Execs of Henry Sy’s BDO to get 7% pay hike this year
Executives of the country’s largest bank owned by Bilyonaryo Henry Sy are expected to receive a seven percent increase in salaries and bonuses this year.
BDO president and chief executive officer Nestor Tan together with senior executive vice presidents Walter Wassmer and Jaime Yu as well as executive vice presidents Rolando Tanchanco and Lucy Dy are expecting a six percent rise in their salaries and bonuses to P181 million this year from P170.75 million last year.
The compensation of the bank president as well as the four most highly compensated executive officers includes the usual bonus paid to bank officers.
On the other hand, all other officers from senior vice president and directors are looking at an eight percent increase in salaries and bonuses to P1.03 billion this year from P951.53 million last year.
The bank president is authorized to fix and/or increase the fees and other remuneration of any director or any other officer of BDO as may be deemed necessary, subject to Board approval.
The Board of Directors of BDO approves all compensation and remuneration schemes for all the executive directors and senior officers of BDO. As provided by law, the total compensation of directors shall not exceed 10 percent of the net income before income tax of BDO during the preceding year.
Each director receives a per diem allowance of P10,000 for attending board meetings and P5,000 for committee meetings. There is no distinction on the fee for a committee chairman and member.
Aside from Tan, the bank’s directors include Teresita Sy, Jesus Jacinto Jr., Christopher Bell-Knight, Antonio Pacis, Josefina Tan, Jose Buenaventura, Jones Castro Jr., Dioscoro Ramos, Jimmy Tang, and Gilberto Teodoro Jr.
Earnings of BDO grew 10 percent to an all-time high profit of P25 billion last year. It also became the first domestic bank to reach the P2-trillion mark in total assets.