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WITH its
consistent profitability, Globe Telecom Inc. said it
paid its top seven executives and “other key management
personnel” over P1 billion—or exactly P1,263,490,000—in
2006, up 32.708 percent from P952.08 million in 2005.
The
number of “other key management personnel” was not
disclosed in a filing, dated February 2, 2007, detailing
the executive pay and perks.
Globe
Telecom is the telecommunication unit of Ayala Corp.,
which directly owns 45,332,252 common shares, or 15.60
percent of outstanding voting shares,
The over
P1 billion executive compensation paid by Globe Telecom
in the last two fiscal years was equivalent to 10.749
percent of an P11,754,673,000 net income in 2006, and
9.230 percent of P10,314,508,000 in 2005.
Globe
Telecom’s net income in 2006 was 14 percent higher than
the previous year’s P10.3 billion. Its profit resulted
from revenues of P61,109,528,000, slightly up from
P59,844,725,000..
Over the
years, the company said it has piled up retained
earnings, which as of end-2006, amounted to
P23,316,837,000.
Of the
total pay, Globe Telecom said the amount received by
“all senior personnel and up” excluding the top seven,
increased 36.865 percent to P1,179.01 million in 2006
from P861.44 million in 2005.
Globe,
however, said the pay of its top seven executives
dropped 6.769 percent to P84.48 million in 2006 from
P90.64 in 2005. This year, this group will receive
P98.45 million.
The top
seven led by Gerardo C. Ablaza Jr., got salary of P61.86
million and “other variable pay” of P22.62 million in
2006. They received P73.33 million and P17.31 million in
2005.
This
year, Globe Telecom projected the compensation of the
group at P98.45 million—P68.38 million in salary and
P30.07 million in other perks.
Globe
Telecom said “all other officers as a group unnamed”
received P648.54 million in salary and P212.90 million
in other perks in 2005; and P848.23 million and P330.78
million in 2006.
These
executives, Globe Telecom said, will get P1,012,880,000
in salary and P460,130,000 in other perks, which
include, as in previous years, acquisition of shares
under the executive stock option plan for directors and
officers.
Besides
Ablaza, those who availed themselves a total of 83,250
shares at exercise price of P637.38 per share were
Ferdinand de la Cruz, head-wireless business; Gil B.
Genio, head-wireline business; Delfin Gonzalez Jr.,
chief finance officer; Rodolfo Salalima, chief
information officer; Rebecca Eclipse, head-strategic
execution center; and Cesar Maureal head-human
resources.
Globe
Telecom hit 30-day high of P1,445 on February 1, 2007
and a low of P1,180 on January 12, 2007. |
