China Bank stockholders ratify P115 million stock grant for employees
At the special stockholders’ meeting of China Banking Corporation (China Bank, PSE stock symbol: CHIB) held virtually on October 1, 2020, the stockholders ratified the Centennial Stock Grant Plan for employees of 100 China Bank shares per year of service and voted to elect Claire Ann T. Yap as the Bank’s 4th independent director.
To commemorate China Bank’s 100th anniversary this year, the Board approved on August 5 the Centennial Stock Grant Plan. New shares will be issued from its authorized but unissued shares in favor of China Bank Group regular employees and certain other officers and contractual employees (as specified by the Chairman of the Board) as of August 16, 2020, numbering around 8,400.
The China Bank Group is composed of China Bank and its subsidiaries China Bank Savings, CBC Properties and Computer Center, China Bank Insurance Brokers, China Bank Capital, and China Bank Securities.
“This stock grant will involve the issuance of up to 5.6 million shares worth P115.36 million based on the closing price as of August 26, 2020,” said China Bank President William C. Whang. “This generous gesture originated from the Chairman himself and unanimously supported by the members of the Board.”
The shares will be distributed to eligible employees after approval of regulatory agencies.
Joining the China Bank Board effective October 1, 2020 is Claire Ann T. Yap, the Bank’s fourth independent director and the 12th member of the Board in place of Angeline T. Hwang who passed away last April.
“We are pleased to welcome Claire to China Bank. Her strategic leadership and breadth of business expertise and industry knowledge make her a highly qualified addition to our Board,” said China Bank Chairman Hans T. Sy.
