Board of Directors

Mr. Zobel de Ayala holds the following positions in publicly listed companies: Vice-Chairman, President and Chief Operating Officer of Ayala Corporation, Chairman of Ayala Land, Inc., and AC Energy Philippines, Inc. He is the Vice-Chairman of Bank of the Philippine Islands, and Co-Vice Chairman of Globe Telecom, Inc. He is a director of Integrated Micro- Electronics, Inc.; and serves as an Independent Director of Pilipinas Shell Petroleum Corporation.

He is the Chairman of AC International Finance Ltd., Liontide Holdings, Inc., AC Energy, Inc., Ayala Healthcare Holdings, Inc., Automobile Central Enterprise, Inc., Alabang Commercial Corporation, Accendo Commercial Corp. and Hero Foundation, Inc.; Co- Chairman of Ayala Foundation, Inc. and Ayala Group Club, Inc. He is the Vice-Chairman of AC Industrial Technology Holdings, Inc., ALI Eton Property Development Corporation, Ceci Realty Inc., Fort Bonifacio Development Corporation, Bonifacio Land Corporation, Emerging City Holdings, Inc., Columbus Holdings, Inc., Berkshires Holdings, Inc. AKL Properties, Inc., AC Ventures Holdings Corp., and Bonifacio Art Foundation, Inc. He is a Director of LiveIt Investments, Ltd., AG Holdings Ltd., AC Infrastructure Holdings Corporation, Asiacom Philippines, Inc., Ayala Retirement Fund Holdings, Inc., Honda Cars Philippines, Inc., Isuzu Philippines Corporation, Altaraza Development Corporation, and Manila Peninsula.

He is a Director of INSEAD Business School and Georgetown University; Member of the International Advisory Board of Tikehau Capital and of the Hispanic Society Museum & Library International Advisory Council; Vice Chairman of the Philippine-Singapore Business Council, member of the World Presidents’ Organization and Chief Executives Organization; Chairman of Habitat for Humanity International’s Asia-Pacific Capital Campaign Steering Committee;  Member of the Board of Trustees of Caritas Manila, Pilipinas Shell Foundation, and the National Museum; and Member of the Tate Museum Asia-Pacific Acquisitions Committee, Asia Philanthropy Circle and The Metropolitan Museum International Council.

He graduated with B.A. Liberal Arts at Harvard College in 1982 and holds a CIM from INSEAD, France.

Mr. Zobel de Ayala is the Chairman of Ayala Corporation since April 2006. He holds the following positions in publicly listed companies: Chairman of the Board of Globe Telecom, Inc., Bank of the Philippine Islands, Integrated Micro-Electronics, Inc. and Vice-Chairman of Ayala Land, Inc. and AC Energy Philippines, Inc. He is also the Chairman of Ayala Retirement Fund Holdings, Inc., Asiacom Philippines, Inc., AC Industrial Technology Holdings, Inc., AC Ventures Holdings Corp., and AC Infrastructure Holdings Corporation. He is the Co-Chairman of Ayala Foundation, Inc. and Ayala Group Club, Inc. He is a member of the Board of Ayala International Pte. Ltd., Livelt Investments Limited, and AG Holdings Limited.

Outside the Ayala Group, he is a member of various business and socio-civic organizations in the Philippines and abroad, including the JP Morgan International Council, JP Morgan Asia Pacific Council and Mitsubishi Corporation International Advisory Council, Singapore Management University and on various advisory boards of Harvard University, including the Global Advisory Council, HBS Board of Dean’s Advisors.  He serves as the Chairman of HBS Asia-Pacific Advisory Board and is the Chairman Emeritus of the Asia Business Council. He served as Philippine Representative to the Asia Pacific Economic Cooperation (APEC) Business Advisory Council from 2010-2015.

Mr. Zobel de Ayala was awarded the Presidential Medal of Merit in 2009, the Philippine Legion of Honor with rank of Grand Commander in 2010, and the Order of Mabini with rank of Commander in 2015 by the President of the Philippines in recognition of his outstanding public service. In 2017, he was recognized as a United Nations Sustainable Development Goals Pioneer by the UN Global Compact for his work in sustainable business strategy and operations. The first recipient of the award from the Philippines, he was one of 10 individuals recognized for championing sustainability and the pursuit of the 17 Sustainable Development Goals (SGDs) in business.

