The nominations come after GMA dropped its challenge against the Securities and Exchange Commission’s stricter tenure limits for independent directors that was enforced by chair Francis Ed. Lim.
This paved the way for the replacement of former chief justice Artemio V. Panganiban and former central bank governor Jaime C. Laya, who had each served for 18 years on GMA’s board.
Seasoned legal hand
Puno served as chief justice from 2006 to 2010 and previously chaired the Presidential Electoral Tribunal, Senate Electoral Tribunal and House Electoral Tribunal. He later served as an independent director of San Miguel Corp. and UnionBank of the Philippines, among other organizations.
The retired magistrate also chaired the Consultative Committee tasked to review the 1987 Constitution and was among the Filipinos accredited as arbitrators by the Permanent Court of Arbitration in The Hague.
Capital markets veteran
Cruz spent more than two decades at Deutsche Bank, where he served as country head in the Philippines and oversaw corporate finance, capital markets and advisory activities. He currently serves as an independent director of Security Bank, AREIT, Robinsons Retail and The Keepers Holdings, among other companies.
He also sits on the board of Maharlika Investment Corp. and previously held leadership roles at the Bankers Association of the Philippines and the Philippine Dealing and Exchange Corp.
Board refresh
The appointments mark the first major change to GMA’s independent director lineup in nearly two decades and come as listed companies adjust to stricter governance standards.
Aside from the two independent director seats, GMA’s proposed board remains unchanged. Chair Felipe L. Gozon, president and CEO Gilberto R. Duavit Jr., Judith R. Duavit-Vazquez, Anna Teresa Gozon-Valdes, Joel Marcelo G. Jimenez, Laura J. Westfall and Felipe S. Yalong are all seeking reelection.
Shareholders will vote on the proposed board during the company’s annual meeting on July 17 this year.
—Edited by Miguel R. Camus
