Fernando Zobel returns to Ayala board

Fernando Zobel de Ayala has taken another step back into the corporate world by rejoining Ayala Corp. (AC), where he was formerly vice chairman, president and chief executive officer, as a board director, according to a report by Manila Times.

Ayala Corp. said Thursday that Zobel de Ayala, who resigned last year for health reasons, would assume the post held by Mercedita Nolledo, who made way for his comeback.

Zobel de Ayala was also named chairman of the conglomerate's sustainability committee, and a member of the risk management and related party transactions committee, and personnel and compensation committee.

With his return, Zobel de Ayala is expected to continue AC's sustainability initiatives, particularly the net-zero commitment that he spearheaded in 2021, the conglomerate noted.

Zobel de Ayala also marked his return to the Ayala-led Bank of the Philippine Islands' board earlier this month.

He replaced Romeo Bernardo, who was recently appointed to the Monetary Board of the Bangko Sentral ng Pilipinas.

Meanwhile, aside from Zobel de Ayala's election as director, the AC board also authorized the declaration of the final cash dividend on the outstanding preferred "B" series 1 (ACPB1) shares.

"The cash dividend amounts to [a quarter] of 5.25 percent per annum, or P6.56250 per share, based on the issue price of the shares. The record date is October 27, 2023, and the payment date is November 15, 2023," the conglomerate said.

The board also greenlit the optional redemption of the P10.0 billion, 5.25 percent ACPB1 shares, effective November 15, the 10th anniversary of the issue date of the shares.

It will be redeemed through payment in cash of the "redemption price equal to 100 percent of the issue price of the shares plus accrued and unpaid dividends up until November 15, 2023, based on the dividend rate of 5.25 percent per annum."

"The final dividend and equity redemption shall be paid by electronic transfer to stockholders with enrolled accounts," AC added.

AC shares improved by P4 to P630 apiece on Thursday.