Mr. Zobel de Ayala graduated with a B.A. in Economics (Cum Laude) from Harvard College in 1981 and obtained an MBA from the Harvard Graduate School of Business in 1987.

Mr. Almendras also serves as Chairman of Light Rail Manila Holdings 6, Inc. and MCX Tollway, Inc. He is a Director and President of AC Infrastructure Holdings Corporation. He is a Director of Light Rail Manila Holdings, Inc., Light Rail Manila Holdings 2, Inc., Light Rail Manila Corporation, A2 Airport Partners, Inc., AC Energy, Inc. Manila Water Asia Pacific Pte. Ltd., Manila South East Asia Holdings Pte. Ltd., Manila Water South Asia Holdings Pte. Ltd., Manila Water Thailand Holdings Pte. Ltd., Kenh Dong Water Holdings Pte. Ltd., and Thu Duc Water Holdings Pte. Ltd. He is the Chairman of the Board of Manila Water Philippine Ventures, Inc., Boracay Island Water Company, Inc., Clark Water Corporation, Manila Water Total Solutions Corp., and is the Vice-Chairman of Laguna AAAWater Corporation. He is a Senior Managing Director of Ayala Corporation and also serves as Executive Vice-President of Asiacom Philippines, Inc.

He previously served as President of Manila Water Company, Inc. from 2009 to 2010. He was also a former officer of Ayala Land, Inc. He served as the Secretary of Foreign Affairs for the Republic of the Philippines from March to June 2016, as Cabinet Secretary under the Office of the President from November 2012 to March 2016, and Secretary of the Department of Energy from July 2010 to October 2012. He was Co-chair of the Long-Term Strategy for the International Renewable Energy Agency (IRENA) held in Abu Dhabi in 2011, and a Member of the Executive Board of the International Energy Forum (IEF) in 2011.

Mr. Almendras received the ASEAN Individual Excellence in Energy Management in 2013 and was an Order

of Lakandula and Rank of Gold Cross Bayani awardee in 2016. Under his leadership, the Department of Energy ranked as one of the Top 10 Performers, in a survey among government agencies on government performance specifically in ensuring integrity in public service. In June 2013, he was given the rare privilege of addressing the United Nations Economic and Social Council (ECOSOC) at the Palais des Nations, Geneva and then again in December 2013 for the United Nations’ Special Meeting of the ECOSOC in New York.

During his term as the President and CEO of Manila Water from 2009 to 2010, the Company was awarded as one of the Best Managed Companies in Asia, the Best in Corporate Governance, one of the Greenest Companies in the Philippines and hailed as the world’s Most Efficient Water Company.

Mr. Aquino first joined Manila Water as Group Director for Corporate Affairs and was later appointed President and CEO in January 1999. He left Manila Water to take on the position of President of Ayala Land, Inc. from April 2009 to April 2014, but remained a Director of the Company.

At present, Mr. Aquino also serves as a Director of Ayala Land, Inc. He is also a Director of the following non-listed companies: The Philippine American Life & General Insurance Company, Nuevocentro, Inc., Anvaya Beach and Nature Club, and Manigo Amiga Academy, Inc.

He was named "Co-Management Man of the Year 2009" by the Management Association of the Philippines for his leadership role in a very successful waterworks privatization and public-private sector partnership. Recently he was conferred as Honorary Fellow by the Institute of Corporate Directors (ICD).

Mr. Aquino has been with the Ayala Group in various capacities for the past forty (40) years and has held the position of Senior Managing Director in Ayala Corporation. He was President of the Ayala Property Management Corporation from 1989 to 1999 and Senior Vice President of Ayala Land, Inc. from 1989 to 1998. He was also a Business Unit Manager at IBM Philippines, Inc. from 1968-1980. 

He is also a member of the Multi Sectoral Advisory Board of the Philippine Army and the Multi Sector Governance Council of the Armed Forces of the Philippines.

In 2015, he was elected as Director of The Philippine American Life and General Insurance Company.

Mr. Aquino completed earned his bachelor’s degree in science, majoring in Management from Ateneo de Manila University. He also completed academic units leading towards a master’s degree in Business Management from the Ateneo Graduate School of Business.

