There will be no pay hike for top executives of Semirara Mining and Power Corp. of Bilyonaryo David Consunji this year amid the company?s strong financial performance last year.
The Bilyonaryo?s sons Isidro who is chairman and chief executive officer of Semirara as well as Victor who is president of and chief operating officer together with vice president George San Pedro, vice president Jaime Garcia, and chief finance officer Junalina Tabor are expected to take home P92.39 million this year or the same amount as last year.
The most highly compensated officers of Semirara are expected to receive P17.25 million in salaries, P70.15 million in bonuses, and P4.99 million in other annual compensation this year.
On the other hand, all other directors and officers of Semirara are expected to receive P67.02 million in salaries, bonuses, and other annual compensation.
Executive directors of Semirara receive an annual retainer fee of P240,000 as approved in the May 2009 annual stockholders? meeting.
In May 2015 however, the stockholders approved the increase in retainer fees of non-executive and independent directors to P150,000 or P1.8 million per annum effective June 1, 2015.
Fixed per diem of P20,000 for every meeting held and attended by each director who serves as chairman or a member of Semirara?s Board Committees remained unchanged.
Aside from executive directors with employment compensation, there are no other directors with arrangements such as consulting contracts.
Other members of the board of Semirara include Jorge Consunji, Herbert Consunji, Cesar Buenaventura, Maria Cristina Gotianun, Ma. Edwina Laperal, Josefa Consuelo Reyes, George San Pedro, Victor Macalina, and Rogelio Murga.
Earnings of Semirara rose 23 percent to P8.45 billion last year compared with P6.86 billion in 2014. Profits of its power business jumped 28 percent to P3.32 billion last year from P2.59 billion mainly due to the good performance of the 2×300 megawatt power plants.
Semirara owns the Sem-Calaca Power Corp. (SCPC) and Southwest Luzon Power Corp. (SLPC).
