Ayala-led Bank of the Philippine Islands (BPI) saved almost P105 million in penalties as the Securities and Exchange Commission (SEC) lowered its fine for its failure to secure regulatory confirmation for its stock purchase and option plan.
The listed bank said the SEC en banc has granted its request to reduce the penalty to P30 million from P134.62 million during its meeting last Tuesday.
The SEC slapped a huge fine against BPI for omitting to secure its confirmation of exemption from registration for its 2013-2019 Executive Stock Purchase Plan and its Executive Stock Option Plan.
BPI launched the seven-year stock option plan as a major initiative under its long-term incentive program.
The Executive Stock Purchase Plan gave bank officers the opportunity to buy shares of stock at a discount based on the volume weighted average of BPI’s share price for the past 30 days.