Mr. Ablaza is also a Director of the following publicly listed companies: Manila Water Company, Inc., AC Energy Corporation, and iPeople, Inc. He is also a Director of BPI Family Savings Bank, BPI Capital, Ayala Foundation, Inc., AC Infrastructure Holdings Corporation, Ayala Healthcare Holdings, Inc., AC Energy and Infrastructure Corporation (formerly AC Energy, Inc.), and Advanced Info Services, PLC (Thailand).

Mr. Ablaza was the President and CEO of Manila Water Company, Inc. from 2010 to 2017. He was also the Chairman of the Board of Directors of Manila Water Philippine Ventures, Inc., Boracay Island Water Company, Inc., Clark Water Corporation, Manila Water Total Solutions Corp., Manila Water Asia Pacific Pte. Ltd., Manila Water South Asia Holdings Pte. Ltd., Thu Duc Water Holdings Pte. Ltd., Kenh Dong Water Holdings Pte. Ltd., and Manila Water International Solutions, Inc. He was also the President of Manila Water Consortium, Inc. and Manila Water International Solutions, Inc., Vice-Chairman of Laguna AAAWater Corporation, and   Chairman of the Board of Trustees of Manila Water Foundation, Inc.

In 1997, Mr. Ablaza was the Chief Operating Officer of Globe Telecom, Inc. and became President and CEO from 1998 to April 2009. He was also the Chairman of the Board of Directors of Innove Communications, Inc., a wholly owned subsidiary of Globe Telecom Inc. from October 2003 to April 2009. In April 2009, he was tasked to handle AC Capital as Deputy CEO and became CEO the following year. 

Before joining Ayala Group,  he  held several positions in Citibank:  Vice-President and Country Business Manager for the Philippines and Guam of Citibank, N.A. for its Global Consumer Banking Business (1994-1997),  Vice-President for Consumer Banking of Citibank, N.A. Singapore (1994 – 1995),  Vice President for Consumer Account Management Group-Citibank Manila in 1986 and thereafter became the bank’s representative to the board of directors of City Trust Banking Corporation and its various subsidiaries from 1987 to 1994.  As one of the most accomplished graduates of his alma mater, he was elected as member of the Board of Trustees of various De La Salle Schools in the country where he served for six years until December 2019: De La Salle University-Manila, De La Salle University-Dasmariñas and De La Salle Health Sciences Institute.

In 2004, Mr. Ablaza was recognized by CNBC as the Asia Business Leader of the Year, making him the first Filipino CEO to win the award. In the same year, he was awarded by Telecom Asia as the Best Asian Telecom CEO. In 2013, he was recognized for his consistent leadership and innovation across the banking, investment, telecommunications and utility service industries through the Citi Distinguished Alumni Award for Leadership and Ingenuity. Mr. Ablaza was the first Filipino to be awarded with such an honor.

Mr. Ablaza graduated summa cum laude from De La Salle University where he earned his Liberal Arts Degree, Major in Mathematics (Honors Program).

Mr. Lazaro is also a director of the following publicly listed companies: Ayala Land, Inc., Integrated Micro-Electronics, Inc., Ayala Corporation, and Globe Telecom, Inc.

He is the Chairman and President of Bell Bridge Resources Corporation, Beyond Borders Medical Solutions, DLLazaro, Inc., DLL Maunong Holdings Corporation, DLL Shaw Holdings Corporation, DLL Woodstown Holdings Corporation, and Lazaro Agricultural Corporation. He is the Chairman of Atlas Fertilizer Corporation, and is the Vice-Chairman and President of Asiacom Philippines, Inc. He also sits on the Board of Quezon Avenue Holdings, Corporation, AC International Finance, AYC Holdings, Inc., ACST Business Holdings, Inc., and AC Industrial Technology Holdings, Inc. He also serves as a member of the BPI Advisory Council.

Mr. Lazaro was named Management Man of the Year 1999 by the Management Association of the Philippines for his contribution to the conceptualization and implementation of the Philippine Energy Development Plan and to the passage of the law creating the Department of Energy. He was also cited for stabilizing the power situation that helped the country achieve successive high growth levels up to the Asian crisis in 1997.

