Tuesday 21 May
Feb 24, 2018 @ 10:42

Amado Valdez resigns from UnionBank board after SSS stint

 

Leaving the Social Security System (SSS) meant he had no authority to sit in this bank’s board of directors.

Former SSS Chairman Amado Valdez has filed his resignation as member of the board of directors of Union Bank of the Philippines effective Friday, Feb. 23 citing personal reasons.

It comes after President Rodrigo Duterte ordered that Valdez’s service to SSS be “discontinued immediately,” years after his hold-over position in the government-run pension firm.

SSS is fourth biggest shareholder in the Aboitiz-owned bank.

Prior to the resignation, Valdez sits as regular member of the Board?s Executive, Audit, Operations Risk Management and Nomination Committees and as an alternate member of the Risk Management, Market Risk, and Corporate Governance Committees.

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