Directors of the National Reinsurance Corp. of the Philippines have approved a proposal that will increase remunerations for company meetings they will attend.
Independent and regular directors of NatRe, except for the chairperson, vice chairperson and treasurer, will get an additional P5,000 for each meeting, including board and committee meetings.
Majority of shareholders still need to approve the proposal during their annual meeting on 26 June. The major shareholders of NatRe, whose combined stake in excess of 70 percent at the end of March, include the Government Service Insurance System, the Bank of the Philippine Islands, Mico Equities, First Metro Stockbrokerages and Standard Chartered Bank.
If approved by shareholders, board directors will receive P30,000 for each board meeting and P20,000 for committee meetings.
In the first quarter, NatRe saw revenue rose 38 percent to P953.2 million while net income more than doubled to P189.8 million from P87.6 million.
