Pilipinas Shell Petroleum Corporation has elected retired Bangko Sentral ng Pilipinas (BSP) Gov. Amando Tetangco, Jr. as its new independent director.
The announcement was made during Shell’s annual stockholders meeting on Tuesday and was disclosed to the Philippine Stock Exchange on Wednesday morning.
Tetangco, who was first nominated to become independent director on March 11, will be part of the company’s Board Audit and Risk Oversight Committee, as well as its Sustainability Committee.
The former BSP governor joins heavyweights connected with conglomerates having energy interests as fellow independent directors, namely Fernando Zobel De Ayala of AC Energy, Cesar Buenaventura of DMCI Holdings, and Lydia Echauz of Metro Pacific.
Tetangco is the only person so far to have served two six-year terms as BSP governor from 2005 to 2017. A career central banker, he joined the BSP as a statistician in 1974.
As director of the International Economic Research Department, Tetangco was involved in crafting a debt-restructuring package in the 1980s to enable the country to postpone payments due to low foreign exchange reserves. He was also integral as managing director for economic research and treasury in implementing measures that re-stabilized the foreign exchange market and the financial system during the 1997 Asian Financial Crisis.
By the end of his term, the BSP was described in a report by credit ratings firm S&P dated May 14, 2017 as having “a record of supporting sustainable economic growth and responding appropriately to changing economic circumstances. Its ability to maintain macroeconomic and price stability through an economic cycle has been tested, including a period of exogenous shocks.”
Tetangco graduated cum laude with a Bachelor of Arts degree in Economics degree from the Ateneo De Manila University and earned his Master’s in Public Policy and Administration with concentration in Development Economics at the University of Wisconsin-Madison, USA as a Central Bank scholar. He also attended training programs in prestigious institutions that include the Harvard Business School and the New York Institute of Finance.
Photo from Good News Pilipinas website.
