Under BSP Circular 969 “Enhanced Corporate Governance Guidelines for BSP Supervised Financial Institutions”, amending Section X142.4.b. of the MORB, on the qualifications of the Chairperson of the Board of Directors, the Board of Directors shall define the responsibilities of the Lead Independent Director, which shall be documented in the corporate governance manual. The Board of Directors shall ensure that the Lead Independent Director functions in an environment that allows him to effectively challenge the CEO as circumstances may warrant. The Lead Independent Director shall also perform a more enhanced function over the other independent directors and shall: (1) lead the independent directors at board of directors meetings in raising queries and pursuing matters; and (2) lead meetings of independent directors, without the presence of the executive directors.

Accordingly, on May 7, 2018, the BPI Board approved the amendment to the Manual on Corporate Governance providing for the designation of a Lead Independent Director role in the Board. In the Organizational Meeting of the Board of Directors, following the 2022 Annual Stockholders Meeting, the Board appointed independent member Ignacio R. Bunye as Lead Independent Director.

The full biography of Lead Independent Director Ignacio R. Bunye may be viewed here.