How much does Danding, RSA earn in SMC?
The take home pay of Bilyonaryo Eduardo “Danding” Cojuangco Jr. and Ramon S. Ang as well as other key executives of diversified conglomerate San Miguel Corp. (SMC) are seen rising by eight percent this year.
The total compensation of Cojuangco, Ang together with SMC treasurer Ferdinand Constantino, senior vice president Aurora Calderon, general counsel Virgilio Jacinto, and deputy chief finance officer Joseph Pinada is expected to reach P384.3 million this year or six percent higher compared with P362.4 million last year.
Cojuangco is SMC’s chairman and chief executive officer while Ang serves as president and chief operating officer.
On the other hand, all other officers and directors of SMC are expected to take home P282.2 million this year or 10.6 percent higher than last year’s P255.1 million.
Section 10 of the company’s Amended By-laws of the Company provides that the Board of Directors shall receive as compensation no more than 2% of the profits obtained during the year after deducting therefrom general expenses, remuneration to officers and employees, depreciation on buildings, machineries, transportation units, furniture and other properties.
Such compensation is apportioned among the directors in such manner as the Board deems proper.
SMC provides each director with reasonable per diem of P50,000 and P20,000 for each Board and Committee meeting attended, respectively.
Aside from Cojuangco and Ang, other directors include Estelito Mendoza, Leo Alvez, Aurora Calderon, Joselito Campos Jr., Ferdinand Constantino, Menardo Jimenez, Alexander Poblador, Horacio Ramos, Thomas Tan, Iñigo Zobel, Winston Garcia, Reynaldo Puno, Margarito Teves, and Reynaldo David.