In its quest to create a culture of corporate governance that goes beyond board oversight and policy setting, the Bank of the Philippine Islands (BPI) has become an exemplar of independence in its board of directors.

During the Institute for Solidarity in Asia’s Public Governance Forum, BPI Chief Risk Officer Marita Socorro D. Gayares emphasized the importance of independence in the board’s composition, saying that not only is it essential in corporate governance but also for sustainability.

Independence in our board help us perform better as a bank as we benefit from the different perspectives and the wealth of expertise of each member of our board, Gayares said.

To date, while the minimum legal regulatory requirement is that at least 1/3 of directors should be independent directors, BPI has seven independent directors out of 15, or 47 percent.

We believe this is a unique advantage for BPI and we intend to keep this composition of our board for the long-term stability and dynamism of the bank, Gayares said.