Bilyonaryo Ramon S. Ang and the rest of San Miguel Corporation’s top executives have taken a substantial cut in their salaries and bonuses in 2020 amid the coronavirus pandemic and are making the same sacrifice in 2021.
Based on its financial report, SMC slashed the annual compensation package of its CEO and top officers by P233 million or 28 percent to P593.6 million in 2020 from P826.6 million in 2019.
Ang and the other top four executives of SMC took the brunt of the cuts as the firm’s top five compensation shrunk by P177 million or 43 percent to P235.6 million in 2020.
SMC is expecting total compensation to decrease slightly to P591.3 million, with the top five absorbing the additional cuts.
Aside from Ang, the top five executives of of SMC are Ferdinand K. Constantino (CFO and treasurer), Aurora T. Calderon (SVP), Virgilio S. Jacinto (SVP and corporate secretary), and Joseph N. Pineda (SVP and deputy CFO).
SMC posted a net income of P21.879 billion in 2020, down by 55 percent from P48.574 billion in 2019.