Mr. Francia serves as Director, President and Chief Executive Officer of AC Energy Corporation (formerly AC Energy Philippines, Inc.), and ACE Exenor, Inc. He is also a director of AC Infrastructure, AC Health, and AC Ventures. He is the President and Chief Executive Officer of AC Energy and Infrastructure Corporation (formerly AC Energy, Inc.).  He is a Managing Director and a member of the Management Committee of Ayala Corporation since 2009.

In his previous role as Head of Ayala’s Corporate Strategy and Development group, Mr. Francia led Ayala’s entry into the energy and transport infrastructure sectors. Under his leadership, Ayala established its energy platform from a standing start in 2011, growing to 1,800 MW of attributable capacity by 2019. Mr. Francia also helped establish Ayala’s infrastructure business, securing over $1billion worth of PPP projects in the transport infrastructure space between 2011 and 2014.

Mr. Francia earned his bachelor’s degree in Humanities and Political Economy from the University of Asia & the Pacific where he graduated Magna Cum Laude. He earned his master’s degree in Management Studies from the University of Cambridge in the United Kingdom where he graduated with First Class Honors.

Ms. Nuesa also serves as a director of the following publicly listed companies: Far Eastern University, Integrated Micro Electronics Inc., AC Energy, Inc., and Ayala Land, Inc. She is also a director of the following

non-listed companies: FERN Realty Corp., and East Asia Computer Center Inc.

Ms. Nuesa is a Senior Board Adviser of Metro Retail Stores Group (MRSGI), Board Adviser of Vicsal Development Corporation, Chairman of the Board of the Judicial Reform Initiative, Vice Chairman and Trustee of the Institute of Corporate Directors, and a Trustee of the Financial Executives Institute of the Philippines Foundation.

Ms. Nuesa was a Managing Director of Ayala Corporation where she served in various senior management positions until December 2011. She was a member of the Board of Generika/Actimed Group from 2017 to 2019, Psi Technologies, Inc. from 2010 until 2015, and the Blackhorse Emerging Enterprises Fund (Singapore) from 2009 to 2014. She was the Chief Finance Officer and Chief Administrative Officer of Integrated Micro-Electronics, Inc. from January 2009 to July 2010, the Chief Finance Officer of Manila Water Company, Inc. from January 2000 to December 2008, Group Controller and later Vice President for Commercial Centers of Ayala Land, Inc. from January 1989 to March 1999. She also served as a board member of various subsidiaries of Ayala Land Inc., and Integrated Micro-Electronics. She was also a member of the board of trustees of Manila Water Foundation, Inc.

Ms. Nuesa was awarded the ING-FINEX Chief Finance Officer of the year in 2008. She earned her bachelor’s degree in Commerce from Far Eastern University where she graduated summa cum laude. She completed her MBA at the Ateneo-Regis Graduate School of Business. She was part of the Advanced Management Program at Harvard Business School, the Financial Management Program of Stanford University. She also completed an Audit Committee Seminar at Harvard Business School. Ms. Nuesa is a Certified Public Accountant.

Mr. Buenaventura was elected an Independent Director of International Container Terminal Services, Inc. (ICTSI) last February 12, 2019. On June 18, 2020, he was appointed as the member of Audit Committee, Environment, Social and Governance Sub-Committee, Board Risk Oversight Committee, Related Party Transactions Committee and a Chairman of Corporate Governance Committee. He is the Director and Chairman of Mitsubishi Hitachi Power Systems Phils Inc. and Buenaventura Echauz and Partners, Inc., Director and Vice Chairman of DMCI Holdings, Inc., Director of Semirara Mining and Power Corp., iPeople, Inc., Petroenergy Resources Corp., Concepcion Industrial Corp., Pilipinas Shell Petroleum Corp., DM Consunji Inc., and The Country Club. He is likewise a Trustee and Chairman of Pilipinas Shell Foundation Inc., and Trustee of Bloomberry Cultural Foundation and ICTSI Foundation, Inc. He was formerly a Director of Philippine American Life Insurance Co., AG&P Co. of Manila, Ayala Corporation, First Philippine Holdings Corp., Philippine Airlines, Philippine National Bank, Benguet Corporation, Asian Bank, Ma. Cristina Chemical Industries, Paysetter International Inc., Maibarara Geothermal Inc., and Manila International Airport Authority.

