.
- Founding Member and Treasurer of the Shareholders Association of the Philippines
Jose Ma. K. Lim
Manuel M. Lopez
Manuel M. Lopez
Filipino, 75 years old
Member, Finance Committee
Director for Manila Electric Co. since April 14, 1986
Education and Training:
- BS Business Administration University of the East
- Advanced Studies in Financial & Management Development Harvard Business School
Membership in Board of Listed Companies:
- Lopez Holdings Corporation
- Rockwell Land Corporation
- First Philippine Holdings Corporation
- ABS-CBN Corporation
- ABS-CBN Holdings Corporation
Membership in Board of Non-listed Companies:
- Rockwell Leisure Club.
- Lopez Inc.
- Sky Cable Corporation
- Lopez Group Foundation Inc.
Positions and Memberships in Other Organizations and Corporations:
- Philippine Ambassador to Japan
- Chairman and CEO of Lopez Holdings Corporation
- Chairman of Indra Philippines, Inc., Rockwell Land Corporation and Rockwell Leisure Club
- Vice Chairman of First Philippine Holdings Corporation and Lopez Inc.
- President of Eugenio Lopez Foundation, Inc.
Manuel M. Lopez
Artemio V. Panganiban
Artemio V. Panganiban
Filipino, 81 years old
Lead Independent Director
Chairman, Audit Committee
Chairman, Risk Management Committee
Member, Executive Committee
Independent Director for Manila Electric Co. since May 27, 2009
Education and Training:
- Associate Arts Degree Far Eastern University
- Bachelor of Laws Far Eastern University
- Doctor of Laws (Honoris Causa) University of Iloilo / Far Eastern University / University of Cebu / Angeles University / Bulacan State University
Membership in Board of Listed Companies:
- Petron Corporation
- Bank of the Philippine Islands
- First Philippine Holdings Corporation
- Philippine Long Distance Telephone Company
- Metro Pacific Investments Corporation
- Robinsons Land Corporation
- GMA Network, Inc.
- GMA Holdings, Inc.
- Asian Terminals, Inc.
- Jollibee Foods Corporation
Positions and Memberships in Other Organizations and Corporations:
- Former Chief Justice of the Supreme Court of the Philippines.
- Former Chairperson of the Presidential Electoral Tribunal, Judicial and Bar Council and Philippine Judicial Academy.
- Independent Director of Petron Corporation2, Bank of the Philippine Islands2, First Philippine Holdings Corporation, Philippine Long Distance Telephone Company, Metro Pacific Investments Corporation; Metro Pacific Tollways Corporation, Robinsons Land Corporation, GMA Network, Inc. ,GMA Holdings, Inc. and Asian Terminals, Inc.
- Senior Adviser of Metropolitan Bank and Trust Company.
- Columnist for the Philippine Daily Inquirer.
Artemio V. Panganiban
Pedro E. Roxas
Pedro E. Roxas
Filipino, 61 years old
Independent Director
Chairman, Nomination and Governance Committee
Member, Finance Committee
Member, Audit Committee
Member, Risk Management Committee
Member, Remuneration and Leadership Development Committee
Independent Director of Manila Electric Co. since May 25, 2010
Education and Training:
- BS Business Administration University of Notre Dame Indiana, USA
Membership in Board of Listed Companies:
- Roxas and Company, Inc.
- Roxas Holdings, Inc.
- Philippine Long Distance Telephone Company
Membership in Board of Non-listed Companies:
- Roxaco Land Corporation
- Club Punta Fuego, Inc
- BDO Private Bank
- Brightnote Assets Corporation.
Positions and Memberships in Other Organizations and Corporations:
- Chairman, President and Chief Executive Officer of Roxas and Company, Inc.
- Chairman and President of Roxaco Land Corporation;
- Chairman of Roxas Holdings, Inc. and Club Punta Fuego, Inc.
- Independent Director of Philippine Long Distance Telephone Company2 and BDO Private Bank
Pedro E. Roxas
The Chairman of the Board, Mr. Manuel V. Pangilinan, serves to represent the interests of all shareholders and stakeholders, and to oversee the performance of the Board and its directors. He champions exemplary ethical governance principles for directors, officers, and employees to emulate and likewise espouse. Together with President and CEO, Mr. Oscar S. Reyes, the Corporate Secretary, Atty. Simeon Ken R. Ferrer and the Compliance Officer, Atty. William S. Pamintuan, the Chairman sets a clear agenda before each Board meeting. He provides opportunities for all directors to actively participate, addresses governance-related issues that non-executive, independent directors may raise, and ensures that the Board exercises strong oversight over the Company and its Management, such that the prospect of any corporate risk or threat is adequately and effectively addressed.
To reinforce board independence, the Board approved on December 18, 2017 the proposal to designate a lead independent director pursuant to the recommendation under ASEAN Corporate Governance Scorecard and the SEC’s Code of Corporate Governance for Publicly-Listed Companies (PLCs). The Board appointed Independent Director (ID) Ret. Chief Justice Artemio V. Panganiban as the Lead Independent Director.
The Senior/Lead Independent Director shall have the following functions:
- To serve an intermediary between the Chairman and the other directors when necessary;
- To convene and chair meeting of the non-executive directors; and
- To contribute to the performance evaluation of the Chairman, as required.
The Lead Independent Director will not, however, act as Chairman in the absence of the Chairman, the same having been delegated to the Vice-Chairman.
The structure, duties and responsibilities, procedures, and qualifications of the Board of Directors are delineated in the Revised Manual of Corporate Governance which constitutes the Company’s Board Charter.
For governance practices in the Board, please click https://company.meralco.com.ph/corporate-governance/board-matters
