7 months Ayala Corp.’s independent directors are former execs Manilatimes |Biz
EMETERIO SD. PEREZAs principal stockholder of Manila Water Corp. (MWC), Ayala Corp. (AC) directly holds 844.537 million common WMC common shares. It also indirectly owns 22.409 million WMC common shares for total holdings of 866.946 million MWC common shares, or 41.99 percent. Despite AC’s ownership of a little less than 42 percent of 2.065 billion outstanding MWC common shares, the Zobels not only control the board but also managed to appoint four independent directors (IDs). As the water company’s IDs, are Jose L. Cuisia Jr., Jaime C. Laya, Sherisa P. Nuesa and Oscar S. Reyes able to exercise their ... more