His career started with Engineer David Consunji in 1951. Mr. Buenaventura then moved to the Shell Group of Companies in 1956 where he served as the first Filipino CEO and Chairman from 1975 until his retirement in 1990. He served 2 more years in the capacity of non-executive chairman until 1992. He was appointed member of the Monetary Board of Central Bank of the Philippines representing the private sector from 1981 until 1987.

Mr. Buenaventura is the founding chairman of the Pilipinas Shell Foundation Inc., and founding member of the Board of Trustees of the Makati Business Club. He was a member of the Board of Regents of the University of the Philippines from 1987 to 1994, the Board of Trustees of the Asian Institute of Management from 1994 to 2007, and President of Benigno Aquino S. Foundation from 1985-2010.

He is a recipient of many awards, among which are – Most Distinguished Alumnus, College of Engineering, University of the Philippines in 1977, the Management Man of the year by the Management Association of the Philippines in 1985, Outstanding Professional in Engineering by the Professional Regulatory Commission in 1997, Outstanding Fulbrighter in the field of business by the Philippine Fulbright Association in 2008, recipient of Centennial Award as one of the UP’s Top 100 Alumni Engineering Graduates.

In 1991, Mr. Buenaventura was made Honorary Officer of the Order of the British Empire (OBE) by Her Majesty Queen Elizabeth II.

Mr. Buenaventura received his Bachelor of Science degree in Civil Engineering from the University of the Philippines and his Master’s degree in Civil Engineering majoring in Structures from Lehigh University Bethlehem, Pennsylvania in 1954, as a Fulbright scholar.

Mr. Espiritu has been an Independent Director of International Container Terminal Services, Inc. (ICTSI) since April 2002. On June 18, 2020, he was appointed as Chairman of the Audit Committee and a member of the Corporate Governance Committee, Nomination Sub-Committee, Remuneration Sub-Committee, Board Risk Oversight Committee and Related Party Transactions Committee of ICTSI. He is also an Independent Director of Bank of the Philippine Islands, and Director of Philippine Dealing System Holdings Corp. and Subsidiaries, and Phil Stratbase Consultancy Inc.

Formerly, Mr. Espiritu was a three-term former President of the Bankers Association of the Philippines, a former President and Chief Executive Officer (CEO) of Far East Bank and Trust Company, and  Chairman of the Board of Trustees of the Ateneo de Manila University for fourteen (14) years.

Mr. Espiritu received his primary, secondary, and college education from the Ateneo de Manila University, where he obtained his AB Economics degree in 1963. In 1966, he received his Master’s Degree in Economics from Georgetown University in Washington DC, USA.

Mr. Recto is the Chairman of the Philippine Bank of Communications since January 2013.  He is also the Vice-Chairman of Alphaland Corporation and Vice-Chairman and President of Atok Big-Wedge Co., Inc. He is the President of Bedfordbury Development Corporation, Optimum Dev't Holdings Phils., Inc., Rayas Equity Devt. Corp., and Q-Tech Alliance Holdings, Inc. Mr. Recto is an Independent Director of Aboitiz Power Corp., Philippine H2O, Waterfront Cebu City Casino Hotel Inc., and Davao Insular Hotel Company Inc., and a Director of DITO CME Holdings Corp. (formerly ISM Communications Corp.) and Acentic (GMBH). He was formerly a Director of Petron Corporation, Tabacalera, Inc., Philweb Corporation, San Miguel Corporation, Manila Electric Company, Top Frontier Investment Holdings, Inc., Philex Mining Corporation, Philex Petroleum Corporation, Metro Pacific Investment Corporation, PNOC Energy Development Corporation, Maynilad Water Services, Inc., Bulawan Mining Corporation, PNB Holdings Corporation, PNB International Finance Ltd., Philippine National Bank, PNB Securities Inc., PNB RCI Holdings Co., Inc., Sinophil Corporation, APC Group, Inc., Philippine Global Communications, Inc., Tagaytay Highlands International Golf Club, Inc., Legend International Resorts, Maginet Corporation, and Philcom, Inc. His prior executive engagements include being President of Petron Corporation from 2008 up to 2014 and Chief Executive Officer of Eastern Telecommunications Phils. Inc. from 2005 up to 2011. He served as Undersecretary of the Department of Finance from 2002 up to 2005.

He obtained an MBA from Cornell University’s Johnson School of Management and a BS degree in Industrial Engineering from the University of the Philippines.