Monetary Board rejects PNB’s appeal to elect chairman Tarriela, vice chairman Alfirel as independent directors

PNB readies P13B rights offer

Bilyonaryo Lucio Tan failed to get the Monetary Board’s greenlight to allow Philippine National Bank’s septuagenarian chairman and vice chairman to be elected on the bank’s board as independent directors.

In a disclosure, PNB said the MB rejected its request to elect chairman Florencia Tarriela and vice chairman Felix Enrico R. Alfiler as independent directors from 2021 to 2022 “due to the clear wording of the law.”

PNB said it wanted to retain Tarriela and Alfiler because “they are in a better position compared to new independent directors to help the bank maneuver through the new normal of doing business under the pandemic scenario.”

Following the rejection, PNB nominated Wilfrido E. Sanchez and Angelito M. Villanueva as new independent directors for its upcoming annual meeting.

The other nominees in PNB’s board are Tan; his wife Carmen; his children Michael, Vivienne, and Shiela Pascual; his apo, Hun Hun; Florido Casuela; Leonilo G. Coronel; Mr. Edgar A. Cua; Estelito P. Mendoza; Federico C. Pascual; Jose Arnulfo A. Veloso; and Domingo H. Yap.

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